As used in §§ 4-28-201 - 4-28-206 and 4-28-209 - 4-28-224, unless the context otherwise requires:(1) 'Board of directors' means the group of persons vested with the management of the affairs of the corporation;(2) 'Corporation' means a domestic corporation not for profit subject to the provisions of §§ 4-28-201 - 4-28-206 and 4-28-209 - 4-28-224;(3) 'Foreign corporation' means a corporation not for profit organized under laws other than the laws of this state; and(4) 'Not-for-profit corporation' means a corporation no part of the income of which is distributable to its members, directors, or officers. Sections 4-28-201 - 4-28-206 and 4-28-209 - 4-28-224 shall apply only to corporations organized under the laws of this state authorizing organization of nonprofit corporations.Acts 1963, No. 176, § 2; A.S.A. 1947, § 64-1902.
Arkansas Legal Code