Louisiana Revised Statutes 39:1798.14 – Dissolution of corporation; title to the property to vest in successor
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Terms Used In Louisiana Revised Statutes 39:1798.14
- 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.
- Corporation: means the nonprofit corporation authorized to be formed by this Chapter, or any corporation succeeding to the principal functions thereof or to which the powers conferred upon the corporation by this Chapter shall be given by law. See Louisiana Revised Statutes 39:1798
- State: means the state of Louisiana or any agency or instrumentality thereof. See Louisiana Revised Statutes 39:1798
Upon dissolution of the corporation, title to all property owned by the corporation shall vest in the successor corporation created by the legislature, if any, if such successor corporation qualifies under Section 103 of the Federal Internal Revenue Code of 1986, as amended, to issue obligations the interest on which is exempt from federal income taxation. If no such successor corporation is so created, title to such property shall vest in the state of Louisiana.
Acts 1989, No. 805, §1, eff. July 8, 1989.