§ 4-28-202 - Definitions. - Arkansas Statutes

4-28-202. Definitions.

As used in 4-28-201 -- 4-28-206 and 4-28-209 -- 4-28-224, unless the context otherwise requires:

(1) "Board of directors" means the group of persons vested with the management of the affairs of the corporation.

(2) "Corporation" means a domestic corporation not for profit subject to the provisions of 4-28-201 -- 4-28-206 and 4-28-209 -- 4-28-224;

(3) "Foreign corporation" means a corporation not for profit organized under laws other than the laws of this state; and

(4) "Not-for-profit corporation" means a corporation no part of the income of which is distributable to its members, directors, or officers. Sections 4-28-201 -- 4-28-206 and 4-28-209 -- 4-28-224 shall apply only to corporations organized under the laws of this state authorizing organization of nonprofit corporations.