Louisiana Revised Statutes 23:1405.1 – Conversion to stock corporation; conditions; approval; laws applicable
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 23:1405.1
- Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
- 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.
- Corporation: means the Louisiana Workers' Compensation Corporation. See Louisiana Revised Statutes 23:1392
A. Notwithstanding any law to the contrary, the corporation shall not convert to a domestic stock insurer except in accordance with general law applicable to such conversion and only with the prior approval of the legislature, by concurrent resolution adopted by a majority of the elected members of each house of the legislature.
B. If the corporation converts to a domestic stock insurer, it shall be subject to laws applicable to domestic stock insurers.
Acts 1999, No. 1256, §1, eff. July 12, 1999.