reglab/housing_qa huggingface dataset:
LA Rev Stat § 6:241 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§241. General corporate powers

RS 241 - General corporate powers A. A state bank may be organized to exercise the powers provided in this law and such other general powers as are appropriate to its purpose. B. A state bank shall, without specific mention thereof in its articles of incorporation, have all the powers conferred by this law and the following general corporate powers: (1) To have and enjoy succession by a corporate name to be selected by it and by that corporate name to contract and to appear as a natural person in all courts of justice and elsewhere. (2) To receive, hold, purchase, acquire, and convey by and under its corporate name any property including bonds, stocks, and securities of the United States of America, of any of the states, or of any corporation, board, or body, public or private, as may be necessary, proper, or convenient to the objects of the bank and to exercise in relation thereto all the direct and incidental rights of ownership. State banks may lawfully purchase, acquire, hold, and convey, unless acting as trustee or agent, immovable property only in accordance with the provisions of this Chapter. (3) To make and use a corporate seal. (4) To name and appoint such officers and directors to administer the affairs of the state bank as it thinks necessary and proper, to establish the number and title of the directors or officers, and to fix the compensation of all persons in its employment. (5) To make bylaws for the proper management of the affairs of the state bank as may be necessary and proper and in conformity with the banking law set out in this Title and the articles of incorporation, and to repeal or amend the bylaws. (6) To accept and execute trusts or agencies of any description which may be committed or transferred with its consent to it by any person whomsoever or by any court of this state, of the United States of America, or of any state, territory, or possession thereof. (7) To invest the funds of persons of which such bank has been appointed tutor or curator in any common trust fund established by such bank under the provisions of R.S. 9:2128, such investments to be administered in conformity with that Section. (8) To become a member of the Federal Reserve Bank or the Federal Home Loan Bank and to purchase stock or securities thereof or deposit money therewith, and to comply with any other condition of membership or credit. Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1991, No. 340, §1, eff. July 6, 1991.
LA Rev Stat § 6:244 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§244. Transfers by bank and other acts in contemplation of insolvency

RS 244 - Transfers by bank and other acts in contemplation of insolvency A. The following, when made with a view to prevent the application of the assets of any state bank in the preference of one creditor to another, shall be utterly null and void: (1) All transfers of the notes, bonds, bills of exchange, or other evidences of debt owing to such state bank, or of deposits to its credit. (2) All assignments of mortgages, sureties on real estate, or of judgments or decrees in its favor. (3) All deposits of money, bullion, or other valuable thing for its use, or for the use of any of its shareholders or creditors. (4) All payments of money to either its shareholders or creditors, made after the commission of an act of insolvency, or in contemplation thereof. B. No attachment, injunction, or execution shall be issued against such bank or its property before final judgment in any suit, action, or proceeding in any court. Acts 1990, No. 528, §1.
LA Rev Stat § 6:245 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§245. Changes in core business

RS 245 - Changes in core business A. Whenever a state-chartered financial institution, or holding company thereof, intends to materially change its core business as conducted at the time of its last safety and soundness examination or filing pursuant to this Section, whichever is later, it shall provide notice to the commissioner at least forty-five days prior to implementation. B. If the commissioner does not raise an objection or defer his decision in writing, within forty-five days of receipt of the written notice of intent, the financial institution or holding company may proceed with its plans. C. The commissioner shall have the authority to promulgate or establish rules, regulations, notifications, filing procedures, instructions, and fees as he deems necessary to carry out the provisions of this Section. Acts 2003, No. 570, §1, eff. June 27, 2003.
LA Rev Stat § 6:246 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§246. Bank operating subsidiaries

RS 246 - Bank operating subsidiaries  A. A state bank may, through a wholly-owned operating subsidiary, conduct any activity or make any investment that the state bank is authorized to conduct or make under state or federal law. A state bank that establishes a subsidiary in accordance with this Subsection shall provide the commissioner written notice within thirty days after establishing the subsidiary or commencing the new activity in the subsidiary.  B. Except as provided in Subsection A of this Section, a state bank shall obtain written approval from the commissioner in order to conduct any activity through a subsidiary.  Acts 2019, No. 16, §1.
LA Rev Stat § 6:251 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§251. Classes of shares; fractional shares

RS 251 - Classes of shares; fractional shares A. The shares of a state bank may be divided into classes with such designations, voting powers, preferences, dividend or other relative rights or restrictions, limitations, or qualifications as may be provided in the articles, with the prior approval of the commissioner. The state bank may issue shares with optional or conversion rights according to the provisions of R.S. 6:254. The state bank may issue shares of any preferred or special class in series with such designations of series and such variations in the relative rights and preferences as between series as fixed in the articles. B. All of the shares shall have a par value as provided in the articles. C. Except as provided in the articles and referred to in the certificate of stock, each share shall be in all respects equal to every other share. D.(1) Except as otherwise provided in the articles, a state bank may, but shall not be obliged to, issue certificates for fractional shares and by action of its board of directors may, but shall not be obliged to, issue in lieu thereof scrip in registered or bearer form which may be void if not exchanged for full shares within a limited time stated therein or may provide that after a limited time stated therein the aggregate shares represented by scrip will be sold for account of the holders thereof. (2) The holder of fractional-share certificates or scrip shall be entitled to receive a certificate for a full share upon the surrender, within any limited time stated therein, of fractional-share certificates or scrip aggregating a full share. Unless otherwise provided in the articles, the holder of a fractional-share certificate shall, but the holder of scrip shall not, have all rights of a stockholder except voting rights. Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
LA Rev Stat § 6:252 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§252. Issuance of shares; consideration

RS 252 - Issuance of shares; consideration A. Shares shall be issued initially for such consideration expressed in dollars, not less than the par value thereof, as shall be fixed in the articles as approved by the commissioner. All fully paid shares shall be nonassessable except as provided in R.S. 6:262. B. Shares issued in payment of a stock dividend, pursuant to exercise of conversion rights, or in a merger or consolidation as provided in the merger or consolidation agreement, shall be considered as fully paid when so issued. C. The consideration for shares issued otherwise than as stated in Subsection B of this Section shall be paid in cash before the shares are issued. Cash consideration for shares may not be paid by the purchaser's note, secured or unsecured, or uncertified check; and in case of delivery of such a note or check in payment for shares, the shares shall not be issued until the note or check has been paid in full. Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
LA Rev Stat § 6:253 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§253. Reservation of shares

RS 253 - Reservation of shares A state bank shall reserve from its authorized but unissued shares sufficient shares to meet its issuance obligations under subscription rights, warrants, options, and conversion privileges. Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
LA Rev Stat § 6:254 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§254. Convertible securities and stock-purchase rights

RS 254 - Convertible securities and stock-purchase rights A. Unless the articles provide otherwise and with prior notice to the commissioner, the board of directors of a state bank shall have authority, whether or not in connection with the issuance and sale of any of its shares or other securities, to create and issue rights and options in any form, granting to the holders thereof: (1) The right to convert, upon such terms and conditions as the state bank may deem expedient, shares or obligations into shares of any class; or (2) The right or option to purchase, upon such terms and conditions as it may deem expedient, shares of any class. B. No shares shall be issued pursuant to the exercise of option rights created independently of issuance and sale of shares or other securities unless the creation of such rights shall have been either: (1) Authorized or approved by the stockholders; or (2) If the optionee is neither a director nor the holder, directly or indirectly, of record or beneficially or both, of more than ten percent of the total voting power, authorized by vote of at least two-thirds of the directors in office. C. Such conversion or option rights shall be exercisable at such price as determined by the board of directors or by the stockholders by vote of a majority of the voting power present if the articles reserve to the stockholders the right to fix the consideration for issuance of the shares. D. Converted shares shall be cancelled. Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1997, No. 965, §1; Acts 2001, No. 915, §1, eff. June 26, 2001.
LA Rev Stat § 6:255 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§255. Certificates of stock

RS 255 - Certificates of stock A. Shares must be represented by certificates of stock unless the issuing corporation is a participant in the Direct Registration System, or its successor, of the Depository Trust & Clearing Corporation, then shares need not be represented by certificates of stock. Unless expressly provided elsewhere, the rights and obligations of shareholders are not affected regardless of whether the shares are represented by certificates of stock. B. At a minimum each share certificate shall state on its face: (1) The name of the issuing corporation and that the corporation is organized under the laws of this state. (2) The name of the person to whom issued. (3) The number and class of shares and the designation of the series, if any, the certificate represents. C. If the issuing corporation is authorized to issue different classes of shares or different series within a class, the designation, relative rights, preferences, and limitations applicable to each class and the variation in rights, preferences, and limitations determined for each series and the authority of its board of directors to determine variations for future series shall be summarized on the front or back of each certificate. Alternatively each certificate may state conspicuously on its front or back that the corporation will furnish the shareholder this information on request in writing and without charge. D. Each share certificate shall be signed, either manually or in facsimile, by either: (1) Two officers designated in the bylaws. (2) The clerk and an officer designated in the bylaws. (3) The corporation's board of directors. E. A share certificate may bear the corporate seal or its facsimile. F. If the person who signed a share certificate pursuant to Subsection D no longer holds office when the certificate is issued, the certificate is nevertheless valid. G. Unless the articles of incorporation or bylaws provide otherwise, the board of directors of a corporation may authorize the issue of some or all of the shares of any or all of its classes or series of shares without certificates. The authorization does not affect shares already represented by certificates until they are surrendered to the corporation. H. Within a reasonable time after the issue or transfer of shares without certificates, the corporation or its agent shall send the shareholder a written statement of the information required on certificates by Subsections B and C and, if applicable, R.S. 6:257. Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 2005, No. 97, §1.
LA Rev Stat § 6:256 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§256. Transfer of shares

RS 256 - Transfer of shares A. The transfer of certificates of stock and the shares represented thereby may be regulated by bylaws not inconsistent with the provisions of the articles or other provisions of the law. B. A state bank may employ a transfer agent to keep a share register and to record transfers of shares therein, and acts of the agent shall be binding on the state bank. The duties and liabilities of the agent shall be such as may be agreed to by the state bank. Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
LA Rev Stat § 6:257 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§257. Restriction on transfer of shares and other securities

RS 257 - Restriction on transfer of shares and other securities A. For purposes of this Section, "share" includes a security convertible into or carrying a right to subscribe or acquire shares. B. A corporation's articles of incorporation or bylaws, an agreement among shareholders or an agreement between shareholders and the corporation, may impose restrictions on the transfer or registration of transfer of shares of the corporation. A restriction does not affect shares issued before the restriction was adopted unless the holders of the shares are parties to the restriction agreement or voted in favor of the restriction. C. A restriction on the transfer or registration of transfer of shares is valid and enforceable against the holder or a transfer1 of the holder if the restriction is authorized by this Section and its existence is noted conspicuously on the front or back of the certificate or is contained in the information statement required by R.S. 6:255(H). Unless so noted, a restriction is not enforceable against a person who has no knowledge of the restriction. D. A restriction on the transfer or registration of transfer of shares is authorized for any of the following: (1) To maintain the corporation's status when it is dependent on the number or identity of its shareholders. (2) To preserve exemptions under federal or state securities law. (3) For any other reasonable purpose. E. A restriction on the transfer or registration of transfer of shares may do any of the following: (1) Obligate the shareholder first to offer the corporation or other persons, separately, consecutively, or simultaneously, an opportunity to acquire the restricted shares. (2) Obligate the corporation or other persons, separately, consecutively, or simultaneously, to acquire the restricted shares. (3) Require the corporation, the holders of any class of its shares or another person to approve the transfer of the restricted shares if the requirement is not manifestly unreasonable. (4) Prohibit the transfer of the restricted shares to designated persons or classes of persons if the prohibition is not manifestly unreasonable. Acts 2005, No. 97, §1. 1As appears in enrolled bill. Should be "transferee".
LA Rev Stat § 6:261 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§261. Accounting procedures

RS 261 - Accounting procedures A. Upon initial issuance of shares, that part of the consideration received therefor which is equal to the par value thereof shall be allocated to capital stock, and the remainder shall be allocated to surplus. B. Except as otherwise provided in R.S. 6:263 and 416, a state bank may transfer from or reduce its capital stock or surplus only in conformity with written permission of the commissioner. C. Repealed by Acts 2003, No. 570, §2, eff. June 27, 2003. Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1997, No. 966, §1; Acts 2001, No. 915, §1, eff. June 26, 2001; Acts 2003, No. 570, §2, eff. June 27, 2003.
LA Rev Stat § 6:262 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§262. Impairment of capital; special meeting; notice to restore capital; assessments against stockholders; voluntary restoration

RS 262 - Impairment of capital; special meeting; notice to restore capital; assessments against stockholders; voluntary restoration A. If the commissioner believes after examination that the capital of any bank is impaired, he shall immediately call a special meeting of its board of directors, notify them of the result of the examination and of his findings thereon, certify to the amount of the impairment of capital as of the date of the examination which revealed the impairment, and shall then direct the deficient bank to make good the impairment of its capital within sixty days. B.(1) Upon receipt of the notice and upon authorization by majority vote of the board of directors, the board shall levy a special assessment against every stockholder of record for the amount required to remedy the impairment. Notice of the assessment shall be sent by registered or certified mail to each stockholder at his place of residence as evidenced by the stockholder records of the bank. (2) Each stockholder shall have thirty days from the date the notice is sent to pay in full the amount of the assessment. If, at the expiration of the thirty days, a stockholder has failed or refused to pay the required assessment, the stockholder may not be assessed personally, but the board of directors shall declare his stock to be in default and shall proceed to sell his shares. The sale price shall not be less than the assessment levied on the stock. Upon receipt of the sale price and payment of the assessment, the excess shall be paid over to the defaulting stockholder who shall thereupon surrender his stock certificate. C. Notwithstanding the provisions of Subsection B, the state bank may raise the necessary funds by other methods with prior approval of the commissioner. D. The commissioner may suspend the certificate of authority of the bank until the capital is restored if he finds that the capital is severely impaired or that the impairment results in an unsafe and unsound condition. Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1985, No. 359, §1, eff. July 9, 1985.
LA Rev Stat § 6:271 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§271. Stockholders' preemptive rights

RS 271 - Stockholders' preemptive rights A. Stockholders shall have only such preemptive rights as may be provided in the articles. If the articles provide simply that "stockholders shall have preemptive rights", then: (1) Each holder of shares having voting rights shall, upon issuance for cash of shares having voting rights, have a preemptive right, during a reasonable period to be fixed by the board of directors which need not exceed fifteen days after the giving or mailing of written notice to him of the terms and conditions on which such right is exercisable, to subscribe at such price and upon such terms as may be fixed in the manner provided in R.S. 6:252 for such proportion of the shares to be issued as the number of shares having voting rights held by him bears to the total number of shares having voting rights then outstanding. (2) A stockholder shall have no preemptive right to subscribe for shares: (a) Which are to be issued for consideration other than cash. (b) Which are to be issued to satisfy conversion or option rights. (c) Which are issued pursuant to an employee benefit plan. (3) Shares which have been offered to stockholders having a preemptive right at a price or upon terms duly fixed and which have not been subscribed for by them within the period fixed by the board of directors may thereafter, for one year following the end of such period, be issued, sold to, or subjected to rights or options in favor of, any other person or persons at a price not less than that at which they were offered to such stockholders. Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
LA Rev Stat § 6:273 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§273. Quorum

RS 273 - Quorum  A. A stockholders' meeting properly called on due notice, if notice is required, may be organized for the transaction of business whenever a quorum is present.  B. Except as otherwise provided in this Chapter or in the articles or bylaws:  (1) The presence, in person, by remote communication as provided in R.S. 12:1-709, or by proxy, of the holders of the majority of the total voting power shall constitute a quorum, except that in no event shall a quorum consist of less than one-fourth of the total voting power.  (2) The stockholders present or represented at a duly organized meeting shall constitute a quorum and may continue to do business until adjournment notwithstanding the withdrawal of enough stockholders to leave less than a quorum as fixed in Paragraph (1) of this Subsection or in the articles or bylaws or the refusal of any stockholders present to vote.  (3)(a) If a meeting cannot be organized because a quorum has not attended, those present may adjourn the meeting to such time and place as they may determine, subject however, to the provisions of R.S. 6:272(C).  (b) In the case of any meeting called for the election of directors, those who attend the second of such adjourned meetings, although less than a quorum as fixed in Paragraph (1) of this Subsection or in the articles or bylaws, shall nevertheless constitute a quorum for the purpose of electing directors.  Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 2021, No. 23, §1, eff. June 1, 2021.
LA Rev Stat § 6:275 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§275. Consent of stockholders

RS 275 - Consent of stockholders A. Whenever by any provision of law, the articles, or the bylaws the affirmative vote of stockholders is required to authorize or constitute corporate action, the consent in writing to such corporate action signed by all of the stockholders having voting power on the particular question shall be sufficient for the purpose without necessity for a meeting of stockholders. B. If the articles provide that such consent may be signed by fewer than all of the stockholders having voting power on any question, the consent need be signed only by stockholders holding that proportion of the total voting power on the question that is required by the articles or by law, whichever requirement is higher. C. The consent, together with a certificate by the secretary of the board to the effect that the subscribers to the consent constitute all or the required proportion of the stockholders entitled to vote on the particular question, shall be filed with the records of proceedings of the stockholders. If the consent is signed by fewer than all of the stockholders having voting power on the question, prompt notice shall be given to all of the stockholders of the action taken pursuant to the consent. Acts 1984, No. 719, §1, eff. Jan. 1, 1985.