Terms Used In Louisiana Revised Statutes 48:2022

  • 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.

A.  Any parish or municipality, or two or more contiguous parishes, municipalities, or any combination of contiguous parishes and municipalities are hereby authorized to form and incorporate an authority pursuant to and in accordance with the Louisiana Nonprofit Corporation Law (R.S. 12:201 et seq.).  Each parish or municipality shall adopt an ordinance approving the drafting and execution of the articles of incorporation of such authority and shall act as an incorporator of the authority.  The articles of incorporation shall be drafted and filed with the Louisiana secretary of state in accordance with the Louisiana Nonprofit Corporation Law, and shall also be filed in the official records of each parish within the territory of the authority so created.

B.  Any authority created pursuant to this Chapter shall be a nonprofit corporation organized in accordance with the provisions of the Louisiana Nonprofit Corporation Law.  In the event of any conflict between the provisions of this Chapter and the Louisiana Nonprofit Corporation Law, the provisions of this Chapter shall control.  Any such authority created pursuant to this Chapter shall be considered and treated as a body politic and corporate established for the public purposes enumerated herein.

C.  The boundaries of the authority shall be coextensive with the territorial boundaries of the parish or parishes or municipality or municipalities which establish such authority.  The authority shall have the power to adopt bylaws containing such terms and provisions as the directors of the authority shall deem necessary or convenient to further carry out its purposes, provided that nothing therein may contravene any of the provisions of this Chapter.

Acts 1997, No. 1017, §1, eff. July 11, 1997.