Louisiana Revised Statutes 12:259 – Receivership procedure; powers of receiver
Terms Used In Louisiana Revised Statutes 12:259
- 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.
- Court: means any court of competent jurisdiction where the registered office of the corporation is located. See Louisiana Revised Statutes 12:201
- Earned surplus: means the excess of surplus over capital surplus. See Louisiana Revised Statutes 12:201
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
A. The provisions of La. Rev. Stat. 12:254 shall, mutatis mutandis, govern procedure in proceedings under La. Rev. Stat. 12:258 and this Section.
B. The receiver shall have the powers of a judicial liquidator set forth in La. Rev. Stat. 12:254(C). The court may authorize the receiver to borrow or obtain money, for the purpose of carrying on the activities of the corporation, on interest-bearing certificates of indebtedness to be taxed as costs of court. The holders of such certificates shall have a privilege on all movable and immovable property and all income of the corporation to secure the payment thereof, and shall be paid by preference and priority over all other indebtedness except indebtedness secured by mortgages on immovable property and vendor’s privileges antedating issuance of such certificates.
C. The receiver shall file with the court, quarterly, or oftener if required by the court, an accurate statement showing the condition of the corporation’s affairs, and shall file, within ninety days after the close of the corporation’s fiscal year, a balance sheet as of the last day of, and a combined statement of income and earned surplus for, such year. The annual financial statements shall be audited by an independent certified public accountant if required by the court.
Acts 1968, No. 105, §1.