(a) All cooperative corporations, companies, or associations organized and doing business under prior statutes, or which have attempted to so organize and do business, shall have the benefit of all the provisions of this chapter and may be bound thereby on paying the fees provided for in this chapter and filing with the Secretary of State a written declaration signed and sworn to by its president and secretary, to the effect that the cooperative company or association has by a majority vote of its stockholders decided to accept the benefits of and be bound by the provisions of this chapter.(b) No association organized under this chapter shall be required to do or perform anything not specifically required herein in order to become a corporation or to continue its business as such.Acts 1921, No. 632, § 11; Pope's Dig., § 2272; A.S.A. 1947, § 64-1512.
Arkansas Legal Code