(a) The powers of the Arkansas Development Finance Authority shall be vested in the members of the Board of Directors of the Arkansas Development Finance Authority in office from time to time, and six (6) members of the board shall constitute a quorum at any meeting thereof.
(b) Action may be taken and motions and resolutions adopted by the board at any meeting thereof by the affirmative vote of a majority of present and voting board members.
(c) However, any motion and resolution to authorize an issue of bonds, to approve a loan application, to authorize a lease transaction, or to approve a bond guaranty shall have the affirmative vote of at least six (6) board members.
(d) No vacancy in the membership of the board shall impair the right of a quorum of the members to exercise all the powers and perform all duties of the board.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.