Louisiana Revised Statutes 12:499.5 – Articles of organization
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Terms Used In Louisiana Revised Statutes 12:499.5
- 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.
Three or more persons who are residents of this state, may organize a cooperative housing corporation by filing articles of organization with the secretary of state. The articles shall meet the requirements of Chapter 2 of this Title, and in addition, shall state the following:
(1) Whether transfer of corporation stock is restricted.
(2) Whether or not the corporation shall be authorized to pay dividends on its stock, but no cooperative housing corporation shall pay a dividend of more than six percent, noncumulative, upon its stock.
(3) Whether the transfer value of corporation stock is restricted.
Acts 1990, No. 857, §1.