Louisiana Revised Statutes 6:518 – A. For the purposes of R.S. 12:1-1435(I), if the corporation is a bank holding company, any obligation to purchase a withdrawing shareholder’s shares shall be subject to any policy,
Terms Used In Louisiana Revised Statutes 6:518
- 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.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A. For the purposes of La. Rev. Stat. 12:1-1435(I), if the corporation is a bank holding company, any obligation to purchase a withdrawing shareholder’s shares shall be subject to any policy, limitation, requirement, order, plan, directive, or enforcement action of any regulatory agency having jurisdiction over the bank holding company or any subsidiary insured by the Federal Deposit Insurance Corporation and shall not cause the bank holding company or any subsidiary insured by the Federal Deposit Insurance Corporation to cease to be sufficiently capitalized under applicable law and regulations, or otherwise jeopardize the safety and soundness of the bank holding company or any of its subsidiaries insured by the Federal Deposit Insurance Corporation.
B. For the purposes of this Section, the term “bank holding company” has the meaning as set forth in 12 U.S.C. § 1841.
Acts 2022, No. 261, §1.