(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.Acts 1985, No. 1062, § 4.00; A.S.A. 1947, § 13-2904.
Arkansas Legal Code