Louisiana Revised Statutes 12:993 – Dissolution
Terms Used In Louisiana Revised Statutes 12:993
- 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 dental corporation: means a corporation organized pursuant to this Chapter for the practice of dentistry. See Louisiana Revised Statutes 12:981
A. The fact that it has no voting shareholders shall be an additional ground for involuntary dissolution of a professional dental corporation.
B. In the event of the death of a shareholder of a professional dental 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.
C. The fact that there are no persons qualified as membership interest owners shall be an additional ground for the involuntary dissolution of a limited liability company.
D. In the event of the death of a membership interest owner of a dental limited liability company, said membership interest owner’s succession representative or those placed in possession of said membership interest owner if there is no administration of the succession, as the case may be, shall be entitled to vote the membership interest of said membership owner and to be elected as manager of the dental limited liability company for the sole purpose of effectuating a voluntary dissolution and liquidation of the dental limited liability company, in or out of court, pursuant to the Louisiana Business Limited Liability Company Law.
Added by Acts 1970, No. 127, §1. Amended by Acts 1972, No. 81, §1; Acts 1995, No. 488, §1.