Terms Used In Louisiana Revised Statutes > Title 51 > Chapter 39-B - Louisiana Business and Industrial Development Company Act

• Advisor: means a person who regularly provides legal, accounting, or management services or advice to a licensee. See Louisiana Revised Statutes 51:2397
• Affiliate: when used with respect to a specified person, means any person, other than a natural person, controlling, controlled by or under common control with, such specified person, directly or indirectly through one or more intermediaries. See Louisiana Revised Statutes 51:2388
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associate: means , if used with respect to a licensee:

  (i)  A controlling person, director, manager, officer, agent, or advisor of that licensee. See Louisiana Revised Statutes 51:2397

• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• BIDCO: means a business and industrial development company licensed under this Chapter. See Louisiana Revised Statutes 51:2388
• Business firm: means a person who transacts business on a regular and continual basis, or a person that proposes to transact business on a regular and continual basis. See Louisiana Revised Statutes 51:2388
• Close relative: means parent, child, sibling, spouse, father-in-law, mother-in-law, son-in-law, brother-in-law, daughter-in-law, sister-in-law, grandparent, grandchild, nephew, niece, uncle, or aunt. See Louisiana Revised Statutes 51:2397
• Closing services: includes but is not limited to appraising property and preparing credit reports. See Louisiana Revised Statutes 51:2397
• Commissioner: means the commissioner of the Office of Financial Institutions within the office of the governor. See Louisiana Revised Statutes 51:2388
• Control: means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a licensee or a small concern whether through the ownership of voting securities, by contract, or otherwise. See Louisiana Revised Statutes 51:2388
• Controlling person: when used with respect to a specified person means a person who controls that specified person directly or indirectly through one or more intermediaries. See Louisiana Revised Statutes 51:2388
• Corporate name: means the name of a corporation or limited liability company as set forth in the articles of incorporation of a corporation or the articles of organization of a limited liability company. See Louisiana Revised Statutes 51:2388
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Enrolled bill: The final copy of a bill or joint resolution which has passed both chambers in identical form. It is printed on parchment paper, signed by appropriate officials, and submitted to the President/Governor for signature.
• Ex officio: Literally, by virtue of one's office.
• Fiduciary: A trustee, executor, or administrator.
• Financing assistance: means to lend money or otherwise extend credit to a person or to purchase securities issued by a person, either directly or indirectly through an underwriter. See Louisiana Revised Statutes 51:2388
• Fraud: Intentional deception resulting in injury to another.
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Incorporating statute: means the Louisiana Business Corporation Law, La. See Louisiana Revised Statutes 51:2388
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Insolvent: means a licensee that ceases to pay its debts in the ordinary course of business, that cannot pay its debts as they become due, or whose aggregate liabilities exceed its aggregate assets. See Louisiana Revised Statutes 51:2388
• Interests of the licensee: includes the interests of shareholders or members of the licensee. See Louisiana Revised Statutes 51:2388
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means a license issued under this Chapter authorizing a Louisiana corporation or a Louisiana limited liability company to transact business as a BIDCO. See Louisiana Revised Statutes 51:2388
• Licensee: means a Louisiana corporation or Louisiana limited liability company which is licensed under this Chapter. See Louisiana Revised Statutes 51:2388
• Louisiana corporation: means a corporation incorporated under the Louisiana Business Corporation Law, La. See Louisiana Revised Statutes 51:2388
• Louisiana limited liability company: means a limited liability company organized under the Louisiana Limited Liability Company Law, La. See Louisiana Revised Statutes 51:2388
• Louisiana nonprofit corporation: means a corporation incorporated under the Nonprofit Corporation Law, La. See Louisiana Revised Statutes 51:2388
• Management assistance: means management or technical advice or services provided to a person. See Louisiana Revised Statutes 51:2388
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Officer: means :

  (a)  If used with respect to a corporation, a person appointed or designated as an officer of that corporation by or pursuant to applicable law or the articles of incorporation, or bylaws of that corporation. See Louisiana Revised Statutes 51:2388

• Order: includes a condition of a license and an agreement made by a person with the commissioner under this Chapter. See Louisiana Revised Statutes 51:2388
• person: includes a combination of two or more persons acting in concert. See Louisiana Revised Statutes 51:2388
• Personal property: All property that is not real property.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Principal shareholder or member: means a person that owns, directly or indirectly, of record or beneficially, securities representing ten percent or more of the outstanding voting securities of a corporation or limited liability company. See Louisiana Revised Statutes 51:2388
• Quorum: The number of legislators that must be present to do business.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Short-term financing assistance: means financing assistance with a term of not more than five years. See Louisiana Revised Statutes 51:2397
• Statute: A law passed by a legislature.
• Subject person: means a controlling person, subsidiary, or affiliate of a licensee; a director, manager, officer, or employee of a licensee or of a controlling person, subsidiary, or affiliate of a licensee, or any other person who participates in the conduct of the business of a licensee. See Louisiana Revised Statutes 51:2388
• Subsidiary: means , if used with respect to a licensee, a company or business firm of which the licensee holds control. See Louisiana Revised Statutes 51:2388
• Testify: Answer questions in court.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.