Louisiana Revised Statutes 12:462 – Interest in other corporations or associations
Terms Used In Louisiana Revised Statutes 12:462
- Association: means an association organized under this Part. See Louisiana Revised Statutes 12:443
- 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.
- Member: means an actual member of an association without capital stock and the holder of common stock in an association organized with capital stock. See Louisiana Revised Statutes 12:443
- Person: includes individuals, firms, partnerships, corporations, and associations. See Louisiana Revised Statutes 12:443
An association may organize, form, operate, own, control, have an interest in, own stock of, or be a member of any corporation or association, with or without capital stock, engaged in preserving, drying, processing, canning, packing, storing, handling, shipping, utilizing, manufacturing, marketing or selling the products handled by the association, or the by-products thereof. If such corporations are warehousing corporations, they may issue legal warehouse receipts to the association, against the commodities delivered by it, or to any other person, and such legal warehouse receipts shall be considered as adequate collateral to the extent of the usual and current value of the commodity represented thereby. If such warehouse is licensed, or licensed and bonded under the laws of this state, or of the United States, its warehouse receipt delivered to the association on commodities of the association or its members, shall not be challenged or discriminated against because of ownership or control, wholly or in part, by the association.
Renumbered from R.S.1950, §12:372 by Acts 1968, No. 105, §3, eff. Jan. 1, 1969.