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2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:659. Expulsion and withdrawal of members

RS 6:659 - Expulsion and withdrawal of members
A.(1) At any regularly called meeting the members may, by a two-thirds vote of those present, expel any member from the corporation for cause. A member may withdraw from a credit union, as provided in this Chapter, by filing a written notice of his intention.
(2) A credit union may expel a member for cause, pursuant to a written policy adopted by its board of directors. This expulsion may occur solely by board action, without the necessity of a meeting of the members. For the purposes of this Section, "cause" includes conduct by the offending member that caused a loss to the credit union, violated the membership agreement or any policy or procedure adopted by the board of directors, or exhibited inappropriate behavior such as physical or verbal abuse of other credit union members or staff.
(3) Any person so expelled shall have the right to file a written request to the board of directors to reconsider the expulsion.
B. All amounts paid in on shares of an expelled or withdrawing member with any dividends credited to his share to the date of expulsion or withdrawal shall be paid to the member, but only as funds for this become available and only after deducting any amount due to the corporation by the member. All deposits and shares of an expelled or withdrawing member, with any interest accrued, shall be paid the member subject to sixty days notice, and any amounts due to the corporation by the member shall be deducted. The member when withdrawing shares has no further right in the credit union or to any of its benefits, but the expulsion or withdrawal does not relieve the member from any remaining liability to the corporation.
Acts 2019, No. 188, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:659.1. Inactive accounts

RS 6:659.1 - Inactive accounts
Notwithstanding any other provision of law to the contrary, if any credit union domiciled in Louisiana is unable to contact a member, beneficiary or other person via first class mail at the last address shown on the records of the credit union, and if such inability continues for a period of more than two years, all shares, dividends and other sums not in excess of one hundred dollars due to or standing in the name of such member, beneficiary, or other person may, by action of the board of directors, be credited to the reserve for inactive accounts of the credit union, and thereafter no dividends will accrue thereto. The members shall have the right to reclaim any such sums after such action of the board of directors. This provision shall not apply to shares, dividends and other sums due to or standing in the name of two or more persons unless the credit union is unable to contact any of such persons in the manner and during the period specified in this provision.
Added by Acts 1968, No. 180, §3. Amended by Acts 1974, No. 598, §4.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:659.2. Federally insured credit unions; abandonment of safety deposit box

RS 6:659.2 - Federally insured credit unions; abandonment of safety deposit box
The provisions of R.S. 6:327 and 327.1 shall apply to abandonment of a safety deposit box leased from a federally insured credit union.
Acts 2019, No. 188, §1; Acts 2020, No. 236, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:661.1. Branch offices

RS 6:661.1 - Branch offices
A. A credit union which meets all of the following criteria may open one or more branch offices, without prior approval of the commissioner, by giving the commissioner at least ten days notice prior to the opening of the branch office:
(1) The most recent credit union examination rating is two or better.
(2) The aggregate investment of the credit union in fixed assets, including any additional investment associated with the proposed branch office, is less than fifty percent of its total capital and reserves.
(3) The net worth ratio of the credit union is at least seven percent as of the previous quarter-end.
B. If a credit union does not meet the requirements of Subsection A of this Section, the credit union shall file an application for approval with the commissioner in the manner and form prescribed by him to open a branch office. If the application is denied, the credit union may appeal the decision in the same manner as provided for in R.S. 6:131 et seq.
Acts 2001, No. 887, §1, eff. June 26, 2001; Acts 2003, No. 362, §1, eff. June 18, 2003.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:662. Taxation

RS 6:662 - Taxation
A credit union is an institution for savings. It, together with all accumulations therein, is not subject to taxation except as to immovable property owned. The shares of a credit union are not subject to a stock transfer tax when issued by the corporation or when transferred from one member to another. No fees or taxes nor any of the stipulations as to capital stock set forth in general statutes for corporations apply to credit unions.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:662.1. Fiscal agents and depositories

RS 6:662.1 - Fiscal agents and depositories
Each credit union organized under this Chapter, when requested by the secretary of the treasury, may act as fiscal agent of the United States and may perform such services as the secretary of the treasury may require in connection with the collection of taxes and other obligations due the United States and the lending, borrowing and repayment of money by the United States, including the issue, sale, redemption or repurchase of bonds, notes, treasury certificates of indebtedness, or other obligations of the United States. Any credit union organized under this Chapter, when designated for that purpose by the secretary of the treasury, may be a depository of public money, except receipts from customs, under such regulations as may be prescribed by the secretary of the treasury.
Added by Acts 1979, No. 487, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:663. Money deposited by minors

RS 6:663 - Money deposited by minors
Money deposited in shares in credit unions doing business in this state by minors themselves may be drawn out by them upon their own signature without other authorization. The credit union shall prescribe limitations and procedures for minor accounts in the bylaws.
Added by Acts 1950, No. 391, §1; Acts 1995, No. 293, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:665. Bylaws

RS 6:665 - Bylaws
A. The members of a credit union may make, amend and repeal the by-laws of the credit union. This power may be expressly vested by the articles, or by a by-law adopted by the members, in the board of directors, subject always to the power of the members to change the action of the directors. Unless the articles or by-laws provide otherwise, the powers hereby conferred shall be exercised by a majority vote of the directors or the members of the credit union, as the case may be, present at any regular or special meeting convened after at least ten days' notice, and the notice has contained a copy of the proposed by-laws or proposed amendment or amendments.
B. No by-laws or amendments of the by-laws shall become effective, however, until approved in writing by the commissioner.
C.(1) Notwithstanding Subsection B of this Section, a credit union may amend its bylaws through a field of membership expansion by providing written notice to the commissioner in the manner and on a form prescribed by him, if the credit union meets all the criteria below:
(a) The most recent credit union examination rating is two or better.
(b) The net worth ratio of the credit union is at least seven percent as of the previous quarter-end.
(c) The group proposed for membership consists of five hundred or fewer individuals.
(2) However, the commissioner may issue a written notice of disapproval within ten days after receiving such form, or longer time if the commissioner determines that additional information is required.
Added by Acts 1954, No. 530, §1. Amended by Acts 1968, No. 180, §4; Acts 2003, No. 363, §1, eff. June 18, 2003.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:666. Constitutionality

RS 6:666 - Constitutionality
If any clause, sentence, paragraph or part of this Chapter for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder of said Chapter, but shall be confined in its operation to the clause, sentence, paragraph or any part thereof, directly involved in the controversy in which such judgment has been rendered.
Added by Acts 1954, No. 530, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:667.1. Powers, privileges, and exemptions of federal credit unions

RS 6:667.1 - Powers, privileges, and exemptions of federal credit unions
A. Unless federal laws or regulations provide otherwise, federal credit unions and federally insured credit unions and the members thereof shall possess all of the rights, powers, privileges, benefits, immunities, and exemptions that are now provided or hereafter may be provided by the laws of this state for credit unions organized under the laws of this state and for the members thereof. This provision is additional and supplemental to any provision which by specific reference is applicable to federal credit unions and the members thereof.
B. Credit unions organized under the laws of this state and the members thereof shall possess all of the rights, powers, privileges, benefits, immunities, and exemptions that are now granted or hereafter may be granted by this state, its agencies and subdivisions, by virtue of federal law, including the Federal Credit Union Act as amended, to federal credit unions and the members thereof.
C. Credit unions organized under the laws of another state and the members thereof, shall possess all of the rights, powers, privileges, benefits, and immunities and exemptions that are provided or hereafter may be provided by the laws of this state for credit unions organized under this Chapter and for the members thereof; provided credit unions organized in this state are granted the same rights, powers, privileges, benefits and immunities and exemptions that are provided the credit unions of that state.
Added by Acts 1975, No. 653, §4. Amended by Acts 1981, No. 166, §1; Acts 1983, No. 351, §1; Acts 1989, No. 495, §5.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:667.2. Annual report

RS 6:667.2 - Annual report
A. On or before May 15 of each year, the president, treasurer, or other proper officer, or any two directors of each credit union doing business in this state, shall make and sign a report to the commissioner of financial institutions, stating:
(1) The post office address and the municipal address or location, which shall not be a post office box only, of its registered office.
(2) The name and post office address and municipal address or location, which shall not be a post office box only, of each registered agent.
(3) The names and municipal addresses, which shall not be a post office box only, of all its directors, and officers, and when the term of each expires.
(4) The name and address of the government agency or other corporation insuring the shares of its members.
B. Credit unions with their principal office in the state of Louisiana may file a copy of the Report of Officials, NCUA Form 9610, to satisfy the requirements of this Section.
Acts 1985, No. 65, §2.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:667.3. Records as evidence

RS 6:667.3 - Records as evidence
A. An official record of a member's account in a credit union doing business in this state, or an entry therein, when admissible for any purpose, may be evidenced by a copy attested by the officer having legal custody of the member's records.
B. Notwithstanding any law or provision to the contrary, with respect to any power exercised by credit unions, each reproduction, as defined in R.S. 13:3733.1(A), shall be an original as defined in Article 1001 of the Louisiana Code of Evidence, and under any other similar codes of evidence or other evidentiary laws or rules of any other jurisdiction.
Acts 1985, No. 65, §2; Acts 2014, No. 440, §1, eff. July 1, 2014.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:668. Criminal Penalties

RS 6:668 - Criminal Penalties
Whoever knowingly makes any false statement or report for the purpose of influencing in any way the action of a credit union organized under this Chapter, upon any application, or loan, or any change or extension of any of the same, by refinance or otherwise, or the acceptance, release or substitution of security therefor, shall be fined not more than one thousand dollars or imprisoned not more than one year, or both.
Acts 1970, No. 401, §7.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:701. Applicability

RS 6:701 - Applicability
This Chapter is enacted under the legislature's police power and reserved constitutional power to enact law for the regulation of associations, and shall be effective as to all associations heretofore or hereafter incorporated or authorized to transact business in this state.
Acts 1983, No. 675, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:705. Incorporation; articles of incorporation; content; bylaws

RS 6:705 - Incorporation; articles of incorporation; content; bylaws
A. Every association organized under this Chapter shall be incorporated and formed under written articles of incorporation. These articles shall be written in the English language and shall be signed by each incorporator or by an agent of each incorporator duly authorized by a document attached to the articles. The articles shall be acknowledged by any incorporator before a notary public and two witnesses, or may instead be executed by authentic act.
B. The articles shall set forth:
(1) The name of the corporation and the general nature of the business to be transacted or a statement that the corporation may engage in any activity or business permitted by this Chapter.
(2) The duration of the corporation, if other than perpetual.
(3) The place chosen for its domicile, which shall be in this state.
(4) The full name and address of each incorporator and, in the case of a capital stock association, the full name and address of each subscriber and the number of shares subscribed.
(5) The maximum and minimum number of directors and the mode of their election.
(6) Any provision which the incorporators may choose to insert for the regulation of the business and for the conduct of affairs of the corporation and any provision creating, dividing, limiting or regulating the powers of the corporation, the directors and the members or stockholders, or any class of members or stockholders, and also including, but not limited to, in the case of a capital stock association, provisions for cumulative voting for directors, and provisions governing the issuance of stock certificates to replace lost or destroyed certificates.
(7) In the case of capital stock association:
(a) The amount of capital stock authorized, showing the maximum number of shares of par value common stock and of preferred stock, of every kind, class, or series of each, together with the distinguishing characteristics and the par value of each.
(b) The amount of capital with which the corporation will begin business.
(c) A statement that stockholders shall have preemptive rights.
C. The articles may also contain any of the following:
(1) Any provision concerning the powers or rights of the corporation, the directors, or stockholders or members.
(2) Any other provision for the regulation of the business and conduct of the affairs of the corporation not prohibited by this Chapter or other laws of this state, including any provision authorized by R.S. 6:213(B)(3). The provisions of R.S. 6:213(B)(3) may be included in the articles of both mutual and stock associations.
(3) Authorization to adopt bylaws.
Acts 1970, No. 234, §1; Acts 1983, No. 675, §1; Acts 1987, No. 261, §4, eff. July 3, 1987; Acts 2015, No. 83, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:707. Capital stock; types of stock; consideration for issuance; security for loan

RS 6:707 - Capital stock; types of stock; consideration for issuance; security for loan
A. A capital stock association shall not issue any shares of stock except those authorized by its articles of incorporation. Capital stock shall have the par value stated in the articles of incorporation and, with the prior approval of the commissioner, may consist of common stock and preferred stock, which may be divided into classes and the classes may be divided into series. Each kind, class, and series may have such distinguishing characteristics, including designations, preferences, or restrictions regarding dividends, redemption, voting powers, or restrictions or qualifications of voting powers as are imposed in the articles of incorporation. Restrictions and qualifications of voting powers so imposed shall control in any case in which any vote or consent of stockholders is now or hereafter required by law, unless such a law expressly provides to the contrary. Voting rights shall be exclusively vested in the holders of the capital stock of the association, and depositors and borrowers of the association not holding such stock shall have no voting rights. A capital stock association shall have no members, as defined in this Chapter.
B. Except for stock issued pursuant to a plan of merger, consolidation, conversion from mutual to a capital stock association, or other type of reorganization which has been approved by the commissioner, the consideration for the issuance of voting common capital stock, the par value of which shall be maintained as the permanent capital of the association, shall be paid in cash, and any excess over par value shall be credited to paid in surplus which shall not be available for dividends or other distribution to stockholders except upon liquidation.
C. Except as provided herein, the total of the par value of all outstanding shares of voting common stock shall be the permanent capital of the association and shall not be retired until final liquidation of the association. No association shall reduce its outstanding voting common capital stock without first obtaining the consent of the commissioner. Consent shall be withheld if the reduction will cause the par value of outstanding voting common capital stock to be less than the minimum required by this Chapter or result in less than adequate net worth or reduce the capital of the association below the amount required for a liquidation account established in connection with the conversion of a mutual association to a capital stock association.
D. The provisions of R.S. 6:416 and the rules and regulations promulgated thereunder shall be applicable to associations chartered under the provisions of this Title in the same manner as they are applicable to state banks.
E. Repealed by Acts 1997, No. 1003, §2.
Acts 1983, No. 675, §1; Acts 1997, No. 1003, §§1, 2.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:709. Members or stockholders meeting

RS 6:709 - Members or stockholders meeting
A. There shall be an annual meeting of members or stockholders which shall be held in accordance with the articles of incorporation or bylaws. At this meeting the board of directors, through the secretary or other officer whom they may designate, shall make a statement to the members or stockholders setting forth in general the assets and liabilities of the association during the previous year.
B. Meetings of members or stockholders may be called by the board of directors in their discretion, or as otherwise fixed in the articles of incorporation or the bylaws.
C. Unless otherwise stated in the articles of incorporation or bylaws of the association, or elsewhere in this Chapter, the members or stockholders who shall be entitled to vote at any meeting shall be those who were members or stockholders of record as of the date of record established by the board of directors, except those who subsequently have ceased to be members or stockholders.
D. Unless otherwise provided in the articles of incorporation or bylaws, at every meeting each member or voting stockholder shall be entitled upon each proposal presented to vote as follows:
(1) In the case of a member of a mutual association, for every one hundred dollars or major fraction thereof, held in a savings or demand account, or if borrowers are members of the association, for any amount borrowed, one vote, but no member may cast more than five hundred votes.
(2) In the case of a capital association, each stockholder is entitled to one vote for each share of voting stock recorded in the stockholder's name on the books of the corporation on the record date fixed as provided in Subsection C.
E. Unless otherwise provided in the articles of incorporation or bylaws, voting at any meeting of the members or stockholders may be in person, by means of remote communication as provided in R.S. 12:1-709, or by written proxy signed by the member or stockholder or his duly authorized agent. However, no proxy may be voted at any meeting unless the proxy was filed with the secretary of the association for verification at least five days prior to the date of the meeting at which the proxy is to be voted. When shares of stock or accounts are registered in the name of two or more persons, a proxy signed by any one or more of them shall be deemed valid unless the association receives written notice to the contrary from a nonsigning registered member or stockholder before the proxy is voted.
F. Unless otherwise provided in the articles of incorporation or bylaws, at an annual meeting or at any special meeting of members or stockholders, any number of persons present in person, attending by means of remote communication as provided in R.S. 12:1-709, or by eligible proxy shall constitute a quorum and a majority of all votes cast at any meeting shall determine any question unless this Chapter specifically provides otherwise.
Acts 1983, No. 675, §1; Acts 2021, No. 23, §1, eff. June 1, 2021.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:710. Notice of meeting

RS 6:710 - Notice of meeting
A.(1) Unless a method of notice is provided in the articles of incorporation or bylaws or elsewhere in this Chapter, notice of meetings of members of a mutual association shall be given by publishing on separate days no less than two notices of the meeting not more than thirty days nor less than ten days prior to the date of the meeting in a newspaper of the parish of domicile of the association.
(2) Notwithstanding any other provision of law to the contrary, the articles of incorporation or bylaws of a savings and loan association may authorize or require delivery of notices of meetings and other communications to members of mutual associations by electronic transmission to the same extent and in the same manner as permitted for a Louisiana corporation in accordance with R.S. 12:1-141.
B.(1) Unless a method of notice is provided in the articles of incorporation or bylaws or elsewhere in this Chapter, notice of meetings of stockholders of a stock association shall be given by mailing a notice thereof to those who were stockholders as of the date of record established by the board of directors.
(2) Notwithstanding any other provision of law to the contrary, the articles of incorporation or bylaws of a savings and loan association may authorize or require delivery of notices of meetings and other communications to stockholders of a stock association by electronic transmission to the same extent and in the same manner as permitted for a Louisiana corporation in accordance with R.S. 12:1-141.
C. If an association desires to establish a date of record for notice of meeting or for voting rights at meetings, it can be so provided in the articles of incorporation or bylaws. If it is not so provided, then the date of record for notice or voting rights shall be the last day of the second calendar month immediately preceding the date set for the meeting.
Acts 1983, No. 675, §1; Acts 2018, No. 88, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:711. Organization meeting

RS 6:711 - Organization meeting
Within thirty days after the corporate existence of an association begins, the directors of the association shall hold an organization meeting and shall elect officers, and adopt bylaws. At the organization meeting the directors shall take such other action as is appropriate with the beginning of the transaction of business by the association. The commissioner may extend by order the time within which the organization meeting shall be held.
Acts 1983, No. 675, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:713. Forfeiture of charter for nonuse

RS 6:713 - Forfeiture of charter for nonuse
Any association which fails to commence business within six months after the date upon which its corporate existence begins, shall forfeit its corporate existence, unless the commissioner, before the expiration of the six month period, approves the extension of time within which it may commence business, upon a written application by the association stating the reasons for such delay. Upon such forfeiture the certificate of incorporation shall expire, and all action taken in connection with the incorporation thereof, except the payment of the incorporation fee, shall become void. Amounts credited on shares, savings accounts, or stock subscriptions, less expenditures approved by the commissioner, shall be returned pro rata to the respective holders thereof.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:714. Officers and agents; election, powers, duties

RS 6:714 - Officers and agents; election, powers, duties
A. The board of directors shall elect a president, or chief executive officer, cashier or chief financial officer, and a secretary, who shall each be a different person, and shall elect a chairman of the board. One or more vice presidents may be elected. None of the officers except the chairman and the president or chief executive officer are required to be a director of the association. No person holding more than one office may sign in more than one capacity any instrument required by law to be signed by two officers.
B. The board may elect and appoint such other officers and agents as may be necessary for conducting the business of the association in the manner provided by the bylaws.
C. Every association shall be deemed to have the following registered agents, who shall be the president or chief executive officer, the cashier or chief financial officer, and the secretary of the association. Service of citation or other legal process on an association shall be made by personal service on any of the named registered agents. If the officer making service certifies that he is unable, after diligent effort, to have service made on the registered agents, service may be made on any officer of the association at the main office of the association.
D. The officers and agents shall have such rights and perform such duties in the management of the association as may be prescribed by the articles or bylaws or by the board of directors.
E. Election or appointment of an officer shall not, of itself, create contract rights. Any officer or agent may be removed by the board of directors, with or without cause, at any time, without prejudice, however, to the contract rights of the person so removed.
F. Except as otherwise provided in the articles or bylaws or by resolution of the board of directors, the president or chief executive officer, or the cashier or chief financial officer, shall have the power, in the name and on behalf of the association, to authorize the filing, prosecution, or defense of any suit or other legal proceeding. Such persons shall have the authority to direct, in the association's name, the issuance of conservatory writs and to bond property in legal custody, to execute bonds in connection with any legal proceedings, and to make affidavits required by law or rules of court. Such acts shall have the same force and effect as an act of the association itself and shall be binding upon it.
Acts 1989, No. 133, §1, eff. June 22, 1989; Acts 2001, No. 637, §1, eff. June 22, 2001; Acts 2003, No. 72, §1, eff. May 28, 2003.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:741. Authorized capital

RS 6:741 - Authorized capital
The authorized capital of a stock association shall be as provided in its articles of incorporation. The authorized capital of a mutual association shall be unlimited and the actual accumulative capital at any time shall be deemed the authorized capital at such time. No association shall be deceptive in advertising the amount of its capital.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:743. Issuance of capital

RS 6:743 - Issuance of capital
A. The capital of mutual associations may be divided into such classes of shares or savings accounts as is prescribed by the board of directors and may be issued in such full or fractional denominations and subject to such additional rules and regulations as the board of directors of each association may from time to time make and authorize. These shares or savings accounts may be paid for in periodical installments, in cash or in liquidation of matured shares. Such shares or savings accounts shall be payable in the manner designated for each particular class. A member may exchange the value of any such shares or savings accounts owned for any class desired with the assent of the board of directors.
B. A capital stock association may issue capital stock and other capital securities as approved by the commissioner.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:745. Cancellation of shares, savings accounts

RS 6:745 - Cancellation of shares, savings accounts
All shares or savings accounts withdrawn, forfeited, retired, or surrendered shall be cancelled and become the property of the association, and new shares or savings accounts may be issued in lieu of them. Unpaid installments and other charges upon shares or savings accounts shall be a privilege thereon. Payments of dues or interest may be made in advance and dividends or interest may be allowed thereon.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:746. Issuance of shares or savings accounts for consideration other than cash

RS 6:746 - Issuance of shares or savings accounts for consideration other than cash
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.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:747. Contract for savings programs

RS 6:747 - Contract for savings programs
A. School savings. An association may contract with the proper authorities of any public or nonpublic elementary or secondary school or institution of higher learning, or any public or charitable institution caring for minors or persons with disabilities, for the participation and implementation by the association, in any school or institutional thrift or savings plan, and it may accept funds for shares or savings accounts at such a school or institution, either by its own collector or by any representative of the school or institution.
B. Payroll savings. An association may contract with any employer with respect to the solicitation, collection, and receipt of savings by payroll deduction to be credited to the designated accounts of its employees who may participate voluntarily.
Acts 1970, No. 234, §1; Acts 1983, No. 675, §1; Acts 2014, No. 811, §2, eff. June 23, 2014.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:748.1. Public funds deposits; additional collateral

RS 6:748.1 - Public funds deposits; additional collateral
A. In addition to other collateral for public funds deposits authorized by law, including but not limited to R.S. 33:2929, R.S. 39:1221, R.S. 39:1242, and R.S. 49:321, savings and loan associations and savings banks, whether chartered on a mutual or stock basis, are hereby authorized and empowered to use as collateral for said funds mortgage pass-through certificates issued by the Federal Home Loan Mortgage Corporation and letters of credit issued by the Federal Home Loan Bank.
B. Notwithstanding any other provisions of the law to the contrary, savings and loan associations and savings banks are specifically designated as depositories for the purpose of holding collateral of other financial institutions when this collateral is security for public funds deposits in excess of the insured limit of the Federal Deposit Insurance Corporation.
C. The Federal Home Loan Bank of the Ninth District or its successor shall be authorized as a depository of collateral for public funds forming the basis for the issuance of the letter of credit offered by the Federal Home Loan Bank.
Acts 1986, No. 99, §1, eff. June 23, 1986.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:749. Prescription on savings accounts

RS 6:749 - Prescription on savings accounts
(1) All claims shall prescribe on any inactive savings account, provided that at least sixty days before any such claim shall prescribe the association shall have mailed by certified or registered mail a notice of the imminent prescription of all claims to the holder of such account at his last known address.
(2) For the purposes of this Section, "inactive savings account" shall mean a savings account with respect to which there has been in absence for at least ten years of:
(a) Additions to the account, other than crediting of earnings;
(b) Withdrawals from the account; and
(c) On which an association has no address and is unable to communicate with the holder.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:750. Pledge of deposit accounts; rights and remedies

RS 6:750 - Pledge of deposit accounts; rights and remedies
Savings and loan associations shall have the same rights and remedies with regard to the pledge of funds held on deposit as are afforded to banks under the provisions of R.S. 6:316.
Acts 1990, No. 735, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:762. Access to books and records

RS 6:762 - Access to books and records
The right of inspection and examination of the books and records shall be exclusively vested in:
(1) The commissioner or his duly authorized representative as provided in this Chapter; and
(2) Any federal or state instrumentality or agency authorized to inspect or examine the books and records of an insured association.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:763. Minors

RS 6:763 - Minors
A. Minors may subscribe for, hold, own, transfer, withdraw, and surrender shares and savings accounts in associations without the authorization or intervention of their tutors, parents, or any other persons, and shall be considered in such matters as if they were the full age of majority. Unless otherwise provided in the savings contract, in case of minors less than ten years of age, either parent, if alive, or else the surviving parent, may transfer, withdraw, and surrender such shares, savings accounts, or evidence of investment, for the minor, or otherwise represent the minor in respect to his shares without the necessity of tutorship proceedings. Minors, as members or depositors, shall have all the rights of membership or of depositors. However, the provisions of this Section shall have no application to shares or savings accounts of an association acquired by inheritance or by testamentary disposition.
B. In the case of a minor less than ten years of age whose parents are alive but divorced or legally separated, the parent to whose custody the child has been committed by any decree of the court allowing the divorce or separation shall exercise the rights of the surviving parent and shall present to the association a certified copy of such decree. Nothing in this Section shall be construed as authorizing any minor to pledge or borrow upon any such shares or savings accounts or to buy or sell immovable property without the authorization required under the existing laws.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:764. Authority relative to shares and savings accounts

RS 6:764 - Authority relative to shares and savings accounts
A person may subscribe for, own, hold, withdraw, transfer, give, pledge, borrow upon, receive interest and dividends from, and surrender shares or savings accounts in associations registered in such person's name and the receipt or acquittance of such person shall be a valid and sufficient release and discharge of the association for the payment or delivery so made.
Acts 1970, No. 234, §1. Amended by Acts 1977, No. 337, §1; Acts 1983, No. 675, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:765. Shares or savings accounts payable to two or more persons; survivorship

RS 6:765 - Shares or savings accounts payable to two or more persons; survivorship
A. When shares or savings accounts have been subscribed for or owned, or when any certificate of any class or evidence of indebtedness shows the investment of funds in any association, in the names of two or more persons, payable to either, or any of them, such funds or any part of them or any interest or dividend on them may be paid, on due delivery of the certificate, book, or other evidence of indebtedness, to either of the persons, whether the other or others are living or not; and the receipt or acquittance of the person paid is a complete release and discharge of the association for any payment made, with respect to anyone.
B. The pledge to an association of all or part of a savings account or shares owned or subscribed for by two or more persons, executed by a person upon whose signature withdrawals may be made shall, unless the terms of the savings account provide specifically to the contrary, be a valid pledge and transfer to the association of all the shares or savings pledges.
C. Repealed by Acts 2010, No. 175, §6.
Acts 1970, No. 234, §1. Amended by Acts 1974, No. 283, §1; Acts 1981, No. 435, §1; Acts 1983, No. 675, §1; Acts 1997, No. 658, §2; Acts 2004, No. 42, §1; Acts 2010, No. 175, §6; Acts 2011, No. 346, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:766.1. Payable on death accounts

RS 6:766.1 - Payable on death accounts
A. Upon the death of a depositor who has deposited a sum in any account evidencing by the depositor's signature an intention that upon the death of the depositor, the funds shall belong to one or more named beneficiaries of the depositor, the association may pay the deposit, together with the dividends or interest accruing thereto, to the named beneficiaries for whom the deposit was made. Upon receiving a death certificate, the association may disburse funds to the named beneficiaries. The beneficiaries shall be specifically named in the deposit account records of the association.
B. The title of such an account must include the terms "in trust for", "as trustee for", or "payable on death to", such beneficiary or beneficiaries. Such beneficiaries must be specifically named in the deposit account records of the bank.
C. Repealed by Acts, 2009, No. 499, §2.
D.(1) When an account described in Subsection A of this Section is established by more than one depositor, the respective interests of each depositor shall be deemed equal to that of each other depositor, unless otherwise stated in the association's account records.
(2) When an account described in Subsection A of this Section is established for more than one beneficiary, the respective interests of each shall be deemed equal to that of each other beneficiary, unless otherwise stated in the association's deposit account records.
E. No association paying a beneficiary in accordance with this Section shall be liable to the estate or any heir of the decedent nor shall the account holder be liable for any estate, inheritance, or succession taxes which may be due the state, and delivery of the funds shall constitute a full and complete discharge of the association for the payment or delivery so made and shall relieve the association from all adverse claims thereto by a person claiming as a surviving or former spouse or a successor to such a spouse.
F. The provisions of this Section shall apply notwithstanding the fact the decedent designates a beneficiary by last will and testament.
Acts 1991, No. 535, §1; Acts 2000, 1st Ex. Sess., No. 28, §1, eff. April 14, 2000; Acts 2009, No. 499, §1 and 2; Acts 2016, No. 166, §1; Acts 2022, No. 257, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:770. Abandonment of safety deposit box

RS 6:770 - Abandonment of safety deposit box
A. A safety deposit box leased from any association shall be deemed abandoned and the association may remove the contents of such safety deposit box, if the rental therefor remains unpaid, all as provided under Subsection B of this Section, or pursuant to the terms of the safety deposit box contract, or as otherwise permitted by law. Only the safety deposit box itself, and not the contents, may be deemed abandoned as provided herein.
B. If the safety deposit box rental is delinquent for six months, the association after sixty days' notice by mail addressed to the lessee at his address as shown on the safety deposit box contract may, if the rent is not paid within the time specified in said notice, open the box in the presence of two employees of the association and a notary public who shall make an inventory of the contents of the box and place such contents in a sealed envelope or other container in the name of the lessee. The association shall then send notice to the administrator of the Uniform Unclaimed Property Act of 1997 for publication as provided by R.S. 9:161 that the safety deposit box has been abandoned and that the bank is holding the listed contents thereof. Such notice shall include the lessee's name and last known address.
C. After an association has entered an abandoned safety deposit box and removed the contents thereof, it shall then hold such contents in the name of the lessee subject to a lien and privilege for the unpaid rent, the costs of opening the box and making the inventory of and storing its contents, and any other costs, expenses, or other amounts as provided in the lease or by law. If such amounts are not paid in full within one year from the date the safety deposit box became abandoned, the association may sell all or any part of the contents by public, private, or judicial sale in accordance with Louisiana law and the terms of the safety deposit box contract.
D. After an association has entered an abandoned safety deposit box and removed the contents thereof, the association may immediately re-lease the abandoned safety deposit box without accounting to the lessee, and need not apply any subsequent rental payments received therefor to the payment of any amounts owed by the former lessee.
Acts 1989, No. 357, §1; Acts 1997, No. 658, §2; Acts 2000, 1st Ex. Sess., No. 135, §1, eff. July 1, 2000.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:771. Disposition of abandoned safety deposit box contents

RS 6:771 - Disposition of abandoned safety deposit box contents
The provisions of R.S. 6:327 and 327.1 relative to the disposition of abandoned safety deposit box contents shall be applicable to savings and loan associations chartered under the Louisiana Savings and Loan Association Law in the same manner as they are applicable to state banks.
Acts 2020, No. 236, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:781. Indemnity bonds

RS 6:781 - Indemnity bonds
A. Each association shall obtain and maintain a fidelity bond given by a surety company authorized to do business in Louisiana covering each officer, director, or employee before permitting such officer, director, or employee to enter upon the duties of their office or employment. This bond may be in the form of individual bonds on individual employees, a schedule fidelity bond, or a blanket bond covering all such persons. The bond shall be in such amount as may be fixed by regulations of the Federal Deposit Insurance Corporation or its successor. A true copy of each of the bonds shall be filed with the commissioner. Such bonds shall provide that a cancellation thereof by the surety or by the insured shall not become effective until ten days notice in writing first shall have been given to the association.
B. In lieu of complying with the provisions of Subsection A of this Section, any association may provide its own fidelity bond from an insurance fund acceptable to the commissioner or obtain an insurance policy from a surety company approved by the commissioner.
C. Any association may, by resolution of its board of directors, make application to the commissioner of financial institutions to waive, for a stated period of time, the requirement of obtaining and maintaining a fidelity bond as provided in Subsection A of this Section upon a showing to the commissioner that the association is unable to pay the premium to purchase the fidelity bond insurance.
Acts 1970, No. 234, §1; Acts 1983, No. 675, §1; Acts 1989, No. 131, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:782. Depositories

RS 6:782 - Depositories
No association shall deposit any of its funds except with a federal home loan bank, or with a depository insured by the Federal Deposit Insurance Corporation or its successor, or the Federal Savings and Loan Insurance Corporation, or its successor, or the National Credit Union Share Insurance Fund or its successor, and approved by a vote of a majority of the directors of the association.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.