§ 4-75-205 - Forfeiture of charter, rights, etc. -- Proceedings. - Arkansas Statutes

4-75-205. Forfeiture of charter, rights, etc. -- Proceedings.

(a) Upon the third violation of any of the provisions of this subchapter by any corporation, it shall be the duty of the Attorney General to institute proper suits or quo warranto proceedings in any court of competent jurisdiction for the forfeiture of its charter, rights, franchises, or privileges and powers exercised by the corporation, and to permanently enjoin it from transacting business in this state.

(b) If in such action the court finds that the corporation is violating or has violated any of the provisions of this subchapter, it must enjoin the corporation from doing business in this state permanently or for such time as the court shall order, or must annul the charter or revoke the franchise of the corporation.