Terms Used In Louisiana Revised Statutes > Title 12 > Chapter 1 > Part 7 - Shareholders

• Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a member and credited to his individual account in the annuity savings fund. See Louisiana Revised Statutes 11:2031
• Actuarial equivalent: shall mean a benefit of equal value when computed upon the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest. See Louisiana Revised Statutes 11:2031
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amateur: means any of the following:

  (a)  Contests or exhibitions of armed or unarmed combat or any combination thereof conducted by or participated in exclusively by any state-accredited middle school or high school, college, or university, or by any association or organization of a school, college, or university, when each participant in the contests or exhibitions is a bona fide student in the state-accredited middle school or high school, college, or university. See Louisiana Revised Statutes 4:85

• Annuity: shall mean payments for life derived from the accumulated contributions of a member. See Louisiana Revised Statutes 11:2031
• Annuity reserve: shall mean the present value of all payments to be made on account of any annuity, or benefit in lieu of any annuity computed upon the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest. See Louisiana Revised Statutes 11:2031
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicant: means a person or place of business that makes a formal application for a license, permit, certification, registration, or certificate issued pursuant to this Title. See Louisiana Revised Statutes 3:1
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Average compensation: shall mean the average annual earned compensation of an employee for any period of sixty successive or joined months of service as an employee during which earned compensation was the highest. See Louisiana Revised Statutes 11:2031
• Average compensation: shall mean the average annual earned compensation of an employee for any period of sixty successive or joined months of service as an employee during which earned compensation was the highest. See Louisiana Revised Statutes 11:2165.2
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board of trustees: shall mean the board provided for in La. See Louisiana Revised Statutes 11:2031
• Certification: means a certificate or certification received from an industry recognized organization or a Work Ready Certificate from the Louisiana Workforce Commission or a competency certification developed by the department. See Louisiana Revised Statutes 15:1199.3
• Club: means any club, corporation, association, or individual under the authority of the commission. See Louisiana Revised Statutes 4:85
• Commission: means the Structural Pest Control Commission. See Louisiana Revised Statutes 3:3362
• Commission: means the State Boxing and Wrestling Commission. See Louisiana Revised Statutes 4:85
• Commissioner: means the commissioner of agriculture and forestry. See Louisiana Revised Statutes 3:3362
• Commissioner: means the commissioner of the Department of Agriculture and Forestry or his duly authorized designee. See Louisiana Revised Statutes 3:3391.3
• Continuance: Putting off of a hearing ot trial until a later time.
• Conviction: A judgement of guilt against a criminal defendant.
• Council: means the Reentry Advisory Council. See Louisiana Revised Statutes 15:1199.3
• Craft: means an occupation or trade requiring manual dexterity, specified training, and certification or licensing. See Louisiana Revised Statutes 15:1199.3
• Creditable service: shall mean service for which credit is allowable as provided in La. See Louisiana Revised Statutes 11:2031
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Demand account: means an account payable on demand which is not a savings account. See Louisiana Revised Statutes 6:703
• Department: means the Louisiana Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:3391.3
• Department: means the Louisiana Department of Public Safety and Corrections. See Louisiana Revised Statutes 15:1199.3
• Department: means the Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:1
• Depositor: means a holder of a savings, demand, or other type of deposit account of an association. See Louisiana Revised Statutes 6:703
• Devise: To gift property by will.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Donor: The person who makes a gift.
• Earnable compensation: shall mean the full rate of compensation that would be payable to the member (employee) if he worked the full working time. See Louisiana Revised Statutes 11:2031
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Employee: shall mean any registrar of voters of the state of Louisiana or any deputy or permanent employee of the office of registrar of voters in any parish of the state of Louisiana. See Louisiana Revised Statutes 11:2031
• Employer: shall mean the registrar of voters of any parish in the state of Louisiana, the state of Louisiana, or the police jury or any other governing body of a parish which employs and pays persons as registrars of voters. See Louisiana Revised Statutes 11:2031
• Enrolled bill: The final copy of a bill or joint resolution which has passed both chambers in identical form. It is printed on parchment paper, signed by appropriate officials, and submitted to the President/Governor for signature.
• EPA: means the United States Environmental Protection Agency. See Louisiana Revised Statutes 3:3362
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Excess benefit participant: shall mean any member whose retirement benefit as determined on the basis of all qualified plans without regard to the limitations of La. See Louisiana Revised Statutes 11:2162
• Executor: A male person named in a will to carry out the decedent
• Exhibition: means :

  (a)  As applied to boxing and mixed technique events, any event in which the participants show or display their skills without necessarily striving to win. See Louisiana Revised Statutes 4:85

• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• FIFRA: means the Federal Insecticide, Fungicide, and Rodenticide Act. See Louisiana Revised Statutes 3:3362
• Financial institution: means a thrift institution, association, commercial bank, or trust company. See Louisiana Revised Statutes 6:703
• Fiscal year: means an accounting period of twelve months ending on the last day of any month other than December. See Louisiana Revised Statutes 47:98
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Formosan termite: means the termite Coptotermes formosanus in any state of development. See Louisiana Revised Statutes 3:3391.3
• Fraud: Intentional deception resulting in injury to another.
• Fumigant: means any pesticide which either by itself or in combination with any other substance:

  (a)  Emits or liberates gas, fumes, or vapors which will destroy pests. See Louisiana Revised Statutes 3:3362

• Gross negligence: means a reckless disregard of, or a carelessness amounting to indifference to, the best interests of the financial institution or the shareholders thereof, and involves a substantial deviation below the standard of care expected to be maintained by a reasonably careful person under like circumstances. See Louisiana Revised Statutes 6:703
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Impaired condition: means a condition in which the assets of an association in the aggregate do not have a fair value equal to the aggregate amount of liabilities of the association. See Louisiana Revised Statutes 6:703
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Infested: means having the presence of live Formosan termites. See Louisiana Revised Statutes 3:3391.3
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insecticide: means any pesticide, other than a fumigant, which is used for the control of insects and similar pests. See Louisiana Revised Statutes 3:3362
• Insured association: means an association, the savings accounts or shares of which are insured by the Federal Savings and Loan Insurance Corporation or its successor. See Louisiana Revised Statutes 6:703
• Inter vivos: Transfer of property from one living person to another living person.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Least toxic method: means an integral part of an integrated pest management plan and is a combination of common sense practices that use current, comprehensive information on the life cycles of pests and their interactions with the environment, in combination with available pest control methods used to manage pest damage by the most economical means with the least possible hazard to people, property, and the environment. See Louisiana Revised Statutes 3:3382
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Maximum benefit: shall mean the retirement benefit a member is entitled to receive from the pension plan set forth in this Chapter in any month after giving effect to La. See Louisiana Revised Statutes 11:2162
• Member: shall include any employee, as defined in Paragraph (10) of this Section, included in the membership of this system as provided in La. See Louisiana Revised Statutes 11:2031
• Member: means a person or entity holding a savings or demand account of or shares of a mutual association, and may include a person borrowing from or assuming or obligated upon a loan or interest therein held by such association if such is authorized by the charter or the bylaws of the association. See Louisiana Revised Statutes 6:703
• Member: shall include persons who would be eligible for system membership pursuant to La. See Louisiana Revised Statutes 11:2165.2
• Merger: means a business combination pursuant to La. See Louisiana Revised Statutes 12:1-1101
• Mixed technique event: means contests in which contestants attack and defend with wrestling or grappling and with the fists and other parts of the human body, including but not limited to the foot, knee, leg, elbow, or head, wherein dangerous blows are intended to be struck with full contact. See Louisiana Revised Statutes 4:85
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Oath: A promise to tell the truth.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• OEA: means the office of elderly affairs that is an organizational part of the governor's office, and exercises overall supervision of parish councils on aging. See Louisiana Revised Statutes 47:120.26
• One borrower: means any person or entity which is, or which upon the making of a loan becomes, an obligor on a real estate loan or otherwise an obligor to the association, either directly or indirectly. See Louisiana Revised Statutes 6:703
• Oversight: Committee review of the activities of a Federal agency or program.
• Parish councils on aging: means the sixty-four nonprofit domestic corporations domiciled one per parish and dedicated to delivering state-approved services directly to senior citizens. See Louisiana Revised Statutes 47:120.26
• 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.
• party to a share exchange: means any domestic or foreign corporation or eligible entity that will do any of the following:

  (1)  Merge under a plan of merger. See Louisiana Revised Statutes 12:1-1101

• Person: means any individual, corporation, partnership, association, or other legal entity. See Louisiana Revised Statutes 3:3362
• Person: means any individual, firm, company, corporation, partnership, society, association, governmental agency, political subdivision, public entity, or any other entity created by federal or state law or recognized by Louisiana law. See Louisiana Revised Statutes 3:3391.3
• Person: means an individual or any legal or commercial entity, including a corporation, business trust, partnership, limited liability company, association, or joint venture. See Louisiana Revised Statutes 3:1
• Personal property: All property that is not real property.
• Pest: means any insect, rodent, nematode, fungus, weed, or any other form of terrestrial or aquatic plant or animal life or virus, bacteria, or other microorganism in living humans or other living animals, which the commissioner declares to be a pest, other than mosquitos. See Louisiana Revised Statutes 3:3382
• Pesticide: means any substance or combination of substances which is a pesticide under the Louisiana Pesticide Law, La. See Louisiana Revised Statutes 3:3362
• Pesticide: means any substance or mixture of substances intended for preventing, destroying, repelling, or mitigating any pest and any substance or combination of substances intended for use as a plant regulator, defoliant, desiccant, or any substance the commissioner of agriculture and forestry or his duly authorized representative acting at his direction determines to be a pesticide. See Louisiana Revised Statutes 3:3382
• Place of business: means a permanent location or a portion of a permanent location from which business, in a regulated profession or occupation, is transacted. See Louisiana Revised Statutes 3:1
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Prior service: shall mean service rendered prior to the date of the establishment of this retirement system for which credit is allowable as provided in La. See Louisiana Revised Statutes 11:2031
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Professional wrestler: means any person who does not qualify as an "amateur" and who participates in staged matches wherein no dangerous blow is intended to be struck and where there is a predetermined winner, whether or not the participant competes for a money prize or pecuniary gain. See Louisiana Revised Statutes 4:85
• Professional wrestling event: means any event which does not qualify as either a mixed technique event or amateur or boxing contest and which features in any way a professional wrestler and which qualifies as an exhibition under Subparagraph (4)(b) of this Section. See Louisiana Revised Statutes 4:85
• Program: means the inmate rehabilitation and workforce development program operated by the Department of Public Safety and Corrections as authorized by the provisions of this Part. See Louisiana Revised Statutes 15:1199.3
• Public defender: Represent defendants who can't afford an attorney in criminal matters.
• Quorum: The number of legislators that must be present to do business.
• Real estate loan: means any loan or other obligation secured, as provided for in this Chapter, by immovable property held in full ownership or under a lease extending or renewable automatically for a period of at least five years beyond the date scheduled for the final principal payment of such loan or obligation, or any transaction out of which a mortgage or vendor's privilege is created against such immovable property including but not limited to the purchase of such real estate by an association and the concurrent or immediate sale thereof on installment contract. See Louisiana Revised Statutes 6:703
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Regular interest: shall mean interest compounded annually at such a rate as shall be determined by the board of trustees in accordance with La. See Louisiana Revised Statutes 11:2031
• Regulated article: means any infested material. See Louisiana Revised Statutes 3:3391.3
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:2031
• Retirement allowance: shall mean the sum of the annuity and the pensions, or any optional benefit payable in lieu thereof. See Louisiana Revised Statutes 11:2031
• Retirement system: shall mean the Registrars of Voters Employees' Retirement System as defined in La. See Louisiana Revised Statutes 11:2031
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Rodenticide: means any pesticide, other than a fumigant, which is used for the control of rodents. See Louisiana Revised Statutes 3:3362
• Savings account: means an account to which earnings, including interest, is paid or accrued. See Louisiana Revised Statutes 6:703
• Savings liability: means the aggregate amount of savings accounts of depositors and shares of members, plus earnings credited to such accounts, less redemptions and withdrawals. See Louisiana Revised Statutes 6:703
• School: means any public or private day or residential school that provides pre-kindergarten, elementary, or secondary education. See Louisiana Revised Statutes 3:3382
• Secretary: means the secretary of the Department of Revenue. See Louisiana Revised Statutes 47:120.26
• Secretary: means the secretary of the Louisiana Department of Public Safety and Corrections. See Louisiana Revised Statutes 15:1199.3
• Senior citizens: means residents of Louisiana who have attained the age of sixty years or more. See Louisiana Revised Statutes 47:120.26
• Service: shall mean service rendered as an employee as described in Paragraph (10) of this Section. See Louisiana Revised Statutes 11:2031
• Service of process: The service of writs or summonses to the appropriate party.
• Service organization: means a corporation in which the shares of stock may be owned by one or more associations, financial institutions, or other persons. See Louisiana Revised Statutes 6:703
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Share: means any share, certificate, security, account, or other evidence of funds invested in a mutual association by a member thereof, other than a savings or demand account. See Louisiana Revised Statutes 6:703
• Share exchange: means a business combination pursuant to La. See Louisiana Revised Statutes 12:1-1101
• Skilled craftsman: means a person who has completed training and certification or licensing in a skilled craft or an apprentice occupation as defined by the Louisiana Workforce Commission which may include but is not limited to electrician, plumber, pipefitter, welder, millwright, heavy equipment operator, carpenter, heating, ventilation and air-conditioning technician, heavy construction, building construction, or machinist. See Louisiana Revised Statutes 15:1199.3
• Statute: A law passed by a legislature.
• Stockholder: means the owner of one or more shares of any class of capital stock of a capital stock association. See Louisiana Revised Statutes 6:703
• Structural pest: means any member of any species of wood-destroying insects, vermin, rodents, vertebrates, and pest birds which attack and damage wood. See Louisiana Revised Statutes 3:3362
• Structural pest control: means any procedure intended to effect the prevention, regulation, extermination, or eradication of structural pests in household, commercial, and vacant structures, including adjacent outside areas and the contents of such structures. See Louisiana Revised Statutes 3:3362
• Task force: means a parish or regional council comprised of governmental leaders and agency representatives from applicable state, tribal, or local entities, service providers, nonprofit organizations, and key stakeholders. See Louisiana Revised Statutes 15:1199.3
• Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• Unrestricted benefit: shall mean the monthly retirement benefit a member, or the spouse, child, or dependent parent of a member, would have received under the terms of all qualified plans of the employer, except for the restrictions of La. See Louisiana Revised Statutes 11:2162
• Withdrawal value: means the amount credited to the shares of a member or to a savings or demand account, less lawful deductions therefrom, as shown on the records of the association. See Louisiana Revised Statutes 6:703
• Workforce development work release: means a program for on-the-job training of inmates who are participating in or have completed the inmate rehabilitation and workforce development program authorized by the provisions of this Part. See Louisiana Revised Statutes 15:1199.3