Louisiana Revised Statutes 6:929 – Rights of association to contest decisions of commissioner
Terms Used In Louisiana Revised Statutes 6:929
- 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
- Depositor: means a holder of a savings, demand, or other type of deposit account of an association. See Louisiana Revised Statutes 6:703
- Member: means a person or entity holding a savings or demand account of or shares of a mutual association, and may include a person borrowing from or assuming or obligated upon a loan or interest therein held by such association if such is authorized by the charter or the bylaws of the association. See Louisiana Revised Statutes 6:703
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Stockholder: means the owner of one or more shares of any class of capital stock of a capital stock association. See Louisiana Revised Statutes 6:703
Whenever any controversy has arisen between the commissioner and an association with respect to any question of law or regulation or with respect to any other question involving immeasurable or irreparable damage to the association, including but not limited to any decision by the commissioner to close the association and take possession, the members or stockholders of the association or the board of directors, may by a two-thirds vote of the members or stockholders or directors present in person, or by proxy, at a meeting called for such purpose, authorize an officer of the association to apply to the district court for a declaratory judgment as to such question. Nothing contained herein precludes any member, stockholder, depositor, or borrower from exercising any right provided him individually under the laws of this state.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.