Terms Used In Louisiana Revised Statutes > Title 11 > Subtitle II > Chapter 1 > Part VII > Subpart C - Public Safety Services

• Board: means the Board of Trustees of the Louisiana State Employees' Retirement System. See Louisiana Revised Statutes 11:403
• Contract: includes any agreement conferring the rights and obligations of a timeshare ownership on the purchaser. See Louisiana Revised Statutes 9:1131.2
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Creditable service: means prior service plus membership service for which credit is allowable as provided in this Chapter. See Louisiana Revised Statutes 11:403
• Employee: means any person legally occupying a position in the state service. See Louisiana Revised Statutes 11:403
• Employer: means the state of Louisiana or any of its boards, commissions, departments, agencies, and courts which are contributing members of the Louisiana State Employees' Retirement System. See Louisiana Revised Statutes 11:403
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Member: means any person included in the membership of the system. See Louisiana Revised Statutes 11:403
• Minor child: means an unmarried child under the age of eighteen years or an unmarried student under the age of twenty-three years who is the issue of a marriage of a member of this system, the legally adopted child of a member of this system, a child born outside of marriage of a female member of this system, or the child of a male member of this system if acknowledged or filiated pursuant to the provisions of the Civil Code. See Louisiana Revised Statutes 11:403
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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
• Position: means any office or any employment in the state service. See Louisiana Revised Statutes 11:403
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Purchaser: means any person to whom a timeshare interest is offered or who has contracted to purchase a timeshare interest. See Louisiana Revised Statutes 9:1131.2
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Retirement: means termination of active service, with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:403
• Spouse: means a person who is legally married to a member of this system. See Louisiana Revised Statutes 11:403
• State: means the state of Louisiana. See Louisiana Revised Statutes 11:403
• System: means the Louisiana State Employees' Retirement System. See Louisiana Revised Statutes 11:403
• Timeshare interest: means an ownership "timeshare interest" a lease timeshare interest, a timeshare estate, and a timeshare use unless expressly provided otherwise and includes any of the following:

  (a)  A "timeshare estate" which is the right to occupy a timeshare property, coupled with present ownership or some right to future ownership in a timeshare property or a specified portion thereof. See Louisiana Revised Statutes 9:1131.2