La. Admin. Code tit. 10 § XV-1710

Current through Register Vol. 50, No. 11, November 20, 2024

Section XV-1710 - Directors and Officers

A. Election of Directors or Managers. At least 30 days prior to the election of any person as the director or manager of a LCDFI, such LCDFI and such director or manager shall file with the commissioner a report containing the following information:

1. name, address and occupation of the proposed director or manager;

2. title of any office which the director or manager previously held with the LCDFI;

3. anticipated election date of the director or manager;

4. manner of election of the director or manager (that is, whether by the board or by the shareholders);

5. in case a director or manager is not an incumbent director or executive officer of the LCDFI, the LCDFI shall provide:

a. a personal financial statement and confidential resume on a form prescribed by the commissioner, containing the information called for therein, as of a date within 90 days before the filing of the report and signed by the proposed director or manager.

B. Appointment of Executive Officers. At least 30 days prior to the appointment of any person as an executive officer of a LCDFI, such LCDFI and such executive officer(s) shall file with the commissioner a report containing the following information:

1. name and address of the executive officer;

2. title of the office to which the executive officer will be appointed;

3. a summary of the duties of the office to which the executive officer will be appointed;

4. title of any office which the executive officer previously held with the LCDFI and title of any office (other than the office to which the executive officer was will be appointed) which the executive officer currently holds with the LCDFI;

5. the LCDFI shall provide a personal financial statement and confidential resume on the form prescribed by the commissioner, containing the information called for therein, dated as of a date within 90 days before the filing of the report, and signed by the newly appointed executive officer.

C. Notification. Following approval by the Office, each LCDFI shall provide to the commissioner a written notice stating the effective date of the newly elected/appointed director, manager, or executive officer. Said notice must be received by the Office within 30 days of the stated effective date.

La. Admin. Code tit. 10, § XV-1710

Promulgated by the Office of the Governor, Office of Financial Institutions, LR 32:843 (May 2006).

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:3081 et seq.