Louisiana Revised Statutes 12:956 – Duration of membership; notice of withdrawal
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Terms Used In Louisiana Revised Statutes 12:956
- Corporation: means a Louisiana industrial development corporation created under this Chapter. See Louisiana Revised Statutes 12:951
- 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.
- Member: means any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this Chapter, upon its call, and in accordance with the provisions of this Chapter. See Louisiana Revised Statutes 12:951
Membership in the corporation shall be for the duration of the corporation; provided that upon written notice given to the corporation five years in advance, a member may withdraw from membership in the corporation at the expiration date of such notice.
A member shall not be obligated to make any loans to the corporation pursuant to calls made subsequent to notice of the intended withdrawal of said member.
Acts 1969, No. 49, §6.