Louisiana Revised Statutes 12:515 – Continuation of purpose
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Terms Used In Louisiana Revised Statutes 12:515
- 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.
- Germane: On the subject of the pending bill or other business; a strict standard of relevance.
When any money or other property has been donated or contributed for certain purposes to an unincorporated association, the dissolution of the association originally administering the contributions or donations shall not cause them to fail or their purposes be defeated as long as there is in this state an unincorporated association or nonprofit corporation pursuing broadly similar purposes or a government or governmental subdivision, agency, or instrumentality capable of administering the funds or property for purposes germane to the purposes for which they were given.
Acts 2008, No. 877, §1.