Arkansas § 4-29-302 - Definitions.

§ 4-29-302. Definitions.

As used in this subchapter: “Beneficial owner” means an individual who is the grantor and sole trustee of a revocable living trust wherein the individual reserves the unrestricted right to revoke the trust; “Foreign medical corporation” means a corporation: Organized under laws other than the laws of this state; and In which all officers, directors, and shareholders of the corporation are licensed to practice medicine in the state of incorporation; “Professional service” means any type of professional service that may be legally performed only pursuant to a license or other legal personal authorization, for example: the personal service rendered by certified public accountants, architects, engineers, dentists, doctors, and attorneys at law; and “Shareholder” means either: The person in whose name shares are registered in the records of a corporation; or The beneficial owner of shares of a revocable living trust where the shares are registered in the records of the corporation in the names of the revocable living trust.