{"data":{"id":"us-ar/ark.-code-ann.-19-8-305","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 19-8-305","heading":"Terms of trust agreement","body":"(a) Each trust agreement shall specify the following: (1) Its duration; (2) (A) The number, qualifications, method of election, and terms of the trustees who shall serve as the governing body of the trust. (B) (i) Each trust shall have a minimum of seven (7) trustees. (ii) Only current elected officials and active or retired employees of a local government or of a local government association may serve as trustees. (iii) A majority of the trustees must be officials or employees of participants. (C) (i) Each trustee shall be elected by the participants for a term not to exceed three (3) years. (ii) The terms of office shall be staggered so that at least one-third (1/3) of the trustees are elected each year. (D) Each participant shall be entitled to one (1) vote in each election of trustees; (3) The qualifications, terms, and conditions necessary for additional local governments to become parties to the trust; (4) The terms and conditions under which local governments may withdraw as parties to the trust; provided, that any party shall have the unconditional right to withdraw upon not more than ninety (90) days' notice; (5) The permissible methods for acquiring, holding, and disposing of real and personal property used in the operation of the trust; (6) The maximum amount of funds of participants the trust may accept for investment; (7) The permissible methods to be employed in accomplishing the partial or complete termination of the trust and for disposing of property upon the partial or complete termination; (8) The terms and conditions under which the trust agreement may be amended and supplemented; and (9) Any other necessary and proper matters. (b) Each addition of a local government as a party to a trust, each withdrawal of a local government as a party to a trust, and each amendment or supplement to a trust agreement shall be evidenced by a written supplement to the trust agreement. Acts 1993, No. 583, § 5; 2009, No. 417, § 1.\n\n(a) Each trust agreement shall specify the following: (1) Its duration; (2) (A) The number, qualifications, method of election, and terms of the trustees who shall serve as the governing body of the trust. (B) (i) Each trust shall have a minimum of seven (7) trustees. (ii) Only current elected officials and active or retired employees of a local government or of a local government association may serve as trustees. (iii) A majority of the trustees must be officials or employees of participants. (C) (i) Each trustee shall be elected by the participants for a term not to exceed three (3) years. (ii) The terms of office shall be staggered so that at least one-third (1/3) of the trustees are elected each year. (D) Each participant shall be entitled to one (1) vote in each election of trustees; (3) The qualifications, terms, and conditions necessary for additional local governments to become parties to the trust; (4) The terms and conditions under which local governments may withdraw as parties to the trust; provided, that any party shall have the unconditional right to withdraw upon not more than ninety (90) days' notice; (5) The permissible methods for acquiring, holding, and disposing of real and personal property used in the operation of the trust; (6) The maximum amount of funds of participants the trust may accept for investment; (7) The permissible methods to be employed in accomplishing the partial or complete termination of the trust and for disposing of property upon the partial or complete termination; (8) The terms and conditions under which the trust agreement may be amended and supplemented; and (9) Any other necessary and proper matters.\n\n(1) Its duration;\nfunds of participants the trust may accept for investment; (7) The permissible methods to be employed in accomplishing the partial or complete termination of the trust and for disposing of property upon the partial or complete termination; (8) The terms and conditions under which the trust agreement may be amended and supplemented; and (9) Any other necessary and proper matters.\n\n(1) Its duration;\n\n(2) (A) The number, qualifications, method of election, and terms of the trustees who shall serve as the governing body of the trust. (B) (i) Each trust shall have a minimum of seven (7) trustees. (ii) Only current elected officials and active or retired employees of a local government or of a local government association may serve as trustees. (iii) A majority of the trustees must be officials or employees of participants. (C) (i) Each trustee shall be elected by the participants for a term not to exceed three (3) years. (ii) The terms of office shall be staggered so that at least one-third (1/3) of the trustees are elected each year. (D) Each participant shall be entitled to one (1) vote in each election of trustees;\n\n(A) The number, qualifications, method of election, and terms of the trustees who shall serve as the governing body of the trust.\n\n(B) (i) Each trust shall have a minimum of seven (7) trustees. (ii) Only current elected officials and active or retired employees of a local government or of a local government association may serve as trustees. (iii) A majority of the trustees must be officials or employees of participants.\n\n(i) Each trust shall have a minimum of seven (7) trustees.\n\n(ii) Only current elected officials and active or retired employees of a local government or of a local government association may serve as trustees.\n\n(iii) A majority of the trustees must be officials or employees of participants.\n\n(C) (i) Each trustee shall be elected by the participants for a term not to exceed three (3) years. (ii) The terms of office shall be staggered so that at least one-third (1/3) of the trustees are elected each year.\n\n(i) Each trustee shall be elected by the participants for a term not to exceed three (3) years.\n\n(ii) The terms of office shall be staggered so that at least one-third (1/3) of the trustees are elected each year.\n\n(D) Each participant shall be entitled to one (1) vote in each election of trustees;\n\n(3) The qualifications, terms, and conditions necessary for additional local governments to become parties to the trust;\n\n(4) The terms and conditions under which local governments may withdraw as parties to the trust; provided, that any party shall have the unconditional right to withdraw upon not more than ninety (90) days' notice;\n\n(5) The permissible methods for acquiring, holding, and disposing of real and personal property used in the operation of the trust;\n\n(6) The maximum amount of funds of participants the trust may accept for investment;\n\n(7) The permissible methods to be employed in accomplishing the partial or complete termination of the trust and for disposing of property upon the partial or complete termination;\n\n(8) The terms and conditions under which the trust agreement may be amended and supplemented; and\n\n(9) Any other necessary and proper matters.\n\n(b) Each addition of a local government as a party to a trust, each withdrawal of a local government as a party to a trust, and each amendment or supplement to a trust agreement shall be evidenced by a written supplement to the trust agreement.","path":["AR Code","Title 19","Chapter 8","Subchapter 3"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"3f537a1a518711ac1ba0ddc726e0fbd9d8003620bad43df7a86c64879cdc7fda","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-19-8-304","next":"us-ar/ark.-code-ann.-19-8-306"},"notice":"GroundRules: Original legal text. Not legal advice."}