§ 15-4-103 - Registration of community development corporations. - Arkansas Statutes

15-4-103. Registration of community development corporations.

(a) For purposes of this section, "qualified community development corporation" means an organization chartered under the Arkansas nonprofit corporation law which:

(1) Is governed by a board consisting of the area's business, professional, and civic leaders;

(2) Has a record of implementing economic development projects or whose articles of incorporation or bylaws state the organization's mission to develop and improve local communities through economic and related development;

(3) Has secured from the federal Internal Revenue Service a section 501(c)(3) tax exemption status; and

(4) Otherwise meets the federal definition of a community development corporation.

(b) The Secretary of State shall maintain a registry of all qualified community development corporations established under the laws of Arkansas.

(c) (1) Every qualified community development corporation shall register with the Secretary of State within ninety (90) days after August 13, 1993, or within ninety (90) days after the date of its establishment if established after August 13, 1993.

(2) The Secretary of State shall collect a registration fee of twenty-five dollars ($25.00) from each community development corporation registered under this section.