Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 1 - Business and Industrial Development Corporations › Section XV-107 - Reports

Current through Register Vol. 50, No. 6, June 20, 2024
A. The board of
				directors for each BIDCO licensed by the commissioner shall annually make a
				report of examination of the financial condition of the BIDCO and its
				subsidiaries. They may make said examination by employing an independent
				certified public accountant, their respective accounting firms, or by the use
				of an in-house auditor and clerical staff. All such audits of a BIDCO must meet
				the minimum standards promulgated by the Commissioner of Financial
				Institutions. To meet the minimum auditing standards, the board of directors
				shall employ the methods of auditing described in the regulation promulgated by
				the Office of Financial Institutions in Volume 16, Number 1 of the
Louisiana Register
dated January 20, 1990, which is
				incorporated herein by reference. This report of examination shall be submitted
				to the commissioner no later than April 30 of the calendar year following the
				period for which the report was prepared.
B. Election of Directors. Not more than 30
				days after the election of any person as the director of a licensee, such
				licensee and such director shall file with the commissioner a report containing
				the following information:
1. name, address
				and occupation of the new director;
2. title of any office which the director
				previously held with the licensee and title of any office (other than the
				office of director) which the director currently holds with the
				licensee;
3. date of election of
				the director;
4. manner of election
				of the director (that is, whether by the board or by the
				shareholders);
5. in case a
				director is not an incumbent director or executive officer of the licensee, the
				licensee shall provide:
a. a personal
				financial statement and confidential resume on a form prescribed by the
				commissioner, containing the information called for therein, as of a date
				within 90 days before the filing of the report and signed by the newly elected
				director;
b. not more than 10 days
				after the appointment of any person as the chief executive officer of a
				licensee and not more than 30 days after the appointment of any person as any
				other executive officer of a licensee, such licensee and such executive officer
				shall file with the commissioner a report containing the following information:
i. name and address of the executive
				officer;
ii. title of the office to
				which the executive officer was appointed;
iii. a summary of the duties of the office to
				which the executive officer was appointed;
iv. date of appointment of the executive
				officer;
v. title of any office
				which the executive officer previously held with the licensee and title of any
				office (other than the office to which the executive officer was appointed)
				which the executive officer currently holds with the licensee;
vi. in case the executive officer was not,
				immediately before the appointment, an executive officer of the licensee,
				licensee shall provide a personal financial statement and confidential resume
				on the form prescribed by the commissioner, containing the information called
				for therein, dated as of a date within 90 days before the filing of the report,
				and signed by the newly appointed executive officer.