A.  Only those corporations which organize under the provisions of this Chapter shall be “state banks” under the laws of this state.

B.  One or more natural persons, the majority of whom must be domiciled in this state, desiring to incorporate and operate a state bank shall file with the commissioner an application for a certificate of authority to operate a state bank upon such form as the commissioner may from time to time prescribe and the articles of incorporation required by La. Rev. Stat. 6:213.  At the time of the filing of the application, the commissioner shall collect the filing fee required in La. Rev. Stat. 6:331.

C.  Notwithstanding Subsections A and B, a person may apply to the commissioner to obtain a certificate of authority to organize and operate as a financial institution under this Title as a limited liability company, if the company is formed to have perpetual existence, centralized management, limited liability, and free transferability of interests.  An existing financial institution may apply to the commissioner to change its certificate of authority and reorganize and operate as a limited liability company.  The commissioner may promulgate rules to clarify any organizational, operational, or other aspects of financial institutions which choose to operate as limited liability companies.

Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 2003, No. 361, §1.