Terms Used In Louisiana Revised Statutes > Title 34 > Chapter 28 - Madison Parish Port Commission

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assistant secretary: means the assistant secretary of the office of conservation within the Department of Energy and Natural Resources or his authorized representatives. See Louisiana Revised Statutes 30:82
• Bonds: means revenue bonds, notes, certificates, or other evidences of indebtedness issued by an issuer pursuant to Louisiana Revised Statutes 30:82
• Commission: means the Oilfield Site Restoration Commission. See Louisiana Revised Statutes 30:82
• Commissioner: means the Commissioner of Conservation of the State of Louisiana. See Louisiana Revised Statutes 30:3
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Department of Energy and Natural Resources. See Louisiana Revised Statutes 30:82
• Ex officio: Literally, by virtue of one's office.
• Fund: means the Oilfield Site Restoration Fund. See Louisiana Revised Statutes 30:82
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Orphaned oilfield site: means an oilfield site which has no continued useful purpose for the exploration, production, or development of oil or gas and which has been declared to be an orphaned oilfield site by the assistant secretary under Louisiana Revised Statutes 30:82
• Owner: means the person, including operators and producers acting on behalf of the person, who has or had the right to drill into and to produce from a pool and to appropriate the production either for himself or for others. See Louisiana Revised Statutes 30:3
• 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: means any natural person, corporation, association, partnership, receiver, tutor, curator, executor, administrator, fiduciary, or representative of any kind. See Louisiana Revised Statutes 30:3
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• Proxy voting: The practice of allowing a legislator to cast a vote in committee for an absent legislator.
• Quorum: The number of legislators that must be present to do business.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Responsible party: means the operator of record according to the office of conservation records, who last operated the property on which the oilfield site is located at the time the site is about to be abandoned, ceases operation, or becomes an unusable oilfield site, and that operator's partners and working interest owners of that oilfield site. See Louisiana Revised Statutes 30:82
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Secretary: means the secretary of the Department of Energy and Natural Resources. See Louisiana Revised Statutes 30:82
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Site restoration: means any and all oilfield site restoration activities required of a responsible party of an oil or gas property by regulations adopted by the office of conservation pursuant to this Subtitle, including without limitation plugging of oil and gas wells, pit closure, site remediation, and removal of oilfield equipment. See Louisiana Revised Statutes 30:82
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.