Louisiana Revised Statutes 33:2956 – Investments by foundations and similar entities created by hospital service districts
Terms Used In Louisiana Revised Statutes 33:2956
- 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.
A. For purposes of this Section, unless the context clearly indicates otherwise, the following terms shall have the following meanings:
(1) “Foundation” means a nonprofit or not-for-profit corporation or other entity created by the board of commissioners or comparable governing body of a hospital service district for the purpose of financial support of the facilities and programs of the hospital service district.
(2) “Funds of the foundation” means money or other things of value donated to the foundation to support the facilities, programs, and activities of the hospital service district the foundation was created to support but shall not include any funds donated or provided to the foundation by the district or by any facility or program of the district.
(3) “Hospital service district” means a district created by local, special, or general law or created by a parish or municipality pursuant to general law for the purpose of owning and operating health care facilities, including but not limited to hospitals, for the care of persons suffering from illness or disability, administering other activities related to health care provision or promotion, and otherwise promoting or providing health care services to the public.
B. Notwithstanding any provision of law to the contrary, any foundation may invest funds of the foundation as provided by law for investment of funds of the Louisiana State Employees Retirement System, including but not limited to La. Rev. Stat. 11:263 and 267; however, any such investment may be made only in compliance with rules and regulations established by the board of directors or other governing board of the foundation, in compliance with rules and regulations established by the board of commissioners of the hospital service district, and in compliance with the provisions of La. Rev. Stat. 11:263 and 267 and any other law which provides for investments in which funds of the Louisiana State Employees Retirement System may be invested.
Acts 2010, No. 702, §1.