§ 15-4-1002 - Definitions. - Arkansas Statutes

15-4-1002. Definitions.

(a) As used in this subchapter:

(1) "Articles" means the articles of incorporation, articles of organization, certificate of limited partnership, or any similar document adopted by a capital development company in connection with its formation;

(2) "Board" means the State Banking Board;

(3) "Business law" means:

(A) The Arkansas Business Corporation Act, 4-27-101 et seq.;

(B) The Small Business Entity Tax Pass Through Act, 4-32-101 et seq.;

(C) The Uniform Partnership Act, 4-46-101 et seq.;

(D) The Uniform Limited Partnership Act (2001), 4-47-101 et seq.;

(E) The Arkansas Nonprofit Corporation Act of 1993, 4-33-101 et seq.; or

(F) Any other laws related to the formation of business entities;

(4) "Commissioner" means the Bank Commissioner;

(5) "Capital development company" means a capital development company authorized to be organized under this subchapter;

(6) "Development finance corporation" means a development finance corporation organized under the Arkansas Development Finance Corporation Act, 15-4-901 et seq.;

(7) "Equity capital" means the amount by which the total assets of a capital development company exceed the total liabilities of the company;

(8) "Equity interest" means any share of stock, limited liability company interest, partnership unit of ownership, or other evidence of ownership of an entity;

(9) "Financial institution" means any banking corporation or institution, trust company, savings bank, savings and loan association, insurance company, or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds;

(10) "Governing board" means the individual or individuals authorized under applicable business law and the capital development company's governing documents to manage the business of the company;

(11) "Governing documents" means the bylaws, operating agreement, partnership agreement, or other document adopted by the capital development company to govern its conduct; and

(12) "Person" includes any natural person, firm, association, corporation, joint-stock company, trust, trust estate, partnership, limited liability company, joint venture, and any other similar entity authorized by law.

(b) (1) The singular number includes the plural.

(2) The masculine form includes the feminine.