Louisiana Revised Statutes 6:712 – Corporate name
Terms Used In Louisiana Revised Statutes 6:712
- Association: means a savings association, thrift institution, homestead, building and loan association, savings and loan association, or society, including both capital stock and mutual associations. See Louisiana Revised Statutes 6:703
- Commissioner: means the commissioner of financial institutions, of the state of Louisiana, in his capacity as supervisor of associations. See Louisiana Revised Statutes 6:703
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. An association shall not adopt a corporate name which indicates or implies that it is organized for any purpose other than one or more of the purposes contained in its articles of incorporation.
B. An association may change its name with consent of the commissioner.
C.(1) No person, firm, company, association, fiduciary, partnership, or corporation, either domestic or foreign, unless it is lawfully authorized to do business in this state under the provisions of this Chapter and actually engaged in carrying on a savings association business shall do business under any name or title which contains the terms “homestead savings association,” “savings and loan association,” “building and loan association,” “building association,” “savings association,” “savings,” or any combination employing either or both of the words “building” or “loan” with one or more of the words “saving,” “savings,” or any combination employing one or more of the words “saving,” “savings,” with one or more of the words “association,” “institution,” “society,” “company,” “fund,” “corporation,” or use any name or sign or circulate or use any letterhead, billhead, circular, or paper whatever, or advertise or represent in any manner which indicates or reasonably implies that his or its business is of the character or kind of business carried on or transacted by a savings and loan association or which is likely to lead any person to believe that its business is that of a savings and loan association.
(2) Upon application by the commissioner or any association, a court of competent jurisdiction may issue an injunction to restrain any such entity from violating or continuing to violate any of the foregoing provisions of this Section.
(3) Any violation of the provisions of this Section shall be punishable by a fine of not more than one thousand dollars, and each day of violation shall constitute a separate offense.
D.(1) The words “homestead”, “building and loan”, “savings and loan”, or “savings” shall form a part of the name of every local association organized subsequent to July 27, 1932. Corporations existing prior to December 31, 1982, as building and loan or homestead associations, savings associations, savings and loan associations, societies, or companies, may continue their present name or may use any other names authorized in this Section. An ordinal number may not be used as a single descriptive word preceding the words “Savings Association”, or “Savings and Loan Association”, unless such words are followed by the words “of ________”, the blank being filled by the name of the community, town, city, or parish in which the association has its home office. An ordinal number may be used together with another descriptive word, preceding the words “Savings Association” or “Savings and Loan Association” provided the other descriptive word has not been used in the corporate name of any other association in the state, in which case the suffix mentioned above is not required to be used. An ordinal number may be used together with another descriptive word, preceding the words “Savings Association” or “Savings and Loan Association”, even when such other descriptive word has been used in the corporate name of an association in the state, provided the suffix “of ________”, as provided above, is also used. The suffix provided above may be used in any corporate name.
(2) The use of the words, “National,” “Federal,” “United States,” “Insured,” “Guaranteed,” or any form thereof, separately or in any combination thereof with other words or syllables, is prohibited as part of the corporate name of an association.
(3) No certificate of incorporation of a proposed association having the same name as a corporation authorized to do business under the laws of this state or a name so nearly resembling it as to be likely to deceive shall be issued by the commissioner, except to an association formed by the reincorporation, reorganization, or consolidation of the association with other associations, or upon the sale of the property or franchise of an association.
(4) Corporations existing as associations prior to the effective date of this Chapter may continue their present name or may use any of the names authorized in this Section.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1; Acts 1986, No. 163, §1; Acts 1997, No. 42, §1.