La. Rev. Stat. § 6:746
This is the official text of La. Rev. Stat. § 6:746, 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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Issuance of shares or savings accounts for consideration other than cash
Official statutory text
A. Whenever the commissioner deems it expedient or advisable he may authorize any association to issue shares or savings accounts of any class of its capital for a consideration other than cash, provided that the fair value of the consideration, as determined and fixed by its board of directors, is not less than the aggregate value of the shares or savings accounts issued therefor.
B. Whenever shares or savings accounts of any association are, with the approval of the commissioner, paid for in consideration other than cash, an accurate, detailed, and itemized description of all property to be accepted in lieu of cash, together with a statement of its value as determined and fixed by the incorporators or directors, shall be filed in the office of the recorder of mortgages where the corporation's articles of incorporation have been or are to be recorded.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
B. Whenever shares or savings accounts of any association are, with the approval of the commissioner, paid for in consideration other than cash, an accurate, detailed, and itemized description of all property to be accepted in lieu of cash, together with a statement of its value as determined and fixed by the incorporators or directors, shall be filed in the office of the recorder of mortgages where the corporation's articles of incorporation have been or are to be recorded.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
Status: in_force · Read it on the official government site
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