Louisiana Revised Statutes 6:709 – Members or stockholders meeting
Terms Used In Louisiana Revised Statutes 6:709
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means a savings association, thrift institution, homestead, building and loan association, savings and loan association, or society, including both capital stock and mutual associations. See Louisiana Revised Statutes 6:703
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Demand account: means an account payable on demand which is not a savings account. See Louisiana Revised Statutes 6:703
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means a person or entity holding a savings or demand account of or shares of a mutual association, and may include a person borrowing from or assuming or obligated upon a loan or interest therein held by such association if such is authorized by the charter or the bylaws of the association. See Louisiana Revised Statutes 6:703
- Mutual association: means an association, not having capital stock ownership and operating in the mutual form. See Louisiana Revised Statutes 6:703
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Quorum: The number of legislators that must be present to do business.
- Share: means any share, certificate, security, account, or other evidence of funds invested in a mutual association by a member thereof, other than a savings or demand account. See Louisiana Revised Statutes 6:703
- Stock: means capital stock of a capital stock association. See Louisiana Revised Statutes 6:703
- Stockholder: means the owner of one or more shares of any class of capital stock of a capital stock association. See Louisiana Revised Statutes 6:703
A. There shall be an annual meeting of members or stockholders which shall be held in accordance with the articles of incorporation or bylaws. At this meeting the board of directors, through the secretary or other officer whom they may designate, shall make a statement to the members or stockholders setting forth in general the assets and liabilities of the association during the previous year.
B. Meetings of members or stockholders may be called by the board of directors in their discretion, or as otherwise fixed in the articles of incorporation or the bylaws.
C. Unless otherwise stated in the articles of incorporation or bylaws of the association, or elsewhere in this Chapter, the members or stockholders who shall be entitled to vote at any meeting shall be those who were members or stockholders of record as of the date of record established by the board of directors, except those who subsequently have ceased to be members or stockholders.
D. Unless otherwise provided in the articles of incorporation or bylaws, at every meeting each member or voting stockholder shall be entitled upon each proposal presented to vote as follows:
(1) In the case of a member of a mutual association, for every one hundred dollars or major fraction thereof, held in a savings or demand account, or if borrowers are members of the association, for any amount borrowed, one vote, but no member may cast more than five hundred votes.
(2) In the case of a capital association, each stockholder is entitled to one vote for each share of voting stock recorded in the stockholder’s name on the books of the corporation on the record date fixed as provided in Subsection C.
E. Unless otherwise provided in the articles of incorporation or bylaws, voting at any meeting of the members or stockholders may be in person, by means of remote communication as provided in La. Rev. Stat. 12:1-709, or by written proxy signed by the member or stockholder or his duly authorized agent. However, no proxy may be voted at any meeting unless the proxy was filed with the secretary of the association for verification at least five days prior to the date of the meeting at which the proxy is to be voted. When shares of stock or accounts are registered in the name of two or more persons, a proxy signed by any one or more of them shall be deemed valid unless the association receives written notice to the contrary from a nonsigning registered member or stockholder before the proxy is voted.
F. Unless otherwise provided in the articles of incorporation or bylaws, at an annual meeting or at any special meeting of members or stockholders, any number of persons present in person, attending by means of remote communication as provided in La. Rev. Stat. 12:1-709, or by eligible proxy shall constitute a quorum and a majority of all votes cast at any meeting shall determine any question unless this Chapter specifically provides otherwise.
Acts 1983, No. 675, §1; Acts 2021, No. 23, §1, eff. June 1, 2021.