Louisiana Revised Statutes 51:139 – Forfeitures; corporate charter; foreign corporation’s right to do business; property unlawfully used
Terms Used In Louisiana Revised Statutes 51:139
- 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. In the interest of the public welfare, on the petition of the state of Louisiana through the attorney general, the district courts shall have authority under this Part, in a proper case, to order the forfeiture of the charter of a domestic corporation and its liquidation in accordance with existing laws for violations resulting in a judgment.
B. In a like proceeding brought by the state of Louisiana through the attorney general involving a foreign corporation, such courts may order the ouster from the state of a foreign corporation, and the liquidation of its affairs within the state through a liquidating receiver, named in the judgments, under bond as the court may fix, and the sale, under the orders of the court, of any property utilized in any business declared to have been carried on unlawfully.
Amended by Acts 1975, No. 366, §1.