Ark. Code § 20-48-303

Current with legislation from 2024 Fiscal and Special Sessions.

Section 20-48-303 - Terms

Every agreement or contract entered into in accordance with this subchapter shall specify the following:

(1) Full names and addresses of all parties to the agreement;

(2) The precise organization, composition, and nature of the legal or administrative entity that will be providing services, together with its powers and limitations and manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking;

(3) A description of the joint or cooperative undertaking that specifies the duties and responsibilities of all parties to the agreement;

(4) The manner of financing the joint or cooperative undertaking and of establishing and maintaining a budget thereof, or in the case whereby one (1) of the participants agrees to furnish specified services, the financial arrangements therefor;

(5) The permissible methods to be employed in accomplishing the partial or complete termination of the agreement and for disposing of property upon a partial or complete termination; and

(6) Any other necessary and proper matters.

Ark. Code § 20-48-303

Acts 1973, No. 465, § 3; A.S.A. 1947, § 59-1015.