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Published on Feb 19, 2019
Senate Bill 142, effective February 13, 2019, amends the Business Corporation Act of 1987 to authorize a for-profit corporation to convert to a nonprofit corporation under the Arkansas Nonprofit Corporation Act or the Arkansas Nonprofit Corporation Act of 1993. Those two Nonprofit Corporation Acts were amended to provide that a for-profit corporation may convert to a nonprofit corporation by filing an amendment to its articles of incorporation with the Secretary of State stating the fact that it converted under the appropriate nonprofit corporation act and describing the treatment of its stock. The bill’s Emergency Clause states that this legislative action was immediately necessary because Arkansas for-profit corporations could face severe adverse tax consequences for reorganizing as a nonprofit under pre-exisiting law. For assistance with filing amendments in Arkansas or other states contact CT at —.