Terms Used In Louisiana Revised Statutes > Title 12 > Chapter 27 > Part I - Preliminary Provisions

• Affiliate: means , in relation to a person, a subsidiary of the person or an entity which owns beneficially or of record a majority of the outstanding equity interests of the person. See Louisiana Revised Statutes 12:1803
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Benefit officer: means the individual designated as the benefit officer of a benefit corporation pursuant to Louisiana Revised Statutes 12:1803
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• General public benefit: means a material positive impact on society and the environment, taken as a whole, assessed against a third-party standard, from the business and operations of a benefit corporation. See Louisiana Revised Statutes 12:1803
• Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Material relationship: means the relationship between a person and a benefit corporation or any of its subsidiaries if any of the following apply:

  (a)  The person is, or has been within the last three years, an employee, other than a benefit officer, of the benefit corporation, or an affiliate of the benefit corporation. See Louisiana Revised Statutes 12:1803

• Minimum vote: means :

  (a)  In the case of a business corporation, the approval by holders of two-thirds of the shares present and voting of each class or series and any other approval or vote required under the Business Corporation Law or the articles. See Louisiana Revised Statutes 12:1803

• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Political subdivision: means a parish, municipality, and any other unit of local government, including a school board and a special district, authorized by law to perform governmental functions. See Louisiana Revised Statutes 18:581
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Specific public benefit: means any of the following:

  (a)  Serving low-income or underserved individuals or communities. See Louisiana Revised Statutes 12:1803

• Statute: A law passed by a legislature.
• Subsidiary: means , in relation to a person, an entity in which the person owns beneficially or of record fifty percent or more of the outstanding equity  interests. See Louisiana Revised Statutes 12:1803
• Third-party standard: means a recognized standard for defining, reporting, and assessing the performance of corporations in producing general public benefit and specific public benefits which is all of the following:

  (a)  Comprehensive in that it assesses the effect of the corporation and its operations in producing general public benefit and any specific public benefit specified in the articles. See Louisiana Revised Statutes 12:1803