Louisiana Revised Statutes 12:1404 – Shares
Terms Used In Louisiana Revised Statutes 12:1404
- 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.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Professional social work corporation: means a corporation organized pursuant to this Chapter for the practice of social work. See Louisiana Revised Statutes 12:1400
A. There shall be only one class of shares of a professional social work corporation, denominated common shares, which shall be either with or without par value.
B. Either a shareholder who is a natural person duly licensed to practice social work in this state, and who holds his shares in his own right, or another professional social work corporation, shall be entitled to vote such shares, and to participate in the corporation’s earnings. Any other shareholder shall have no voting rights for any purpose whatever, shall not participate in the corporation’s earnings, and shall have no access to any records or communications pertaining to social work services rendered by, or any other affairs of, the corporation, except as provided in La. Rev. Stat. 12:1412.
C. La. Rev. Stat. 12:33 shall not apply to professional social work corporations.
Acts 1997, No. 1169, §1.