Louisiana Revised Statutes 9:2991.8 – Rescission shall not be effective against a party obligated to make or in fact making royalty or other payments until sixty days after that party is furnished with a certified copy o
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Terms Used In Louisiana Revised Statutes 9:2991.8
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
Rescission shall not be effective against a party obligated to make or in fact making royalty or other payments until sixty days after that party is furnished with a certified copy of the notice of rescission.
Acts 2016, No. 179, §1, eff. May 19, 2016.