reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1206. Capital maintenance

RS 6:1206 - Capital maintenance
A. A savings bank whose overall financial condition is fundamentally sound shall maintain a minimum acceptable capital requirement as determined by the commissioner of financial institutions.
B. When the commissioner determines that the financial condition or history, management, or earning prospects are not adequate, the commissioner may determine that a higher minimum capital level is required for such savings banks.
C. A savings bank shall maintain total capital necessary to ensure the continuation of insurance of its deposit accounts by the insurance corporation.
D. The board of directors shall establish and maintain such special reserves as are appropriate to provide for losses or liabilities; losses shall be charged to such reserves as are appropriate to reflect the true financial condition of the savings bank.
E. Any savings bank not maintaining minimum capital shall be deemed to be operating in an unsafe and unsound condition and is subject to the imposition of such restrictions, sanctions, or penalties as provided for under this Title.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1207. Dividends; capital surplus required

RS 6:1207 - Dividends; capital surplus required
A. The board of directors of a savings bank shall not declare or pay any cash dividends for a period of two years from the issuance of its certificate of authority or for such shorter period as the commissioner of financial institutions may prescribe. Thereafter, the board of directors of any savings bank may quarterly, semiannually, or annually declare cash dividends on its stock by complying with the provisions of this Part and the savings bank's articles of incorporation and bylaws.
B.(1) No cash dividends may be declared or paid until a savings bank has surplus equal to twenty percent of the outstanding common stock of the savings bank, provided that surplus shall not be reduced below that twenty percent level by the payment of the cash dividend.
(2) Prior approval of the commissioner shall be required if the total of all cash dividends declared and paid by the savings bank and amounts used to redeem or repurchase its stock during any one year would exceed the total of its net profits of that year combined with the net profits from the immediately preceding year.
C. Each financial institution converting to a savings bank, before a declaration of a cash dividend on its common stock, shall transfer not less than one-half of its net profits of the preceding six months to its paid-in surplus until it shall have paid-in surplus equal to twenty percent of capital stock.
D. For the purposes of this Part, "net profits" is defined as the remainder of all earnings from current operations plus actual recoveries on loans and investments and other assets, after deducting from the total thereof all current operating expenses, actual losses, paid and accrued dividends on preferred stock, if any, all federal and state taxes, and cash dividends on common stock paid or accrued over the calculation period. Negative net profits shall not be rounded to zero in this calculation.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 2003, No. 56, §1, eff. May 23, 2003.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1208. Loans or discounts on capital stock

RS 6:1208 - Loans or discounts on capital stock
Notwithstanding any other provisions of this Chapter, a savings bank shall not make a loan or discount on the security of or be the purchaser or holder of the shares of its own capital stock or preferred stock or of the security of its own debentures or evidences of its debt which are convertible to capital stock or are junior or subordinate in rights of payment to deposit or other liabilities of the savings bank, unless such security or purchase shall be necessary to prevent loss on a debt previously contracted in good faith; and such stock or evidence of indebtedness acquired or purchased shall, within one year from the time of its acquisition, be sold or disposed of at public or private sale.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1208.1. Applicability of statute, rules and regulations

RS 6:1208.1 - Applicability of statute, rules and regulations
The provisions of R.S. 6:416 and the rules and regulations promulgated thereunder shall be applicable to savings banks chartered under the provisions of this Title in the same manner as they are applicable to state banks.
Acts 1997, No. 1003, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1221. Underwriting

RS 6:1221 - Underwriting
A. No savings bank shall make any loan or investment authorized by this Part unless the savings bank first has determined that the type, amount, purpose, and repayment provisions of the loan or investment in relation to the borrower's or issuer's resources and credit standing support the reasonable belief that the loan or investment will be financially sound and will be repaid according to its terms and that the loan or investment is not otherwise unlawful.
B. Each loan or investment that a savings bank makes or purchases, whether wholly or in part, shall be adequately underwritten, reviewed periodically, and reserved against as necessary in accordance with its payment performance, all in accordance with the provisions of this Chapter and the directives of the commissioner of financial institutions.
C. Every appraisal or reappraisal of property which a savings bank is required to make shall be made as follows:
(1) By a qualified appraiser designated by the board of directors.
(2) In the case of an insured or guaranteed loan, by any appraiser approved by any lending, insuring, or guaranteeing agency of the United States or the state of Louisiana which insures or guarantees such loan, wholly or in part.
(3) Each appraisal shall be in writing prepared at the request of the lender for the lender's use, disclose the market value of the security offered, contain sufficient information and data concerning the appraised property to substantiate the market value thereof, be certified and signed by the appraiser or appraisers, and state that such appraiser or appraisers have personally examined the described property, which appraisal shall be filed and preserved by the savings bank.
D. Any violation of this Part shall constitute an unsafe or unsound practice. Anyone who knowingly violates any provision of this Part shall be subject to enforcement action or civil money penalties as provided for in this Title.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1224. Calculation of interest; postpayments and prepayments

RS 6:1224 - Calculation of interest; postpayments and prepayments
A. In any contract or loan which is secured by a mortgage, deed of trust, or conveyance in the nature of a mortgage for the purpose of purchase or refinance of residential real estate, the interest which is computed, calculated, charged, or collected pursuant to such contract or loan, or pursuant to any regulation or rule promulgated pursuant to this Chapter, shall not be computed, calculated, charged, or collected for any period of time occurring after the date on which the total indebtedness, with the exception of late payment penalties, is paid in full.
B.(1) For purposes of this Part, a "prepayment" shall mean the payment of the total indebtedness, with the exception of late payment penalties if incurred or charged, on any date before the date specified in the contract or loan agreement on which the total indebtedness shall be paid in full, or before the date on which all payments, if timely made, shall have been made.
(2) In the event of a prepayment of the indebtedness which is made on a date after the date on which interest on the indebtedness was last computed, calculated, charged, or collected, but before the next date on which interest on the indebtedness was calculated, computed, charged, or collected, the lender may calculate, charge, and collect interest on the indebtedness for the period which elapsed between the date on which the prepayment is made and the date on which interest on the indebtedness was last computed, calculated, charged, or collected at a rate equal to 1/360 of the annual rate for each day which so elapsed, which rate shall be applied to the indebtedness outstanding as of the date of prepayment. The lender shall refund to the borrower any interest charged or collected which exceeds that which the lender may charge or collect pursuant to this Section.
C. The provisions of this Section shall apply only to contracts or loans entered into on or after September 1, 1990.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1225. General loan contract provisions

RS 6:1225 - General loan contract provisions
Each loan, and any agreement for securing the same, shall be evidenced by one or more written instruments, consistent with sound lending practices in the locality. Whenever recording of such an agreement is necessary to establish priority over the claim of any third party, the agreement shall be recorded.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1226. Modification agreements

RS 6:1226 - Modification agreements
The savings bank at any time may enter into a written agreement with the borrower to modify, in any manner not inconsistent with the provisions of this Chapter, the terms of a loan as to the amount, time, or method of the payments to be made, the interest rate, and any other provision of the loan contract. The loan contract and the security instrument shall not be prejudiced by the making of any such modification, even if such a modification was not provided for in the loan contract.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1227. Sale, assignment, and servicing of loans and contracts

RS 6:1227 - Sale, assignment, and servicing of loans and contracts
A. Any savings bank may sell any loan or a participating interest in a loan at any time, in the usual and regular course of business. Loans may be sold with or without recourse, except as may otherwise be provided by regulations of the commissioner. The commissioner may, by regulation, adopt limitations upon the sale of loans. The provisions of this Section shall not apply to the sale of loans to agencies of the United States or the state of Louisiana or such other government sponsored agencies as may be approved by the commissioner.
B. A savings bank may contract to service a loan or a participating interest in a loan, but such a contract shall conform to the pertinent regulations which may be prescribed by the commissioner and shall require sufficient compensation to reimburse the savings bank for all expenses incurred under such contract.
C. A savings bank may sell and assign with or without recourse any defaulted loan or defaulted real estate contract to any person eligible to purchase the same, for an amount not less than the fair cash market value thereof.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1228. Purchase of real estate at judicial sale

RS 6:1228 - Purchase of real estate at judicial sale
A savings bank may purchase, hold, and convey real estate acquired at any sheriff's sale or other judicial sale, either public or private, upon which the savings bank has any good faith mortgage, lien, or other encumbrance, or in which the savings bank has any other interest. The savings bank thereafter may repair, improve, sell, convey, lease, mortgage, exchange, or otherwise dispose of real estate so acquired, in the best interests of the savings bank, without limitation.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1229. Immovable property; dealings

RS 6:1229 - Immovable property; dealings
A. A savings bank may hold and convey real estate which it has acquired in satisfaction of debts previously contracted bona fide in the course of its business.
B. A savings bank may, in accordance with regulations adopted by the commissioner, make a loan or other extension of credit which would otherwise exceed the limits prescribed in R.S. 6:1235 when the purpose of the loan is to finance the sale of real estate acquired for a debt previously contracted or for use as bank premises. Such loans may only be made upon prior written approval of the commissioner.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 1993, No. 277, §1, eff. June 2, 1993.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1229.1. Applicability of rules and regulations

RS 6:1229.1 - Applicability of rules and regulations
The provisions of R.S. 6:243 and 246, and the rules and regulations promulgated thereunder shall be applicable to savings banks in the same manner as they are applicable to banks.
Acts 1995, No. 248, §1, eff. June 14, 1995; Acts 2019, No. 16, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1230. Purchases of real estate for office and rental purposes

RS 6:1230 - Purchases of real estate for office and rental purposes
A. A savings bank may acquire and hold real estate in full ownership, or leaseholds on which a building or buildings exist or are to be erected, suitable for the transaction of the savings bank's business, and from portions of which, not required for the savings bank's own use, revenue may be derived; or may own all or part of the capital stock, shares, or interest in any corporation, association, or trust engaged solely in holding all or part of such real estate.
B. Unless prior written approval of the commissioner is obtained, no savings bank may purchase, lease, or otherwise acquire a site for an office building or interest in real estate from any officer, director, employee, or stockholder holding more than ten percent of the aggregate capital stock of the savings bank or any firm, corporation, entity, or family in which any officer, director, employee, or stockholder holding more than ten percent of the aggregate capital stock of a savings bank has any direct or indirect interest.
C. An acquisition prohibited by this Part includes the purchase, lease, or acquisition of property in which any of the persons described in this Part held any interest during a period of ten years preceding the purchase, lease, or acquisition, but does not include the acquisition of an option for such a site or real estate where the option is assignable and exercised by the savings bank in its own name and for its own benefit.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 2001, No. 544, §1, eff. June 21, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1231. Usury law inapplicable

RS 6:1231 - Usury law inapplicable
No interest premium, or interest on such interest premium, or charge which may accrue to a savings bank under the provisions of this Chapter shall be deemed to be usurious, and the same may be collected in the same manner as other debts in accordance with the laws of this state.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1232. Prohibited loans

RS 6:1232 - Prohibited loans
No loan shall be made by any savings bank to any person owning ten percent or more of the capital stock or to any affiliated person, agent, or attorney of that savings bank either for himself or as agent, or as partner of another, except in accordance with laws and regulations to which national banks are subject, applicable to a similar transaction.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1233. Effect of unauthorized investments

RS 6:1233 - Effect of unauthorized investments
A. Every loan or other investment made in violation of this Chapter shall be due and payable according to its terms, and the obligation thereof shall not be impaired.
B. Every director or officer of a savings bank who knowingly shall violate, participate in, or assent to, or who knowingly shall permit any of the officers or agents of the savings bank to make investments not authorized by this Chapter, shall be liable individually for all damage which the savings bank may sustain in consequence of such violation, in addition to any criminal penalties prescribed by this Title.
C.(1) The commissioner may require every director or officer of a savings bank who knowingly shall violate, participate in, or assent to, or who to knowingly shall permit any of the officers or agents of the savings bank to make investments not authorized by this Chapter, to deposit with the savings bank an indemnity bond, insurance, or collateral of a kind and amount sufficient to indemnify the savings bank against damages which the savings bank may sustain in consequence of such violation.
(2) The amount considered sufficient to indemnify the savings bank shall, in the case of an unauthorized investment, be the difference between the book value and the market value of the investment at the time the commissioner makes his determination that such investment is unauthorized. The amount considered sufficient to indemnify the savings bank, in the case of an unauthorized loan, shall be the difference between the book value of the loan and the amount that could have been made under the provisions of this Chapter.
(3) Whenever an unauthorized investment has been sold or disposed of without recourse, the commissioner shall release all or such part of the indemnity after deducting any loss. Whenever the balance of an unauthorized loan has been reduced to an amount which would permit such loan to be made under the provisions of this Chapter, the indemnity shall be released, provided that the commissioner in making such determination may require an independent appraisal of the security.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1234. Acknowledgments

RS 6:1234 - Acknowledgments
No acknowledgment of a deed, mortgage, or other instrument shall be invalid because such acknowledgment was taken before an officer authorized by the laws of this state to acknowledge conveyances who is also a member, director, employee, or officer of a savings bank which is a party to such deed, mortgage, or other instrument.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1236. Commissioner's regulations

RS 6:1236 - Commissioner's regulations
A. The commissioner may make rules and regulations to determine permissible levels of investment and concentrations of assets permissible for savings banks applicable to all lending and investment authority granted by this Part. Such rules and regulations shall give due regard to capital adequacy, operating income, underwriting standards, risk inherent in the investment or loan, and competitive parity with other financial institutions.
B. Violation of any of the provisions of this Part shall constitute an unsafe and unsound practice and may subject the savings bank or its directors, officers, or agents to enforcement actions, civil money penalties, or other sanctions as provided in this Title.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1237. Change in control

RS 6:1237 - Change in control
A. Any person acting directly or indirectly or through or in concert with one or more persons, shall give the commissioner sixty days written notice of intent to acquire control of ten percent or more of a savings bank or savings bank affiliate operating under this Chapter. The commissioner shall promulgate rules to implement this provision, including definitions, application, procedures, and standards for approval or disapproval.
B. The commissioner may examine the books and records of any person giving notice of intent to acquire control of ten percent or more of a savings bank operating under this Chapter.
C. The commissioner may approve or disapprove an application for change of control. In either case, such decision shall issue within thirty days of filing of the initial application.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1251. Withdrawable accounts; general definitions

RS 6:1251 - Withdrawable accounts; general definitions
Withdrawable accounts may be referred to as shares, share capital, share accounts, share deposits, certificates of deposit, withdrawable shares, withdrawable accounts, withdrawable capital, withdrawable deposits, deposits, capital accounts, savings accounts, demand deposit accounts, checking accounts, or any other term or terms appropriate. Interest paid on withdrawable accounts pursuant to this Chapter may be referred to as dividends, earnings, interest, return, or rate of return. The use of any term permitted by this Part shall not affect any right, duty, privilege, or liability which the savings bank or any depositor would otherwise have.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1252. Prohibited activities

RS 6:1252 - Prohibited activities
A. No savings bank shall participate, directly or indirectly, in the sale or transfer of any equity or debt security or instrument of any affiliate of the savings bank or the parent holding company of the savings bank or its affiliates.
B. No shareholder, director, officer, employee, or agent of the savings bank shall participate, directly or indirectly, in any sale or transfer as described in Subsection A of this Section, nor shall he allow any other person to do so, on the premises of the savings bank, any of its branch or facility offices, agency offices, or any office of the savings bank's subsidiaries or service corporations.
C. Violation of this prohibition shall subject the person committing such violation to assessment of civil money penalties as provided for in this Title.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1253. Withdrawable accounts

RS 6:1253 - Withdrawable accounts
A. Withdrawable accounts shall be:
(1) Withdrawable and subject to enforced retirement as provided in this Part. Nothing in this Chapter shall prevent the withdrawal of funds from a savings bank by nonnegotiable order;
(2) Entitled to interest as provided in this Part;
(3) Nonassessable for either debts or losses of the savings bank; and
(4) Issued in such series or classes as the bylaws and commissioner's regulations may provide.
B. There shall be no penalty, such as loss of interest thereon, on accounts transferred at interest or dividend payment date from passbook types to certificates of deposit within the same savings bank and not otherwise inconsistent with regulations of the Federal Deposit Insurance Corporation.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1254. Issuance, delivery, and transfer of certificates and account books

RS 6:1254 - Issuance, delivery, and transfer of certificates and account books
A. Every withdrawable account shall be evidenced by one or more appropriate certificates or account book; and either such certificates or an account book, or both, shall be delivered to the holder of such account. The wording, type, and form of the certificates and account books issued by a savings bank shall be subject to the prior written approval of the commissioner.
B. The holder of a withdrawable account may transfer his rights therein absolutely or conditionally to any other person eligible to hold the same by written assignment accompanied by delivery of the appropriate certificate or account book. Notwithstanding the effectiveness of such a transfer between the parties thereto, the savings bank may treat the holder of record as the owner of the account for payment, voting, and all other purposes until such assignment and any accompanying certificate or account book have been received by the savings bank with a request for the transfer on the savings bank's records.
C. All withdrawable account certificates and account books, delivered to the holders as prescribed by this Part, shall be subject to attachment and execution as provided by the laws of this state, and the savings bank shall not be subject to garnishment proceedings concerning any account, except with respect to a certificate or account book in the savings bank's possession, and when:
(1) Neither a certificate nor an account book has been delivered to the holder as required by this Part; or
(2) The certificate and account book, or either of them if only one has been delivered, have been returned to the savings bank's possession.
D. If the holder of a withdrawable account, or the personal representative of any such person, shall file with the savings bank an affidavit to the effect that his account book or certificate has been lost or destroyed and that such account book or certificate has not been pledged or assigned either in whole or in part, then such savings bank may issue a substitute account book or certificate in the name of such holder, with a statement therein that such account book or certificate is issued in lieu of the one lost or destroyed. The savings bank shall not be liable thereafter with respect to the original account book or certificate. The board of directors may require a bond in sufficient amount to indemnify the savings bank against any loss which might result from the issuance of such substitute account book or certificate.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1255. Joint account; trust account; payment on death account

RS 6:1255 - Joint account; trust account; payment on death account
A. If two or more persons opening or holding a withdrawable account shall execute a written agreement with the savings bank providing that the account shall be payable to any one of them or the survivor of them, the account, and any balance thereof which exists from time to time, shall be held by them as joint owners, and, unless otherwise agreed, any payment by the savings bank to any of such persons shall be a complete discharge of the savings bank's obligation as to the amount so paid. A pledge of such account by any holder or holders including minors authorized to withdraw amounts from such accounts shall, unless otherwise specifically agreed, be a valid pledge and transfer of the account and shall not operate to sever or terminate the joint and survivorship ownership of all or any part of the account.
B. No addition to any account, nor withdrawal, payment, revocation, or change of beneficiary or payee, shall affect the nature of the account as a joint account with right to survivorship, trust account, or payment on death account.
C. Any savings bank may continue to recognize the authority of any mandatary authorized in writing to manage or to make withdrawals either in whole or in part from the withdrawable account of a member until it receives written notice or actual notice of the death or adjudication of the legal interdiction of such member or revocation of the authority of such mandatary. Any payment by the savings bank to a mandatary prior to receipt of such notice shall be a complete discharge of the savings bank's obligation as to the amount so paid.
D. Any savings bank may offer payment on death accounts in accordance with the procedures, requirements, and protections provided in R.S. 6:314 or 766.1.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 2009, No. 499, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1256. Effect of payment to minor or fiduciary

RS 6:1256 - Effect of payment to minor or fiduciary
A. Unless the written agreement provides otherwise, or unless the savings bank has had written notice of the terms under which a fiduciary holds a withdrawable account, the savings bank may make loans on the security of withdrawable accounts or pay the value thereof and interest thereon to any minor who is a holder of such withdrawable account or to such fiduciary who is the holder of such account without becoming liable to any beneficiary for such payment. In each of the foregoing instances, the receipt or acquittance of the person or persons to whom payment is made in accordance with the provisions of this Part shall be a complete discharge of the savings bank's obligation as to the amount so paid.
B. In the case of a minor, the receipt, acquittance, pledge, or other action required by the savings bank to be taken by the minor shall be binding upon such minor with like effect as if such minor were of full age and legal capacity.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1257. Payment on legal disability or death of holder in holder's own right of a withdrawable account

RS 6:1257 - Payment on legal disability or death of holder in holder's own right of a withdrawable account
A. If the holder of a withdrawable account is adjudicated to be a person under legal interdiction by a court of competent jurisdiction, then the savings bank may pay the value of such withdrawable account and interest thereon to the curator of such holder upon his appointment and qualification, in accordance with R.S. 6:766.
B. Upon the death of a holder of a withdrawable account, the savings bank may pay the value thereof and interest thereon to the representative of such deceased holder if and when qualified, in the manner provided in this Chapter for the voluntary withdrawal of accounts generally, and in accordance with R.S. 6:767.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1258. Voluntary withdrawal of accounts

RS 6:1258 - Voluntary withdrawal of accounts
A. A holder of a withdrawable account may make application to withdraw it and the savings bank may pay all or any part of the withdrawal value thereof at any time. However, a savings bank may enter into a contract pursuant to the laws of the United States or this state which may provide, among other things, that no withdrawal may be made except as provided by the law specifically referred to in the contract or the certificate of withdrawable account.
B. If a savings bank does not pay all withdrawals in full, subject to the right of the savings bank to require notice, the payment of withdrawals from withdrawable accounts shall be subject to such rules and procedures as may be prescribed by the savings bank's articles of incorporation and bylaws or by regulations of the commissioner. Any savings bank that fails to make full payment of any withdrawal when due shall be deemed to be in an unsafe or unsound condition.
C. Withdrawable accounts pledged as sole security for a loan shall be subject to the withdrawal provisions of this Part, but amounts available for payment on the application for withdrawal shall be applied first to the repayment of the loan balance.
D. Withdrawable accounts may be accepted by the savings bank in payment or part payment for any real estate or other assets owned by the savings bank. However, if the savings bank has a list of requests for withdrawals and matured certificates, which it cannot find, such sale of assets shall be to the highest bidder, and at least ten days notice of the proposed sale shall be given by mail to all holders of withdrawable or matured accounts whose names appear on the withdrawal or maturity list.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1259. Enforced retirement of withdrawable accounts

RS 6:1259 - Enforced retirement of withdrawable accounts
A. The board of directors, when authorized by the bylaws and in conformity with the provisions of this Part and of the bylaws, may retire any withdrawable accounts which have not been pledged as security for loans by enforcing the retirement thereof.
B. A thirty-day notice of such enforced retirement shall be given to the holder of an account to be retired, and after the expiration of such thirty-day period, the holder shall not be entitled to further interest but shall be paid the full withdrawal value of his account, plus such additional interest as the board of directors may determine to be equitable and within the bearing rate of the savings bank, less any unpaid charges.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1260. Authorized charges

RS 6:1260 - Authorized charges
A. A savings bank may charge a penalty for nonpayment when due, of installments, interest, or premiums on loans.
B. A savings bank may make such charges or receive reimbursement for any expenses, other than ordinary business expenses, incurred by it or as provided by any contract.
C. All fees, charges, and penalties collected shall be accounted for as a part of the receipts of the savings bank.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1261. Withdrawable accounts subject to liens

RS 6:1261 - Withdrawable accounts subject to liens
Every withdrawable account shall be subject to a lien for the payment of such charges as lawfully may accrue thereon under the provisions of this Chapter, and the bylaws may prescribe the manner of enforcing such lien, but no withdrawable account shall be assessable for any losses which the then existing assets of the savings bank shall not be sufficient to satisfy.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1262. Demand deposits; checking account

RS 6:1262 - Demand deposits; checking account
A. A savings bank may offer demand deposit amounts, checking accounts, or any similar account upon which withdrawals may be made by negotiable order, check, or draft.
B. A savings bank may pay interest on demand deposit, checking, or any similar account in accordance with the Part of this Chapter pertaining to payment of interest.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1263. Payment of interest

RS 6:1263 - Payment of interest
A. The board of directors shall determine the rate and amount of interest to be paid on withdrawable accounts and for that purpose may establish reasonable classifications of withdrawable accounts, based on:
(1) Types of classes of such accounts;
(2) The length of time accounts are continued in effect;
(3) Size of initial payments on accounts;
(4) Minimum balances of accounts required for payment of interest;
(5) Frequency and extent of the activity of accounts; or
(6) Such other classifications as the commissioner may approve.
B. Interest need not be allocated to any withdrawable account which has a withdrawal value of less than ten dollars on the record date with respect to which interest is paid.
C. The board of directors shall determine by resolution the method of calculating the amount of any interest on withdrawable accounts and the date on which the same is to be paid or credited.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1264. Holders of withdrawable accounts

RS 6:1264 - Holders of withdrawable accounts
Withdrawable accounts of a savings bank may be held:
(1) By any individual in his own right, regardless of his age or marital status, or by two or more of such individuals;
(2) By a fiduciary when authorized by law;
(3) By a government or governmental instrumentality when authorized by law; or
(4) By any corporation or other person when not prohibited by law.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1271. Amendment of articles

RS 6:1271 - Amendment of articles
A savings bank may amend and restate its articles of incorporation in accordance with the procedure set forth in Part III of Subchapter A of Chapter 3 of this Title.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 2003, No. 577, §1, eff. June 27, 2003.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1275. Effect upon existing articles and bylaws

RS 6:1275 - Effect upon existing articles and bylaws
Any adopted or amended articles which contain provisions contrary to the savings bank's bylaws, shall serve to repeal the particular bylaws without further action by the board.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1276. Merger; adoption of plan

RS 6:1276 - Merger; adoption of plan
A. Any federally insured institution may merge into a savings bank operating under this Chapter. Approval of the plan of merger shall be by resolution adopted by a majority vote of all members of the board of directors of each merging institution.
B. The plan of merger shall include:
(1) The name of each of the merging institutions, the name of the continuing savings bank, the location of the business office, and the location of the branch offices.
(2) With respect to the resulting savings bank, the amount of capital, surplus, and reserve for operating expenses; the classes and the number of shares to stock and the par value of each share; the charter and bylaws of the resulting savings bank; and a detailed financial statement showing the assets and liabilities after the proposed merger.
(3) Provisions stating the method, terms, and conditions of carrying the merger into effect, including the manner of converting the shares of the merging savings banks into the cash, shares of stock, or other securities or properties stated in the merger agreement to be received by the stockholders of each merging party.
(4) Provisions governing the manner of disposing of any shares of stock of the resulting savings bank which are not taken by the dissenting stockholders of each merging party.
(5) Such other provisions as appear necessary or desirable or as the commissioner may reasonably require to enable him to discharge his duties with respect to the merger.
C. After approval by the board of directors of each of the merging institutions, the merger agreement shall be submitted to the commissioner for approval, together with the certified copies of the authorizing resolutions of each board of directors showing approval by a majority of the entire board of each merging institution. After receipt of the items specified herein, the commissioner may make or cause to be made an examination of the affairs of each of the merging institutions and their affiliates and subsidiaries, the expense of which is to be paid by the merging institutions.
D. The commissioner may then approve or disapprove the proposed merger agreement. The commissioner shall not approve a merger agreement unless he finds that:
(1) The resulting savings bank meets the requirements of this Chapter for the formation of a new savings bank at the proposed main office of the resulting savings bank.
(2) The same conditions exist with respect to the resulting savings bank as would be required under this Chapter for the organization of a new savings bank.
(3) The merger agreement is fair to all persons affected.
(4) The resulting savings bank will be operated in a safe and sound manner.
E. If the commissioner disapproves of the proposed merger, he shall state his objections in writing and give the merging institutions a stated period of time in which to amend the plan of merger to obviate such objections.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1277. Merger; vote of approval

RS 6:1277 - Merger; vote of approval
The commissioner shall require that the plan of merger be submitted to the stockholders of the savings banks for approval. The commissioner may require that the plan of merger be submitted to members of a mutual savings bank. Each meeting of the members or stockholders of the savings bank operating under this Chapter shall be called and held in accordance with the provisions of this Chapter dealing with annual and special meetings. The plan is approved if it receives the affirmative vote of two-thirds or more of the total votes entitled to be cast.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1278. Merger; commissioner's certificate

RS 6:1278 - Merger; commissioner's certificate
The executed merger agreement together with copies of the resolutions of the members or stockholders of each merging institution approving it, certified by the managing officer, and attested to by the secretary, shall be filed with the commissioner. The commissioner shall then issue to the continuing savings bank, a certificate of merger, setting forth the name of each merging institution, the name of the continuing savings bank, and the articles of incorporation of the continuing savings bank. The merger shall take effect upon the recording of the certificate in the same manner as the articles of incorporation, and in each parish in which the business office of any of the merging institutions was located and in the parish in which the business office of the continuing savings bank is located. When duly recorded, such certificate shall be conclusive evidence of the merger and of the correctness of the proceedings therefor except against the state.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1279. Effect of merger

RS 6:1279 - Effect of merger
The continuing savings bank shall be considered the same business and corporate entity as each merging institution, with all the property, rights, duties, and obligations of each merging institution, except as otherwise provided by the articles of incorporation of the continuing savings bank. All liabilities of each of the merging institutions shall be liabilities of the continuing savings bank; and all of the rights, franchises, and interests of each of the merging institutions in and to every kind of property, real, personal, or mixed, shall vest automatically in the continuing savings bank, without any deed or other transfer. Any reference to a merging institution in any writing, whether executed or effective before or after the merger, shall be deemed a reference to the continuing savings bank, if not inconsistent with the other provisions of such writing. No pending action or other judicial proceeding to which any merging institution is a party shall be abated or dismissed by reason of the merger, but shall be prosecuted to final judgment in the same manner as if the merger had not occurred.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1280. Merger; commissioner's expenses

RS 6:1280 - Merger; commissioner's expenses
The expenses of any examination made by or at the direction of the commissioner of financial institutions in connection with a proposed merger shall be paid for by the merging institutions.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1281. Sale of assets

RS 6:1281 - Sale of assets
A savings bank, in one transaction not in the usual course of business, may sell all or substantially all of its assets, with or without its name and goodwill, to another savings bank, or to any other financial institution, in consideration of money, capital, or obligations of the purchasing institution. A savings bank may sell any office or facility and equipment in conformity with the regulations of the commissioner.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1282. Procedure to effect sale of all assets

RS 6:1282 - Procedure to effect sale of all assets
A. The procedure to effect a sale authorized by R.S. 6:1279 and 1284 shall be as follows:
(1) The board of directors shall adopt a resolution setting forth the terms of the proposed sale and shall submit the plan to the commissioner for his preliminary approval. Upon receipt of approval by the commissioner, the plan shall be submitted to a vote of the members at a special or annual meeting.
(2) The terms shall be set forth in the notice of the meeting as prescribed in R.S. 6:1183(B).
(3) The proposed sale shall be approved by the members or stockholders upon receiving in the affirmative two-thirds or more of the total number of votes which all members or stockholders of the savings bank are entitled to cast. A proposal for the voluntary liquidation of the savings bank may be submitted to the members or stockholders at the same meeting, or at any later meeting called for such purpose, in accordance with Part IV of this Chapter. A report of proceedings, certified by the president or vice president and attested to by the secretary, and setting forth the terms of the proposed sale, the notice given, and the time of its mailing, the vote on the proposal, and the total number of votes which all members or stockholders of the savings bank are entitled to cast thereon, shall be filed with the commissioner.
B. If the commissioner finds that the proposed sale is fair to all holders of capital, creditors, and other persons concerned, and provision has been made for the disposition of the remaining assets, if any, of the savings bank as provided in this Chapter for voluntary liquidation, he shall issue to the savings bank a certificate of authorization for such sale, with a copy of the filed report of proceedings attached to the certificate.
C. When the commissioner's certificate is recorded in the same manner as the savings bank's articles of incorporation, the savings bank may complete the sale so authorized, except that the savings bank shall also have the approval of the Federal Deposit Insurance Corporation.
D. If the sale includes the name of the savings bank, the purchaser shall have the exclusive right to such name for a period of five years.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.