Louisiana Revised Statutes 12:1090 – Shares
Terms Used In Louisiana Revised Statutes 12:1090
- 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.
- Professional architectural corporation: means a corporation organized pursuant to this Chapter for the practice of architecture as provided for by La. See Louisiana Revised Statutes 12:1086
A. There shall be only one class of shares of professional architectural corporations, denominated common shares which shall be either with or without par value.
B. A majority of the outstanding shares of a professional architectural corporation shall be held by one or more natural persons duly licensed to practice architecture in this state, holding his shares in his own right.
C. The requirement of La. Rev. Stat. 12:1090(B) may be met if such shares are held or owned by a holding company, a majority of the stock of which is owned by one or more natural persons duly licensed to practice architecture in this state, and the holding company is the direct owner of the stock of such professional architectural corporation.
Added by Acts 1979, No. 225, §1, eff. July 9, 1979.