(a)Organization. Cooperative, nonprofit membership corporations may be organized under this subchapter for the purpose of any one (1) or more of the following:(1) The furnishing of electricity to persons;(2) Assisting in the wiring of the premises of persons in rural areas or the acquisition, supply, or installation of electrical or plumbing equipment therein; and(3) The furnishing of electricity, wiring facilities, or electrical or plumbing equipment or services to any other corporation organized under this subchapter or to the members thereof.(b)Powers. Once properly organized pursuant to subsection (a) of this section, a corporation may engage in any other lawful business activity directly or through one (1) or more affiliates, which its board of directors determines to be beneficial to its members or nonmembers.Acts 1937, No. 342, § 3; Pope's Dig., § 2317; A.S.A. 1947, § 77-1103; 1999, No. 1556, § 12.
Arkansas Legal Code