Louisiana Revised Statutes 12:1142 – Dissolution
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Terms Used In Louisiana Revised Statutes 12:1142
- 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 psychology corporation: means a corporation organized pursuant to this Chapter for the practice of psychology. See Louisiana Revised Statutes 12:1130
A. The fact that it has no voting shareholders shall be an additional ground for involuntary dissolution of a professional psychology corporation.
B. In the event of the death of a shareholder of a professional psychology 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 purpose of effectuating a voluntary dissolution and liquidation of the corporation, in or out of court, pursuant to the Louisiana Business Corporation Law.
Added by Acts 1980, No. 523, §1.