La. Rev. Stat. § 6:1203
This is the official text of La. Rev. Stat. § 6:1203, part of Louisiana’s Rev. Stat — part of the compiled statutory law of Louisiana, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Capital stock; nature
Official statutory text
Capital stock shall constitute a secondary reserve out of which losses shall be paid after all other available reserves have been exhausted and shall have a par value of one dollar each or such greater amount as the articles of incorporation may prescribe. These shares shall be:
(1) Nonwithdrawable, except as provided in this Part relative to retirement or reduction of capital stock, until all liabilities of the savings bank have been satisfied in full, including payment of the withdrawal value of all deposit accounts;
(2) Entitled to dividends only as provided in this Part concerning dividends; and
(3) Issued only upon cash payment of not less than the par value thereof, or in connection with a merger, sale of all assets, or conversion, or as stock dividends as provided in the provisions of this Part relative to dividends.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
(1) Nonwithdrawable, except as provided in this Part relative to retirement or reduction of capital stock, until all liabilities of the savings bank have been satisfied in full, including payment of the withdrawal value of all deposit accounts;
(2) Entitled to dividends only as provided in this Part concerning dividends; and
(3) Issued only upon cash payment of not less than the par value thereof, or in connection with a merger, sale of all assets, or conversion, or as stock dividends as provided in the provisions of this Part relative to dividends.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
Status: in_force · Read it on the official government site
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