Louisiana Constitution Art. 12 Sec. 12 – Corporations; Perpetual or Indefinite Duration; Dissolution; Perpetual Franchises or Privileges
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Terms Used In Louisiana Constitution Art. 12 Sec. 12
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Section 12. Neither the state nor any political subdivision shall grant a perpetual franchise or privilege; however, the legislature may authorize the organization of corporations for perpetual or indefinite duration. Every corporation shall be subject to dissolution or forfeiture of its charter or franchise, as provided by general law.