Louisiana Revised Statutes 6:643 – Restriction of the use of term credit union
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Terms Used In Louisiana Revised Statutes 6:643
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. Except for corporations formed under the provision of this Chapter, any person, partnership, firm, or corporation using any name or title containing the words “credit union” shall be fined not less than one hundred dollars or more than one thousand dollars, or be imprisoned for not more than one year, or both.
B. The provisions of Subsection A do not apply to credit unions organized under the laws of the United States and the several states and to organizations whose membership consist primarily of credit unions.
Amended by Acts 1975, No. 653, §1.