Ark. Code § 4-29-302

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

Section 4-29-302 - Definitions

As used in this subchapter:

(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) "Foreign medical corporation" means a corporation:

(A) Organized under laws other than the laws of this state; and

(B) In which all officers, directors, and shareholders of the corporation are licensed to practice medicine in the state of incorporation;

(3) "Professional service" means any type of professional service that 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

(4) "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 names of the revocable living trust.

Ark. Code § 4-29-302

Amended by Act 2013, No. 135,§ 1, eff. 2/20/2013.

Acts 1961, No. 179, § 1; A.S.A. 1947, § 64-1701; Acts 1997, No. 306, § 2.