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Model Business Corporation Act, or MBCA, is a body of laws designed to regulate corporate affairs uniformly across different states. 3 min read. Model Business Corporation Act, or MBCA, is a body of laws designed to regulate corporate affairs uniformly across different states.
The 1987 Act establishes simple and flexible corporate character- istics and requires the affirmative election of restrictive characteris- tics. The 1965 Act is considerably more prescriptive as to corporate characteristics.
The Arkansas Nonprofit Corporation Act of 1993 governs nonprofit corporations incorporated on or after January 1, 1994 or those incorporated prior to that date that have elected to be governed under the 1993 Act in amendments to their articles of incorporations.