Louisiana Revised Statutes 12:1099 – Dissolution
Terms Used In Louisiana Revised Statutes 12:1099
- 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.
- Professional architectural corporation: means a corporation organized pursuant to this Chapter for the practice of architecture as provided for by Louisiana Revised Statutes 12:1086
A. The fact that it has less than a majority of outstanding shares held by one or more natural persons duly licensed to practice architecture in this state shall be an additional ground for involuntary dissolution of a professional architectural corporation.
B. In the event of the death of a shareholder of a professional architectural corporation, said shareholder’s succession representative or those placed in possession of the shares of said shareholder if there be no administration of the succession, as the case may be, shall be entitled to vote the shares of said shareholder and to be elected a director and officer of the corporation for the purposes of effectuating a voluntary dissolution and liquidation of the corporation, in or out of court, pursuant to the Louisiana Business Corporation Law, or for the purpose of reorganizing or continuing the corporation subject to the provisions of this Chapter.
Added by Acts 1979, No. 225, §1, eff. July 9, 1979.