Louisiana Revised Statutes 12:905 – Shares
Terms Used In Louisiana Revised Statutes 12:905
- 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.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- professional medical corporation: means a corporation organized pursuant to this Chapter for the practice of medicine or podiatry. See Louisiana Revised Statutes 12:901
A. There shall be only one class of shares of a professional medical corporation, denominated common shares which shall be either with or without par value.
B. Either a shareholder who is a natural person duly licensed to practice medicine in this state, and who holds his shares in his own right, or another professional medical corporation, shall be entitled to vote such shares, and to participate in the corporation’s earnings. Any other shareholder shall have no voting rights for any purpose whatever, shall not participate in the corporation’s earnings, and shall have no access to any records or communications pertaining to medical services rendered by, or any other affairs of, the corporation, except as provided in La. Rev. Stat. 12:913(B).
C. La. Rev. Stat. 12:33 shall not apply to professional medical corporations.
Added by Acts 1968, No. 27, §1. Amended by Acts 1972, No. 319, §1; Acts 1979, No. 172, §1.