Louisiana Revised Statutes 47:8006 – Organization of corporation; employees; meetings; personal liability of directors
Terms Used In Louisiana Revised Statutes 47:8006
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Quorum: The number of legislators that must be present to do business.
A. Except for the selection of the initial chairman, the directors of a corporation shall initially and annually thereafter select from among themselves a chairman, vice chairman, and such other officers as the corporation may determine. A corporation may employ an executive director and other employees as it may require, shall determine the qualifications and compensation of such employees as are exempt from the civil service system, and may engage or employ consultants in any field, discipline, or profession necessary to carry out the authorized purposes of said corporation.
B. All permanent employees of a corporation, other than the directors, the executive director and his assistant, shall be part of the civil service system of the parish or municipality. Consultants or other persons or groups furnishing services under contract, including but not limited to managerial, engineering, planning or legal services, shall not be a part of the civil service system regardless of the length of their contracts or the nature of the services rendered.
C. A majority of the directors of a corporation shall constitute a quorum for its meetings. Action may be taken by a corporation upon a vote of a majority of the directors of such corporation unless in any case the bylaws shall require a larger number. Directors of a corporation or other officers shall not be liable personally on the bonds or other obligations of such corporation and the rights of creditors shall be solely against such corporation.
Acts 1988, No. 996, §1; Acts 1989, No. 756, §1, eff. July 8, 1989.