La. Admin. Code tit. 10 § V-507
Current through Register Vol. 50, No. 11, November 20, 2024
Section V-507 - Content of Proposed Stock Articles of Incorporation and By-LawsA. Articles of Incorporation. As part of the application, the applicant shall submit to the commissioner proposed amended articles of incorporation as a capital stock savings and loan association which shall comply with the requirements of R.S. 6:942 with regard to de novo stock articles of incorporation, except that Subsections (5) and (8) of R.S. 6:942 shall not apply to the amended articles of incorporation for a Louisiana-chartered mutual savings and loan association converting to stock form. The proposed amended articles of incorporation shall specify that the name of the applicant, upon conversion, shall contain the wording "corporation," "incorporated," "limited," or "company," an abbreviation of one of such words or other words sufficient to distinguish capital stock associations from mutual associations. The proposed amended articles of incorporation shall also state that the stock savings and loan association resulted from the conversion of the association from mutual form.B. By-Laws. As part of the application, an applicant shall submit to the commissioner proposed stock by-laws which shall be similar as to content and form as the stock by-laws specified by the Federal Home Loan Bank Board for federally-chartered stock savings and loan associations, except to the extent that such federal stock by-laws are inconsistent with Louisiana law.La. Admin. Code tit. 10, § V-507
Promulgated by the Department of Commerce, Office of Financial Institutions, LR 6:714 (December 1980).AUTHORITY NOTE: Promulgated in accordance with R.S. 6:705 and R.S. 6:948.