Ark. Code § 4-29-202

Current with legislation from 2024 effective through May 3, 2024.

Section 4-29-202 - Definitions

As used in this subchapter, unless the context otherwise requires:

(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) "Professional service" means any type of professional service which 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

(3) "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 name of the revocable living trust.

Ark. Code § 4-29-202

Acts 1963, No. 155, § 2; 1970 (Ex. Sess.), No. 13, § 1; A.S.A. 1947, § 64-2002; Acts 1997, No. 306, § 1.