(a) This chapter shall apply to all benefit corporations.(b) This chapter does not imply that a contrary statute or rule of law applies to a business corporation that is not a benefit corporation.(c) (1) Except as otherwise provided in this chapter, the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., is generally applicable to a benefit corporation. (2) Specific provisions of this chapter shall control over the general provisions of the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq.(3) A benefit corporation may be simultaneously subject to this chapter and other statutes that provide for the incorporation of a specific type of business corporation.(d) The articles of incorporation or bylaws of a benefit corporation shall not limit, relax, be inconsistent with, or supersede this chapter.Added by Act 2013, No. 1388,§ 1, eff. 8/16/2013.
Arkansas Legal Code