Louisiana Revised Statutes 6:371 – Voluntary liquidations and dissolutions of solvent banks with prior approval of commissioner
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Terms Used In Louisiana Revised Statutes 6:371
- Articles: means the original articles of incorporation and all amendments thereto including those contained in merger agreements or, if restated, the latest restatement thereof except in those instances in which the context refers expressly to the original articles of incorporation only. See Louisiana Revised Statutes 6:201
- 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.
- Total voting power: means the entirety of the voting power. See Louisiana Revised Statutes 6:201
A. The stockholders of a state bank, by vote of two-thirds of the total voting power of the corporation or such larger vote as the articles may require, at a special meeting of the stockholders the notice of which shall set forth the proposed dissolution as the purpose of the meeting, may agree to appoint a liquidator and dissolve the state bank.
B. If the public interest will thereby be served, the commissioner shall approve the liquidation unless the bank is insolvent or in an impaired, unsafe, or unsound condition.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1989, No. 396, §1.