Terms Used In Louisiana Revised Statutes > Title 12 > Chapter 27 > Part I - Preliminary Provisions

• Affiliate: means , in relation to a person, a subsidiary of the person or an entity which owns beneficially or of record a majority of the outstanding equity interests of the person. See Louisiana Revised Statutes 12:1803
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Benefit officer: means the individual designated as the benefit officer of a benefit corporation pursuant to La. See Louisiana Revised Statutes 12:1803
• General public benefit: means a material positive impact on society and the environment, taken as a whole, assessed against a third-party standard, from the business and operations of a benefit corporation. See Louisiana Revised Statutes 12:1803
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Material relationship: means the relationship between a person and a benefit corporation or any of its subsidiaries if any of the following apply:

  (a)  The person is, or has been within the last three years, an employee, other than a benefit officer, of the benefit corporation, or an affiliate of the benefit corporation. See Louisiana Revised Statutes 12:1803

• Minimum vote: means :

  (a)  In the case of a business corporation, the approval by holders of two-thirds of the shares present and voting of each class or series and any other approval or vote required under the Business Corporation Law or the articles. See Louisiana Revised Statutes 12:1803

• Specific public benefit: means any of the following:

  (a)  Serving low-income or underserved individuals or communities. See Louisiana Revised Statutes 12:1803

• Statute: A law passed by a legislature.
• Subsidiary: means , in relation to a person, an entity in which the person owns beneficially or of record fifty percent or more of the outstanding equity  interests. See Louisiana Revised Statutes 12:1803
• Third-party standard: means a recognized standard for defining, reporting, and assessing the performance of corporations in producing general public benefit and specific public benefits which is all of the following:

  (a)  Comprehensive in that it assesses the effect of the corporation and its operations in producing general public benefit and any specific public benefit specified in the articles. See Louisiana Revised Statutes 12:1803