§ 2-2-121 - Existing entities may participate. - Arkansas Statutes

2-2-121. Existing entities may participate.

(a) (1) Any corporation or association organized under previously existing statutes for purposes authorized in this subchapter, which are otherwise eligible under the provisions of this subchapter, may be brought under the provisions of this subchapter by a majority vote of its stockholders or members.

(2) (A) It shall make out in duplicate a statement signed and sworn to by the president or vice president and secretary to the effect that the corporation or association has decided, by a majority vote of its stockholders or members, to accept the benefits and be bound by the provisions of this subchapter. The statement shall be filed with the charter or articles of association.

(B) The charter or articles of association of the corporation or association shall be amended, if necessary, to comply with the provisions of this subchapter. The charter or articles of association shall be filed as required in this subchapter, except that they shall be signed by a majority of the members of the board of directors.

(b) The bylaws of the corporation or association shall also be amended, if necessary, to comply with the provisions of this subchapter.

(c) The filing fee for filing the statement and charter or articles of association shall be the same as for filing an amendment to the articles of association.