Louisiana Revised Statutes > Title 12 > Chapter 28 – Louisiana Churches and Nonprofit Religious Organizations Self-Insured Fund
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Terms Used In Louisiana Revised Statutes > Title 12 > Chapter 28 - Louisiana Churches and Nonprofit Religious Organizations Self-Insured Fund
- Church: means a nonprofit religious organization made up of a group of religious believers. See Louisiana Revised Statutes 12:1854
- Components: means all parts and components of a ship which are fabricated by the builder for use in the construction of the ship, which will, when so used, form a part of the ship and the fabrication of which is commenced at the shipyard. See Louisiana Revised Statutes 9:5522
- Department: means the Department of Insurance. See Louisiana Revised Statutes 12:1854
- Fund: means the self-insurance fund established pursuant to this Chapter to provide property insurance for churches and nonprofit religious organizations and shall be known as the Louisiana Churches and Nonprofit Religious Organizations Self-Insured Fund. See Louisiana Revised Statutes 12:1854
- Hazardous financial condition: means a condition in which, based upon its present or reasonably anticipated financial condition, the fund, although not yet financially impaired or insolvent, is unlikely to be able to:
(a) Meet obligations with respect to known claims and reasonably anticipated claims. See Louisiana Revised Statutes 12:1854
- Insolvency: means the condition existing when the fund's liabilities are greater than the fund's assets as determined in accordance with generally accepted accounting principles as delineated in the fund's financial statement audited by an independent certified public accountant and calculated before a member's distribution is payable or before a dividend is declared. See Louisiana Revised Statutes 12:1854
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Materials: means all materials (other than piping, cables, fittings, and other materials taken out of builder's stock), all items of machinery, and all items of equipment (other than equipment taken out of builder's stock) which are purchased or acquired for use in the construction of the ship, which will, when so used, form a part of the ship and which have been delivered to the shipyard. See Louisiana Revised Statutes 9:5522
- Nonprofit religious organization: means an active corporation or other entity organized under the United States Internal Revenue Code as a nonprofit organization defined as any one of the following:
(a) A church or religious house of worship. See Louisiana Revised Statutes 12:1854
- Oath: A promise to tell the truth.
- Person: includes an individual, corporation, trust, partnership, joint venture, or other organization. See Louisiana Revised Statutes 9:5522
- Property coverage: means coverage for the damage or loss of a structure or building and may include any or all of the following:
(a) Premises liability coverage. See Louisiana Revised Statutes 12:1854
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- Religious denomination: means a group of individual churches or houses of worship who are called or identified using the same terms and a particular set of beliefs or spiritual or religious values. See Louisiana Revised Statutes 12:1854
- 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.
- Ship: means a tug, pushboat, pullboat, barge, dredge, or other vessel or watercraft of more than fifty tons gross weight to be constructed within the state of Louisiana. See Louisiana Revised Statutes 9:5522
- Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
- Trustee: A person or institution holding and administering property in trust.
- Work: means in the case of a ship having a keel, the keel, and in the case of a ship not having a keel, the bottom plates, and all materials, machinery, equipment, components, and fabrications forming a part of the ship when permanently installed in place. See Louisiana Revised Statutes 9:5522