§ 6-81-103 - Nonprofit corporation in lieu of authority allowed. - Arkansas Statutes

6-81-103. Nonprofit corporation in lieu of authority allowed.

(a) In lieu of establishing an authority under the provisions of this subchapter, the Department of Higher Education may make a request to the Governor, who, by proclamation, may authorize the organization of a nonprofit corporation to exercise the powers enumerated and provided for in this subchapter for and on its behalf.

(b) A corporation agreeing to exercise these powers shall also be charged with the obligations of the authority under the provisions of this subchapter.

(c) The board of directors of the nonprofit corporation shall have the same composition as the Arkansas Student Loan Authority as established in 6-81-102.