Louisiana Revised Statutes 12:806 – Certificate of stock
Terms Used In Louisiana Revised Statutes 12:806
- 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.
- Qualified person: means :
(a) A natural person of full age who is authorized pursuant to the law in this state or any qualified state to render professional legal services. See Louisiana Revised Statutes 12:801
A.(1) Each certificate of stock shall contain the corporation‘s full name, and the following statement: “Except when held by a qualified person, the shares represented by this certificate are not entitled to be voted or to participate in the earnings of the corporation, and the holder is not entitled to participate in the management of, or in the rendition of legal services by, the corporation, or to have access to any records or communications pertaining to legal services rendered by, or any other affairs of, the corporation.”
(2) Each certificate of stock representing a nonvoting share shall contain a statement that such shares are nonvoting shares.
B. Each certificate of stock shall contain a reference to any and all agreements among the corporation’s voting shareholders, made pursuant to La. Rev. Stat. 12:809.
C. There shall be no provision for compulsory offer of shares for purchase by or sale to the corporation, and, except as provided in La. Rev. Stat. 12:22,* no restriction upon the transfer of shares, unless, in either event, such provision or restriction is stated or summarized on the certificate representing the shares.
Added by Acts 1964, No. 354, §1. Renumbered from La. Rev. Stat. 1950, §12:906 by Acts 1968, No. 105, §3, eff. Jan. 1, 1969; Acts 1985, No. 535, §1, eff. July 12, 1985; Acts 1991, No.225, §1.
*NOTE: REPEALED. SEE HISTORICAL NOTE UNDER THIS SECTION IN WEST’S LSA.