reglab/housing_qa huggingface dataset:
LA Rev Stat § 6:870 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§870. Powers of liquidating trustees

RS 870 - Powers of liquidating trustees A. While acting as liquidators, the board of directors shall proceed as quickly as may be practicable to wind up the affairs of the association and, to the extent necessary or expedient to that end, shall exercise all the powers of such dissolved association and may fill vacancies, elect officers, carry out the contracts, make new contracts, borrow money, mortgage or pledge the property, sell its assets at public or private sale, or compromise claims in favor of or against the association, apply assets to the discharge of liabilities, distribute assets either in cash or in kind among its members or stockholders according to their respective pro rata interests after paying or adequately providing for the payment of other liabilities and perform all acts necessary or expedient to the winding up of the association. B. All deeds or other instruments shall be in the name of the association and executed by the president or a vice president and the secretary or an assistant secretary. C. The board of directors shall also have power to exchange or otherwise dispose of or to put in trust all or any part of the assets, upon such terms and conditions and for such considerations, which may be money, stocks, bonds, shares, or accounts of any insured association or of any federal association, or other considerations, as the board of directors may deem reasonable or expedient, and may distribute such considerations or the proceeds thereof, or trust receipts, or certificates of beneficial interest among the members or stockholders in proportion to their pro rata interests therein. D. In the absence of fraud, any determination of value made by the board of directors for any such purposes shall be conclusive. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
LA Rev Stat § 6:871 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§871. Association subject to commissioner during liquidation

RS 871 - Association subject to commissioner during liquidation 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.
LA Rev Stat § 6:872 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§872. Involuntary dissolution; generally

RS 872 - Involuntary dissolution; generally A.(1) Whenever it appears: (a) That any association has violated its charter; (b) That its officers or directors have violated any law regulating the operation of such institutions; (c) That the association is in an impaired condition; (d) That the institution has been unable for any period of twelve months to meet in full the demands made upon it for withdrawals or has been unable for a like period to earn reasonable profits; (2) Whenever the commissioner has reason to conclude: (a) That any such association is in an unsound or unsafe condition to transact the business for which it was organized, or (b) That it is unsafe or inexpedient for it to continue its business, the commissioner may at once close the association and take possession until final liquidation or other disposition of its affairs, as provided for in this Chapter. B. Moreover, in all cases where any association is in such condition that it is subject to being taken over for liquidation by the commissioner, and the members or stockholders vote to dissolve the corporation, it shall be taken over for liquidation by the commissioner. In that case, the action of the members or stockholders voting dissolution is sufficient authority for the commissioner to close the association at once and take possession of its books, property, and affairs, and retain possession until its affairs are finally liquidated. C. However, as long as any of the accounts of the association remain insured as provided in R.S. 6:731(F), the commissioner may not take over for liquidating the association on the ground that it has been unable for any period of twelve months to meet in full the demands made upon it for withdrawals or has been unable for a like period to earn reasonable profits. In addition, no association shall be liquidated involuntarily and none of its property shall be seized when it is not in an impaired condition and the alleged wrongdoing can be otherwise corrected as provided in this Chapter or as* otherwise as provided by law. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1. *SO IN ENROLLED BILL.
LA Rev Stat § 6:873 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§873. Involuntary dissolution; commissioner shall take possession

RS 873 - Involuntary dissolution; commissioner shall take possession A. In all cases when the commissioner has closed an association and taken possession of the affairs, books, and property of the association, he shall as soon as practicable thereafter file a motion in the district court of the domicile of the association setting forth that he has closed and taken possession of the association and request that the closure be affirmed. By that motion, the commissioner shall appoint a liquidator, who shall either be the commissioner or his designee. Provided, however, if any accounts in the association are insured by the Federal Deposit Insurance Corporation, he shall appoint the Federal Deposit Insurance Corporation as liquidator. The commissioner shall be entitled to an ex parte order of the court affirming the closure and confirming the appointment of the liquidator. B. Upon affirming the closure and confirming the liquidator, title to all assets of the association shall vest in the liquidator without the execution of any instruments of conveyance, assignment, transfer, or endorsement. Notwithstanding any other law to the contrary, the prescriptive period on all causes of action accruing to the liquidator shall be extended for a period of six months from the date of the court order confirming the liquidator's appointment. C. No appeal shall be allowed from an order affirming the liquidation unless taken and perfected by the giving of bond, in such sum as the court fixes, within forty-eight hours from the rendition of the order. The appeal shall not operate suspensively. D. The commissioner may appeal from an order refusing to confirm him as liquidator within the same delay of forty-eight hours, but without the necessity of giving bond. He shall remain in possession and control of the property and affairs of the corporation pending the determination of his appeal. E. All appeals shall be made returnable to the appellate court within ten days and shall be tried in ten days from the filing of the transcript and the decision of the appellate court shall be rendered within the least possible delay. The decision shall be final when rendered, and neither party shall have the right to a rehearing. Acts 1970, No. 234, §2. Acts 1983, No. 675, §1; Acts 1986, No. 12, §1, eff. May 28, 1986.
LA Rev Stat § 6:874 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§874. Involuntary dissolution; notice to creditors

RS 874 - Involuntary dissolution; notice to creditors Upon his confirmation as liquidator, the commissioner shall give written notice of that fact to all creditors of the association holding or having possession of any of its assets. No creditor knowing of the taking possession or notified as aforesaid has a privilege or charge for any advance payment or purchase of stock thereafter made or for any liability thereafter incurred against any of the assets. Acts 1983, No. 675, §1.
LA Rev Stat § 6:876 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§876. Involuntary dissolution; inventory

RS 876 - Involuntary dissolution; inventory A. As soon as practicable the commissioner shall make or cause to be made in duplicate an inventory of all the property and other assets of the association. One copy shall be retained by him or his special agent and one copy shall be filed in the record of the proceedings. B.(1) As soon as practicable after taking possession of an association the commissioner shall publish a notice at least once a week for three months in such newspapers of the parish of the association's domicile as he may select, calling upon all persons who have claims, either as creditor, stockholder, member or otherwise, to file such claims with him and make legal proof thereof at a place and within a time not later than the last day of publication of the notice, which day shall be specified in the notice. (2) If the commissioner doubts the justice or validity of any claim filed he may reject it. (3) An action upon a rejected claim shall be brought within six months after the date of the rejection. (4) The commissioner shall investigate fully the validity of the accounts of any member or stockholder who has failed to present his claim at the place and within the time specified in the notice. If after this investigation these claims are found to be correct, they shall be recognized. (5) The stockholder or member holding an account or shares of the association shall participate in an equitable and ratable proportion in the distribution of the assets or the proceeds of the assets, whether in cash or in shares or stock in other associations. However, all charges and expenses of administration and all claims of creditors duly proved shall first be paid. C.(1) If for any reason any member or stockholder has failed to file his claim with the commissioner, or if for any reason whatever any distributive shares or the equitable and ratable proportion thereof have remained uncalled for and unnoticed by a member or stockholder for a period of six months after the giving of the notice hereinabove provided for, the commissioner shall deliver such distributive shares or savings accounts or the equitable and ratable proportion thereof to the state treasurer, giving names, amounts, and the addresses of the members or stockholders as shown on the books of the association. (2) Distributive shares or savings accounts or the equitable and ratable proportion thereof delivered or paid to the state treasurer may be recovered upon proper identification and proof of claim as may be required by the state treasurer. (3) Whenever delivery has been made, the commissioner and his special agents are relieved from any further liability. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
LA Rev Stat § 6:877 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§877. Involuntary dissolution; fees

RS 877 - Involuntary dissolution; fees A. The compensation of the special agent, counsel, clerical assistant, and all other necessary expenses of involuntary liquidation and distribution shall be fixed by the commissioner, subject to the approval of the district court having jurisdiction. B. These fees shall be paid out of the funds of the association in his hands, before the funds are applied to any other liabilities of the association. C. The commissioner shall not receive any fees or other emoluments for special services or for any other reason out of the funds of any association liquidated involuntarily and no assistant in the pay of the department, except a special agent, shall receive any such fee or emolument for special services or for any other reason out of the funds of an association so liquidated. D. However, a reasonable amount to be fixed by the commissioner and approved by the court shall be paid from the funds of the association to compensate for his general supervision of the association. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
LA Rev Stat § 6:878 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§878. Involuntary dissolution; distribution of assets

RS 878 - Involuntary dissolution; distribution of assets A. At any time after the date fixed in the notice for the presentation of claims, the commissioner may make distributions to members or stockholders out of the assets in his hands, after paying all expenses and fees authorized in R.S. 6:877, of cash or of other assets or of shares or stock of other corporations acquired through mergers, consolidations, or in any other way. B. All claims against the assets of an association whose deposits are insured by an agency of the federal government, proved to the receiver's satisfaction or approved by the receivership court, shall be paid in the following order: (1) Administration expenses of the liquidation. (2) Deposit obligations and member share accounts. (3) Other general liabilities. (4) Debt subordinated to the claims of depositors and general creditors. (5) Equity capital securities. C. No interest on any claim shall be paid until all claims within the same class have received the full principal amount of the claim. Acts 1970, No. 234, §1; Acts 1983, No. 675, §1; Acts 1989 1st Ex. Sess., No. 13, §1, eff. March 13, 1989.
LA Rev Stat § 6:879 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§879. Involuntary dissolutions; creditors may not dispose of pledged securities

RS 879 - Involuntary dissolutions; creditors may not dispose of pledged securities A. A creditor of an association shall not dispose of securities pledged by the association prior to its being taken charge of by the commissioner, for less than the face value of the securities, without the written consent of the commissioner and the approval of the court in which the liquidation proceedings are being conducted, until at least twelve months have passed from the date the borrowing association was taken charge of by the commissioner. B. A creditor of an association whose business has been taken charge of by the commissioner and who disposes of the pledged assets of the association in a manner otherwise than as provided for in this Section, shall be liable to the liquidator of the association in an amount equal to the difference between the amount realized from the sale of the pledged securities and the amount of their face value. C. Whoever violates this Section shall be fined not more than five hundred dollars, or imprisoned for a term of not more than six months, or both. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
LA Rev Stat § 6:880 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§880. Liquidation by federal corporation

RS 880 - Liquidation by federal corporation A. Upon the appointment of the federal corporation by the commissioner as liquidator, the federal corporation shall apply to the court for confirmation. The application for confirmation may be by joint motion with the commissioner in the original motion applying for affirmation of the closure of the association. In any case, the federal corporation, when it is the insurer of any accounts in the association, shall be entitled to an ex parte order confirming its appointment as liquidator and shall serve without bond. B. Whether or not serving as liquidator, the federal corporation, upon proper order of the court, may make loans on the security of, may bid for, and may purchase at public or private sale all or any part of the assets of any such institution. When serving as liquidator, the federal corporation shall have all of the rights, powers, privileges, and duties of the commissioner as liquidator of such an institution, as well as all of the rights, powers, privileges, and duties conferred or imposed upon the federal corporation by federal statutes, and shall receive as compensation as liquidator the fees and commissions allowed to the commissioner as liquidator. C. If the federal corporation pays or makes available for payment the insured liabilities of such an institution, the federal corporation, whether or not it becomes liquidator of the institution, shall be subrogated upon the surrender and transfer to it of an insured account with respect to the insured account, but this surrender and transfer shall not affect any right which the holder of the account may have in the uninsured portion of his account or any right which he may have to participate in the distribution of the net proceeds remaining after the disposition of the assets of the institution. D. However, the rights of investors and creditors of the institution shall be determined in accordance with the applicable provisions of the laws of this state. Acts 1970, No. 234, §1; Acts 1983, No. 675, §1; Acts 1986, No. 12, §1, eff. May 28, 1986.
LA Rev Stat § 6:881 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§881. Commissioner may examine association

RS 881 - Commissioner may examine association A.(1) The commissioner, at any time he deems it expedient or necessary, may proceed to make an examination of the books and records of the association. (2) If, after the examination, he believes that the capital of the association is impaired, he shall immediately call a special meeting of its board of directors, notify them of the result of the investigation and of his findings, certify to the percentage of the impairment of the capital at the date of examination, and shall at once direct the board of directors to scale the face value of its outstanding shares in such amounts as will reduce its total liabilities to the aggregate value of its resources. (3) In lieu of the scaling of shares, the commissioner may direct the board of directors to take such steps as he deems wise and expedient to protect the best interests of all concerned. B. The commissioner may cause an appraisement to be made of any property owned by any association or on which any association has a privilege or mortgage at any time that he deems it expedient or necessary for the protection of its creditors, members, or stockholders, or for the determination of its solvency, or for the purpose of determining whether or not earnings, interest, or dividends declared by it are justified by its condition. This appraisement shall be made by one or more appraisers selected or appointed by the commissioner. The fee of the appraiser shall be paid by the association whose property or security has been appraised. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
LA Rev Stat § 6:882 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§882. Commissioner may order association to discontinue any illegal practice

RS 882 - Commissioner may order association to discontinue any illegal practice A. If the commissioner, as a result of any examination or from any report made to him, finds that any association is violating the provisions of its certificate of incorporation or bylaws, or the laws of this state or of the United States, or any lawful order or regulation of the commissioner, he shall state, by a formal written order delivered to the association as provided in R.S. 6:927, any alleged violation, together with a statement of the facts alleged to be such violation, and order discontinuance of such violation and conformance with all requirements of law. Such order shall specify the effective date thereof, which may be immediate or may be at a later date, and such order shall remain in effect until withdrawn by the commissioner or until terminated by a court order. B. Such order of the commissioner, upon application made on or after the effective date thereof by the commissioner in the district court of the domicile of the association, shall be enforced ex parte and without notice by an order to comply entered by said court. C. Such proceedings shall be given preference over other cases pending in such court, and shall in every way be expedited. Any association affected by such order of the commissioner shall have the right to apply within thirty days after receipt of the order to the district court for an immediate hearing and for an order suspending the order of the commissioner until such time as the hearing has been completed. The hearing of such application to the court shall be upon such notice to the commissioner as the court shall provide. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
LA Rev Stat § 6:884 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§884. §§884 to 890 Repealed by Acts 1970, No. 234, §2.

RS 884 - §§884 to 890 Repealed by Acts 1970, No. 234, §2.
LA Rev Stat § 6:891 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§891. Foreign association defined

RS 891 - Foreign association defined For the purposes of this Chapter, the term "foreign association" shall include any person, firm, company, association, fiduciary, partnership, corporation, foreign building and loan association, society, or any corporation representing itself to be a building association, thrift syndicate, installment investment company, trust, or association, or doing business on the mutual association plan, or in any manner provided for building and loan associations, societies, or companies by this Chapter, or any similar plan, by whatever name called, actually engaged in the business of an association, which is not organized under the provisions of this Chapter or the laws of the United States the principal business office of which is located outside the territorial limits of this state. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
LA Rev Stat § 6:892 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§892. Conduct of business in accordance with this Part; certificate of authority and public necessity

RS 892 - Conduct of business in accordance with this Part; certificate of authority and public necessity Other laws notwithstanding, no foreign association shall be permitted to conduct its business in Louisiana except in accordance with the provisions of this Chapter governing local associations, and no foreign association may do business in Louisiana until the commissioner has conducted an investigation as provided in R.S. 6:706(B), and has issued a certificate of authority and public necessity. Upon issuance of the certificate, and prior to the conduct of its business, the association shall comply with the following provisions: (1) It shall deposit with the state treasurer one hundred thousand dollars, either in cash or in bonds of the United States, or of Louisiana. (2) It shall file with the commissioner a certified copy of its charter, constitution, and bylaws, and information showing its manner of doing business, together with a statement such as is required annually from the associations of its kind. (3) It shall also file with the commissioner a written instrument duly executed, agreeing that citations or other legal process may issue against it from any parish, directed to the sheriff of the parish in which an office of the commissioner is situated, commanding him to serve a certified copy of the same personally upon the commissioner, or by leaving a copy at his office. The commissioner shall mail a copy of any paper served on him, prepaid, to the home office of the association. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.