Louisiana Administrative Code › Title 42 - LOUISIANA GAMING › Part IX - Landbased Casino Gaming › Subpart 1 - Economic Development and Gaming Corporation › Chapter 11 - Bylaws and Rules of Procedure › Section IX-1105 - Officers

Current through Register Vol. 50, No. 6, June 20, 2024
A. Corporation
				  President. The president of the corporation shall be appointed by the board
				  subject to the approval of the governor. Should the governor refuse to approve
				  the appointment of the president by the board, then the board shall submit
				  another name. The person whose appointment was refused shall not be renamed for
				  approval for a period of two years. The governor shall, within 30 days after
				  the nomination of the president by the board, either approve or reject the
				  nomination.
B. Powers and Duties of
				  the President. The president of the corporation shall manage the affairs of the
				  corporation and shall have such powers and duties as specified by the board of
				  directors . The president shall not be a member of the board . The president of
				  the corporation shall serve at the pleasure of the board which shall set the
				  compensation of the president. The president of the corporation (the
				  "president") shall manage the daily affairs of the corporation and shall serve
				  as chief executive officer of the corporation, with general management of the
				  corporation's business and power to make contracts in the ordinary course of
				  business; shall appoint such officers as he or she deems appropriate,
				  including, without limitation, a vice-president and a secretary-treasurer;
				  shall see that all orders and resolutions of the board are carried into effect
				  and direct the other officers and agents of the corporation in the performance
				  of their duties; shall have the power to execute all authorized instruments;
				  and shall generally perform all acts incident to the office of president, or
				  which are authorized or specified by law or the board, or which are incumbent
				  upon him or her under the provisions of the corporate articles or these bylaws
				  and rules of procedure. The president shall serve at the pleasure and will of
				  the board.
C. Vice President. The
				  president shall employ a vice president and a secretary-treasurer with such
				  duties as are assigned by the president. Such officers shall serve at the
				  pleasure of the president. In the absence or disability of the president, the
				  vice-president shall perform the president's duties and exercise his or her
				  powers. The vice-president shall serve at the pleasure and will of the
				  president.
D. Secretary-Treasurer.
				  A secretary-treasurer of the corporation (the "secretary-treasurer") shall be
				  appointed by the president and shall have custody of all funds, securities,
				  evidences of indebtedness and other valuable documents of the corporation;
				  shall receive and give, or cause to be received and given, all moneys paid to
				  or by the corporation and receipts and acquittance for moneys paid into or for
				  the account of the corporation; shall enter, or cause to be entered, in the
				  books of the corporation to be kept for that purpose, full and accurate
				  accounts of all moneys received and paid out on account of the corporation,
				  and, whenever required by the president or the board, he or she shall render a
				  statement of his or her accounts; shall keep or cause to be kept such books as
				  will show a true record of the expenses, gains, losses, assets and liabilities
				  of the corporation; shall, in the absence of the secretary of the board,
				  perform the duties and exercise the powers of the secretary; and shall perform
				  all of the other duties incident to the office of secretary-treasurer as
				  determined or directed by the president or the board. If required by the board
				  or the president, the secretary-treasurer shall give the corporation a bond for
				  the faithful discharge of his or her duties and for restoration to the
				  corporation, upon termination of his or her tenure, of all property of the
				  corporation under his or her control. The secretary-treasurer shall serve at
				  the pleasure and will of the president.
E. Assistants. Assistants to the president,
				  vice-president or secretary-treasurer may be appointed by the president or,
				  with the approval of the president, by the officer under whom such assistant
				  serves, and shall have such duties as may be delegated to them by the president
				  or the officer under whom such assistant serves. Each assistant shall serve at
				  the pleasure and will of the president.
F. Compensation. The compensation of the
				  president shall be fixed by the board, and the compensation of all other
				  officers shall be determined by the president, subject to the prior approval of
				  the board.
G. Term of Office. Each
				  officer of the corporation or assistant thereto shall, unless he or she resigns
				  or is earlier terminated by the corporation, hold office until his or her
				  successor is chosen and qualified in his or her stead. Any officer elected or
				  appointed by the board or president may be removed at any time by the
				  affirmative vote of the board or by action of the president, unless such power
				  is specifically limited to action by the board (e.g., appointment of the
				  president). If the office of any officer or assistant becomes vacant for any
				  reason, the vacancy shall be promptly filled by the president. No vacancy need
				  be filled if the board or the president determines that the office in which
				  such vacancy occurs need not be filled; provided that the corporation shall
				  maintain the offices of president, vice-president and
				  secretary-treasurer.
H. Absence. In
				  the case of the absence of any officer of the corporation or an assistant
				  thereto, or for any other reason that the board or president may deem
				  sufficient, the board or president may delegate any of the powers or duties of
				  any officer or assistant to any other officer or employee of the corporation or
				  designee of the board. For purposes of these bylaws, an officer not yet hired
				  or retained shall be deemed absent.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S. 4:601 et
					 seq.