Louisiana Revised Statutes 6:612 – Transactions in trust company shares or participation shares
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Terms Used In Louisiana Revised Statutes 6:612
- Lien: A claim against real or personal property in satisfaction of a debt.
- Trust company: means a corporation or a limited liability trust company organized under this Chapter, including a trust company organized under the laws of this state before June 27, 2003, or an entity chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Louisiana Revised Statutes 6:572
A. A trust company may acquire its own shares or participation shares if the amount of its undivided profits is sufficient to absorb fully the acquisition of the shares or participation shares under regulatory accounting principles, or if the trust company obtains the prior written approval of the commissioner.
B. A trust company may acquire a lien upon its own shares or participation shares if the aggregate amount of indebtedness so secured is less than the amount of the trust company’s undivided profits, or the trust company obtains the prior written approval of the commissioner.
Acts 2003, No. 573, §1, eff. June 27, 2003.