As used in this subchapter:(1) 'Beneficial owner' means an individual who is the grantor and sole trustee of a revocable living trust wherein the individual reserves the unrestricted right to revoke the trust;(2) 'Foreign medical corporation' means a corporation:(A) Organized under laws other than the laws of this state; and(B) In which all officers, directors, and shareholders of the corporation are licensed to practice medicine in the state of incorporation;(3) 'Professional service' means any type of professional service that may be legally performed only pursuant to a license or other legal personal authorization, for example: the personal service rendered by certified public accountants, architects, engineers, dentists, doctors, and attorneys at law; and(4) 'Shareholder' means either: (A) The person in whose name shares are registered in the records of a corporation; or(B) The beneficial owner of shares of a revocable living trust where the shares are registered in the records of the corporation in the names of the revocable living trust.Amended by Act 2013, No. 135,§ 1, eff. 2/20/2013.Acts 1961, No. 179, § 1; A.S.A. 1947, § 64-1701; Acts 1997, No. 306, § 2.
Arkansas Legal Code