(a) The bonds may be sold with the privilege of conversion into an issue bearing other rate or rates of interest, upon the terms that the board receive no less and pay no more than it would receive and pay if the bonds were not converted.(b) The conversion shall be subject to the approval of the board.Acts 1975, No. 403, § 5; 1981, No. 474, § 5; A.S.A. 1947, § 20-1629.
Arkansas Legal Code