§ 15-4-1215 - Dividends and distributions.
15-4-1215. Dividends and distributions.
(a) The directors of a corporation, subject to such limitations as may be set forth in the articles of incorporation or bylaws of the corporation, may declare dividends to the holders of its stock and make partial distribution of its capital surplus pursuant to the provisions of the Arkansas Business Corporation Act of 1987, 4-27-101 et seq.
(b) The management committee of a limited liability company, subject to such limitations as may be set forth in the articles of organization or the operating agreement, may declare distributions to the holders of the units of interest in the limited liability company consistent with the provisions of the Small Business Entity Tax Pass Through Act, 4-32-101 et seq.