Louisiana Revised Statutes 39:1798.4 – Membership of board of directors; vacancies; compensation; expenses
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Terms Used In Louisiana Revised Statutes 39:1798.4
- 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
A. The governor shall appoint five persons to serve as the directors and members of this corporation, with one member appointed from a list of three persons nominated by the president of the Senate and with one member appointed from a list of three persons nominated by the speaker of the House of Representatives.
B. Members of the board of directors shall serve without compensation, but the corporation may reimburse such members for necessary expenses incurred in the discharge of their duties.
Acts 1989, No. 805, §1, eff. July 8, 1989.