Louisiana Revised Statutes 6:261 – Accounting procedures
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Terms Used In Louisiana Revised Statutes 6:261
- Capital: means the sum of capital stock, surplus, and undivided profits or, as to mutual state banks, as defined by Louisiana Revised Statutes 6:201
- Capital stock: means the sum of the par value of the shares outstanding plus any amounts in excess of par value transferred from surplus to capital stock in respect of such shares less any part of such amounts transferred from capital stock to surplus as permitted by this Chapter. See Louisiana Revised Statutes 6:201
- 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.
- Shares: means the units into which the stockholders' rights to participate in the control of the state bank, in its profits, or in the distribution of corporate assets are divided. See Louisiana Revised Statutes 6:201
- Surplus: means sums contributed by stockholders in excess of the par value of shares outstanding plus any amounts transferred from undivided profits pursuant to action by the board of directors. See Louisiana Revised Statutes 6:201
A. Upon initial issuance of shares, that part of the consideration received therefor which is equal to the par value thereof shall be allocated to capital stock, and the remainder shall be allocated to surplus.
B. Except as otherwise provided in La. Rev. Stat. 6:263 and 416, a state bank may transfer from or reduce its capital stock or surplus only in conformity with written permission of the commissioner.
C. Repealed by Acts 2003, No. 570, §2, eff. June 27, 2003.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1997, No. 966, §1; Acts 2001, No. 915, §1, eff. June 26, 2001; Acts 2003, No. 570, §2, eff. June 27, 2003.