Ark. Code Ann. § 26-54-110 (2026)
Dissolution or withdrawal by corporations. [Effective May 1, 2021.]
Applications for dissolution or withdrawal by a corporation, association, or organization cannot be accepted by the authority that initially authorized or granted an authority to the corporation to do business in Arkansas until receipt of a statement verified by the Secretary of the Department of Finance and Administration that the franchise tax due has been paid.
History. Acts 1979, No. 889, § 9; A.S.A. 1947, § 84-1841; Acts 1987, No. 19, § 5; 2019, No. 819, § 22.
A.C.R.C. Notes. Acts 2019, No. 819, § 1, provided: “Title. This act shall be known and may be cited as the ‘Arkansas Tax Reform Act of 2019’”.
Acts 2019, No. 819, § 2, provided:
“Legislative findings and intent.
“(a) The General Assembly finds that:
“(1) The Arkansas Tax Reform and Relief Legislative Task Force was charged with:
“(A) Examining and identifying areas of potential tax reform within the tax laws; and
“(B) Recommending legislation to the General Assembly, in part, to modernize and simplify the Arkansas tax code and ensure fairness to all taxpayers;
“(2) There are several areas of the tax code that should be amended to reform the state's tax laws to modernize and simplify the tax code and ensure fairness to all taxpayers; and
“(3) Any savings realized by the state through tax reforms should be dedicated to reducing the tax burden for Arkansas taxpayers.
“(b) It is the intent of the General Assembly to:
“(1) Reform Arkansas tax laws to modernize and simplify the tax code and ensure fairness to all taxpayers; and
“(2) Offset any revenue savings realized through tax reform with corresponding changes to reduce the tax burden for Arkansas taxpayers”.
Publisher's Notes. For text of section effective until May 1, 2021, see the preceding version.
Amendments. The 2019 amendment substituted “Director of the Department of Finance and Administration” for “Secretary of State”; and made a stylistic change.
Effective Dates. Acts 2019, No. 819, § 26(a): May 1, 2021. Effective date clause provided: “Sections 3-17 and 20-24 of this act are effective on and after May 1, 2021”.
Research References
U. Ark. Little Rock L.J.
Survey — Corporations, 10 U. Ark. Little Rock L.J. 549.
Case Notes
Forfeit of Charter.
Section 4-27-1420, this section and § 26-54-112 presuppose that a corporation whose charter has been forfeited has not yet been dissolved, and since a corporation with a forfeited charter has not been dissolved, the corporation continues to exist for limited purposes. Gibson v. Dennis (In re Russell), 123 B.R. 48 (Bankr. W.D. Ark. 1990).