Louisiana Revised Statutes 17:2829 – Fidelity bonds; audits
Terms Used In Louisiana Revised Statutes 17:2829
- Cooperative: means a corporation organized under this Chapter and a corporation which becomes subject to this Chapter in the manner provided in this Chapter. See Louisiana Revised Statutes 17:2803
- 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.
A. No Educational Cooperative Corporation organized under the provisions of La. Rev. Stat. 17:2801-17:2828 shall receive any payments of funds as grants-in-aid for pupils attending non-sectarian private schools, until all officers and employees of any such educational cooperative corporation, having custody and control of funds, shall have furnished bond in favor of the educational cooperative corporations, in a sum fixed by said corporation, which bond shall not be for less than one-fourth over and above any amount that may come into the possession of said corporation, and which shall be increased or diminished accordingly. The premium on such bond shall be paid by the corporation.
B. Audits shall be made by any educational cooperative corporation of its accounts by a certified public accountant at least annually. Copies of the reports of such audits shall be furnished to the members of the educational cooperative corporation.
Added by Acts 1960, 2nd Ex.Sess., No. 4, §§1, 2.