Louisiana Administrative Code › Title 42 - LOUISIANA GAMING › Part IX - Landbased Casino Gaming › Subpart 1 - Economic Development and Gaming Corporation › Chapter 9 - Articles of Incorporation › Section IX-909 - Miscellaneous

Current through Register Vol. 50, No. 6, June 20, 2024
A. Dissolution. The
				  corporation may be dissolved and the operations thereof wound up only upon vote
				  of the Louisiana Legislature to so dissolve and wind up the corporation or to
				  repeal the enabling legislation adopted by the Legislature relating to the
				  corporation and regulation of a casino . Within 90 days of the date of the
				  final adoption of any such legislation, the board shall appoint one or more
				  liquidators, which liquidator or liquidators shall have all of the rights,
				  powers, duties and authority of the officers of the corporation and the Board,
				  and the rights, powers, duties and authority of the officers and directors of
				  the corporation shall cease, except the power and authority of the board to
				  remove or replace any of the liquidators, and such other rights, powers, duties
				  and authority as may be retained by the board or granted by law. In all other
				  respects and except as otherwise provided by the legislature, the corporation
				  shall be liquidated in the same manner and according to the same rules that
				  govern the liquidation of Louisiana corporations (R.S.
				  12:141 et seq.). In the event of dissolution
				  or final liquidation of the corporation, the board shall, after paying or
				  making provision for the payment of all the lawful debts and liabilities of the
				  corporation, distribute all the assets of the corporation to the state of
				  Louisiana or any successor corporation, commission, board or entity designated
				  by the legislature.
B. No
				  Instrumentality of the State; No Private Inurement. While, as stated in the
				  statement of authority, the corporation is not an agency or political
				  subdivision of the state of Louisiana, the corporation has been formed for a
				  public purpose and shall not be deemed an instrumentality of the state of
				  Louisiana except as otherwise specifically provided in the Act or these
				  articles. No part of the net earnings, gains or assets of the corporation shall
				  inure to the benefit of or be distributable to its directors, officers, other
				  private individuals or organizations organized and operated for a profit
				  (except that the corporation shall be authorized and empowered to pay
				  reasonable compensation for services rendered and to make payments and
				  distributions in furtherance of the purposes hereinabove stated).
C. Amendment. An amendment, modification,
				  deletion or alteration (an "amendment") of these corporate articles, or any
				  provision hereof, may be adopted by vote of at least six members of the board
				  at a duly called regular or special meeting of the board; provided that, the
				  text of the proposed amendment shall be submitted to the Board at the regular
				  meeting most recently preceding the regular meeting at which such amendment is
				  to be considered. Any amendment so adopted by the board shall not become
				  effective until adopted in accordance with LAC 42:IX.1109 of the corporation's
				  bylaws and rules of procedure.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S. 4:601 et
					 seq.