Louisiana Revised Statutes 6:937 – Dividends; requirements
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Terms Used In Louisiana Revised Statutes 6:937
- 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
- Mutual association: means an association, not having capital stock ownership and operating in the mutual form. See Louisiana Revised Statutes 6:703
- Stock: means capital stock of a capital stock association. See Louisiana Revised Statutes 6:703
A. The provisions of La. Rev. Stat. 6:1207, and any rules and regulations promulgated thereunder, shall be applicable to associations in the same manner as they are to savings banks.
B. If a capital stock association results from conversion of a mutual association, a cash dividend shall not be declared to the holders of common stock of the association during the two-year period immediately following the conversion if the payment of a cash dividend would result in the reduction of the net worth account below the amount which existed in that account at the time of conversion.
Acts 1983, No. 675, §1; Acts 2003, No. 56, §1, eff. May 23, 2003.