Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-17-228. Nonprofit cooperative

(b)(1) The bylaws of a cooperative or its contracts with members and patrons shall contain provisions consistent with § 23-17-229 relative to the disposition of revenues and receipts as may be necessary and appropriate to establish and maintain its nonprofit cooperative character.

(2) In the case of a cooperative authorized to issue shares of stock, the bylaws and contracts shall provide that no moneys shall be paid, except after the declaration or payment of dividends on the outstanding shares of stock in accordance with the certificate of incorporation of the cooperative, and the bylaws or contracts shall otherwise be consistent with cooperatives' obligations in respect to the shares of stock.