Louisiana Revised Statutes 6:869 – Association continues as corporate entity for sole purpose of winding up affairs
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Terms Used In Louisiana Revised Statutes 6:869
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means a savings association, thrift institution, homestead, building and loan association, savings and loan association, or society, including both capital stock and mutual associations. See Louisiana Revised Statutes 6:703
- Commissioner: means the commissioner of financial institutions, of the state of Louisiana, in his capacity as supervisor of associations. See Louisiana Revised Statutes 6:703
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Upon the approval of the commissioner, the association shall be dissolved and shall cease to carry on business, but shall continue as a corporate entity for the sole purpose of paying, satisfying, and discharging existing liabilities and obligations, collecting and distributing assets, and doing all other acts required to adjust, wind up, and dissolve its business and affairs.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.