This Corporation is organized and shall exist, not for the purpose of profit or gain to itself or to its stockholders, but to promote the industrial and economic growth and development of the City of Conway, Arkansas, and of Faulkner County, Arkansas; to attract and secure the location of new business and industrial plants in said city and County; to assist in every way possible the future growth and expansion of industries which are now or which may hereafter be located in said City or County; to buy, lease, or otherwise acquire and own real estate and personal property; to sell, lease, mortgage, assign, pledge, hypothecate, donate, or otherwise dispose of real estate and personal property; to borrow money and to give security for the repayment of the same; and to do all things necessary or incident to the general purposes as set out above.
This Corporation shall have powers and authorities to do any and all things necessary, convenient, useful, or incidental to the attainment of its purposes as fully and to the same extent as natural persons lawfully might or could do so long as consistent with Act 176 of the General Assembly of 1963, but the purpose and essence of this corporation being purely benevolent and charitable, it is expressly declared that this is a corporation not for gain or individual profit, and no dividends shall ever be declared or paid to any of the members, and that none of the property, real or personal, shall ever be used or expended except in carrying into effect the legitimate ends and aims of its being.
