Louisiana Revised Statutes 38:2190 – Architects and engineers prohibited under certain circumstances from owning substantial interest in organizations furnishing materials for construction of public work
Terms Used In Louisiana Revised Statutes 38:2190
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Public work: means the erection, construction, alteration, improvement, or repair of any public facility or immovable property owned, used, or leased by a public entity. See Louisiana Revised Statutes 38:2211
A. Architects and engineers are prohibited from owning a substantial financial interest, either directly or indirectly, in any corporation, firm, partnership, or other organization which supplies materials for the construction of a public work when the architect or engineer has performed architectural or engineering services, either directly or indirectly, in connection with the public work for which the materials are being supplied.
B. For the purposes of this Section, a “substantial financial interest” shall exclude any interest in stock being traded on the American Stock Exchange or the New York Stock Exchange.
C. Whoever violates the provisions of Subsection A, shall be guilty of a misdemeanor and shall be fined not more than an amount equal to the total value of the materials involved in the violation of Subsection A of this Section, or not more than ten thousand dollars, whichever is greater, or imprisoned for not more than six months, or both.
Acts 1991, No. 1044, §1.