La. Rev. Stat. § 6:871
This is the official text of La. Rev. Stat. § 6:871, 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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Association subject to commissioner during liquidation
Official statutory text
A. The association, during the liquidation of the assets of the association by the board of directors, shall continue to be subject to the supervision of the commissioner, and the board of directors shall report the progress of such liquidation to the commissioner from time to time as he may require.
B. Upon completion of liquidation, the board of directors shall file with the commissioner a final report and accounting of such liquidation. The approval of such report by the commissioner shall operate as a complete discharge of the board of directors and each member or stockholder in connection with the liquidation of such association.
C. No such dissolution or any action of the board of directors in connection therewith shall impair any contract right between such association and any borrower or other person or the vested rights of any member or stockholder of such association.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
B. Upon completion of liquidation, the board of directors shall file with the commissioner a final report and accounting of such liquidation. The approval of such report by the commissioner shall operate as a complete discharge of the board of directors and each member or stockholder in connection with the liquidation of such association.
C. No such dissolution or any action of the board of directors in connection therewith shall impair any contract right between such association and any borrower or other person or the vested rights of any member or stockholder of such association.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
Status: in_force · Read it on the official government site
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