(1) In addition to the requirements of 4 CAR § 1-301, if the qualified corporation seeking to become a water authority has members, the qualified corporation must also submit a resolution approved by the members that conforms to the requirements of 4 CAR § 1-301(1).
(2) Membership approval of conversion must be obtained in the manner determined prior to conversion under the qualified corporation’s:
(A) Articles;
(B) Bylaws; or
(C) Applicable statutes.
(3) After conversion, the water authority will have no members.
(b) Any entity that converted to a water authority according to the Arkansas Natural Resources Commission’s rules and existing law prior to Acts 2003, No. 1330, will be deemed to have complied with this part.