(a) A corporation may have one (1) or more classes of members, or may have no members, as provided in the articles of incorporation.(b)(1) If a membership fee is collected, a serially numbered certificate evidencing the membership fee shall be issued.(2) The records of the corporation shall clearly indicate the amount of the fee collected for each serially numbered certificate of membership.(3) If honorary membership certificates are issued, the records of the corporation shall reflect each and every one (1) issued.Acts 1963, No. 176, § 14; A.S.A. 1947, § 64-1914.
Arkansas Legal Code