Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-1213. Management of company

(a)(1) Only the holders of common stock, through the board of directors, shall manage the affairs of a corporation.

(2) Only holders of units of interest in a limited liability company shall manage the affairs of a limited liability company.

(3) Each holder of common stock or each holder of a unit of interest in the limited liability company shall be entitled to one (1) vote, in person or by proxy, for each share of common stock or each unit of interest held by him or her and, in voting for the directors or management committee of the company, shall be entitled to exercise the right of cumulative voting.

(2) In the event that the directors or the management committee do not purchase the shares of common stock or the units of interest subject to transfer, the shares of common stock or the units of interest then may be transferred without the approval of the directors or the management committee.