Louisiana Revised Statutes 12:1804 – A. A business corporation incorporated in accordance with R.S. 12:1-201 et seq., may elect to be a benefit corporation under this Chapter by stating in its articles that it is a bene
Terms Used In Louisiana Revised Statutes 12:1804
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Minimum vote: means :
(a) In the case of a business corporation, the approval by holders of two-thirds of the shares present and voting of each class or series and any other approval or vote required under the Business Corporation Law or the articles. See Louisiana Revised Statutes 12:1803
A. A business corporation incorporated in accordance with La. Rev. Stat. 12:1-201 et seq., may elect to be a benefit corporation under this Chapter by stating in its articles that it is a benefit corporation subject to this Chapter.
B. Any amendment to the articles of an existing business corporation to add a statement that it is a benefit corporation subject to this Chapter shall be adopted by at least the minimum vote. The notice of the meeting of shareholders to approve the amendment shall state the specific public benefits, if any, to be included in the purposes of the benefit corporation and shall explain the anticipated impact on shareholders of becoming a benefit corporation.
C. If an entity that is not a benefit corporation is a party to a merger or consolidation, and the surviving or new entity in the merger or consolidation is to be a benefit corporation, then the plan of merger or consolidation shall be adopted by at least the minimum vote.
D. The corporate name of a benefit corporation shall end with the following phrase, which may be in parentheses, “A Benefit Corporation”.
Acts 2012, No. 442, §1; Acts 2019, No. 19, §2, eff. May 28, 2019.