Louisiana Administrative Code

A. Contracts exceeding the amounts provided in Section 305 shall be awarded as provided for in this Chapter. B. Contracts for $100,001 or more and Social Service contracts for $250,001 or more, within a 12-month period, shall be awarded in accordance with regulations issued by LE…

A. This rule is enacted pursuant to the Louisiana Savings Bank Act of 1990. Except as the commissioner may otherwise determine, the provisions of this rule shall exclusively govern the conversion of Louisiana state-chartered savings banks from mutual to capital stock and no state…

A. For purposes of this rule, the following terms shall have the following meanings. Acting in Concert― a. knowing participation in a joint activity or interdependent conscious parallel action towards a common goal whether or not pursuant to an express agreement; or a combination…

A. Each plan of conversion shall contain all of the following provisions. 1. Stock Valuation. The converting savings bank shall issue and sell its capital stock at a price based on an independent valuation in accordance with §331.F. The sale price of the shares of capital stock s…

A. A plan of conversion may provide any of the following, subject to the stated restrictions. 1. Timing of Public Offerings. The converting savings bank may commence the direct community offering or the public offering, or both, concurrently with or at any time during the subscri…

A. Unless otherwise provided in the plan of conversion, the amount of the qualifying deposit of an eligible account holder or a supplemental eligible account holder shall be the total of the deposit balances in the person's deposit accounts in the converting savings bank as of th…

A. Prohibited Transfers. Except as provided in Paragraph D.1, 2 or 5 of this Section, prior to the completion of a conversion, no person shall transfer or receive, or enter into any agreement to transfer or receive, the legal or beneficial ownership of conversion subscription rig…

A. In the offer, sale or purchase of securities issued incident to its conversion, no savings bank or any director, officer, attorney, agent or employee thereof shall: 1. employ any device, scheme, or artifice to defraud; or 2. obtain money or property by means of any untrue stat…

A. Requirement. At the time of conversion, each applicant shall establish a liquidation account in an amount equal to the amount of net worth of the converting savings bank prior to conversion. The applicant shall use the net worth figure no later than that set forth in its lates…

A. The commissioner may disapprove an application for conversion if: 1. the plan of conversion adopted by the applicant's board of directors is not in compliance with this rule or policies of OFI, or would violate another law or regulation; 2. the conversion would cause the appli…

A. Stock Repurchases Prohibited. A converted savings bank shall, pursuant to R.S. 6:1341, be subject to the provisions of R.S. 6:416, which prohibits the savings bank from purchasing or owning directly or indirectly any of its own stock or the stock of its parent company unless t…

A. Keeping Conversion Plans Confidential. A savings bank considering converting under this rule and its directors, officers and employees shall keep such consideration confidential and shall only discuss the potential conversion as necessary to prepare information for filing an a…

A. Promptly after the adoption of a plan of conversion by not less than two-thirds of its board of directors: 1. the savings bank shall: a. notify its members of the action by publishing notice in a newspaper having general circulation in each community in which the home office a…

A. Form of Required Publication. Upon the commissioner's determination that an application for conversion is properly executed and is materially complete, he or she shall advise the applicant, in writing, to promptly publish a notice of the filing of the application. After receip…

A. Solicitations to Which This Rule Applies. This Section applies to every solicitation of a proxy from a member of a savings bank for the meeting at which a conversion plan will be voted upon, except the following. 1. Any solicitation made other than on behalf of the management …

A. Procedure. Following approval by the commissioner, the plan of conversion shall be submitted to a meeting of members under provisions of the savings bank's articles of incorporation or bylaws or both. B. Determining Members Eligible to Vote. The record date for determining tho…

A. General 1. No offer to sell securities of an applicant under a plan of conversion may be made prior to approval by the commissioner of the application for conversion and of the proxy statement. 2. No offering circular may be provided to any person in connection with an offer o…

A. The commissioner may adopt internal policies relative to the procedural requirements for filing an application for conversion pursuant to this rule.

A. A savings bank may convert to stock form under this rule as part of a transaction in which a stock holding company is organized to acquire upon issuance all the capital stock of the converted savings bank. In this type of transaction, eligible account holders, supplemental eli…

A. A savings bank may convert to stock form under this rule as part of a transaction in which an existing stock holding company acquires upon issuance all the capital stock of the converted savings bank. In this type of transaction, the eligible account holders, supplemental elig…

A. A savings bank may convert to stock form by merging with an existing stock savings bank as part of a transaction in which the equity securities of the existing stock savings bank are issued. In a transaction in which the existing stock savings bank is the surviving institution…

A. A savings bank may convert to the stock form under this rule by merging into an existing stock savings bank which is a wholly-owned subsidiary of a stock holding company. In this type of transaction, the eligible account holders, supplemental eligible account holders, and voti…

A. The commissioner may enforce this rule or any policy adopted hereunder, pursuant to the provisions of R.S. 6:121.1.

A. General. Except as specifically exempted by R.S. 47:608, R.S. 47:601 imposes a corporation franchise tax, in addition to all other taxes levied by any other statute, on all domestic corporations, for the right granted by the laws of this state to exist as such an organization …

A. Taxable Capital. Every corporation subject to the tax imposed by R.S. 47:601 must determine the total of its capital stock, as defined in R.S. 47:604, its surplus and undivided profits, as defined in R.S. 47:605, and its borrowed capital, as defined in R.S. 47:603, which total…

A. General 1. As used in this Chapter, borrowed capital means all indebtedness of a corporation, subject to the provisions of this Chapter, maturing more than one year from the date incurred, or which is not paid within one year from the date incurred regardless of maturity date.…

A. For the purpose of determining the amount of capital stock upon which the tax imposed by R.S. 47:601 is based, such stock shall in every instance have such value as is reflected on the books of the corporation, subject to whatever increases to the recorded book values may be f…

A. Determination of Value―Assets 1. For the purpose of determining the tax imposed by R.S. 47:601, there are statutory limitations on both the maximum and minimum amounts which shall be included in the taxable base with respect to surplus and undivided profits. The minimum amount…

A. General Allocation Formula. Every corporation subject to the corporation franchise tax must determine the extent to which its entire franchise taxable base is employed in the exercise of its franchise within this state. For all taxpayers other than those in the business of man…

A. General 1. Corporations organized for the purposes described in §308.B.1-15 of this Section are fully exempt from the payment of Louisiana Corporation Franchise Tax. Only those corporations which meet the prescribed standards of organization, ownership, control, sources of inc…

A. The corporation franchise tax becomes due on the first day of each calendar or fiscal year in which a corporation is subject to the tax, and is based on its entire issued and outstanding capital stock, surplus, and undivided profits, and borrowed capital determined as of the c…

A. Every corporation or other entity subject to the franchise tax shall pay only the minimum tax in the first accounting period or fraction thereof in which it becomes subject to the tax. It is immaterial whether the corporation became liable for the tax on the first day or the l…

A. When such application for an extension of time within which to file the report required by this Chapter has been filed, the Secretary of Revenue and Taxation may grant such extension for a period not to exceed six months from the due date of the report prescribed by R.S. 47:60…

A. Fiscal year means an accounting period of 12 months ending on the last day of any month other than December. In the case of a taxpayer that, in keeping its books, regularly uses a 52- to 53-week period permitted under R.S. 47:91(F), the secretary of revenue and taxation may pe…

A. Generally the "books of the corporation" are financial statements that will include an income statement, a balance sheet (listing assets, liabilities, and owners equity including changes thereto), and other appropriate information. The following may be considered applicable fi…

A. A state-chartered credit union may act as a representative of and enter into a contractual agreement with one or more credit unions or other organizations for the purpose of sharing, utilizing, renting, leasing, purchasing, selling, and/or joint ownership of fixed assets or en…

A. Scope. Sections 644(B)(3)(d) and 656(A)(4) of Title 6 of the Louisiana Revised Statutes authorize state-chartered credit unions to invest in and make loans to credit union service organizations. This rule implements that statute by addressing various issues, including monetary…

A. As provided under R.S. 11:1411, the following shall apply. 1. In the case of a death occurring on or after January 1, 2007, if a participant dies while performing qualified military service (as defined in IRC §414(u)), the participant's beneficiary is entitled to any additiona…

A. Death and Disability. As provided under R.S. 11:1614(F), the following shall apply. 1. In the case of a death or disability occurring on or after January 1, 2007, if a member dies or becomes disabled while performing qualified military service (as defined in IRC §414(u)), the …

A. The Criteria in 21 CFR 117 Subpart A, Subpart B and Subpart F (Code of Federal Regulations) shall apply in determining whether the facilities, methods, practices, and controls used in the manufacturing, processing, packing or holding of food are in conformance with or are oper…

A. Unless otherwise specifically provided herein, the following words and terms used in this Part of the sanitary code and all other Parts which are adopted or may be adopted, are defined for the purposes thereof as follows. Adequate―shall be explained in each case in which it is…

A. The plant management shall take all reasonable measures and precautions to assure the following. B. [formerly paragraph 6:042] Disease Control. Employees shall meet the requirements of Part I, §117 of this Code. C. [formerly paragraph 6:043] Cleanliness. All persons, while wor…

A. Personnel responsible for identifying sanitation failures or food contamination should have a background of education or experience, or a combination thereof, to provide a level of competency necessary for production of clean and safe food. Food handlers and supervisors should…

A. Responsibility for assuring compliance by all personnel with all requirements of this Part shall be clearly assigned to competent supervisory personnel.

A. The grounds about a food plant under the control of the operator shall be free from conditions which may result in the contamination of food including, but not limited to, the following Paragraphs in this Section. 1. [formerly paragraph 6:054] Improperly stored equipment, litt…

A. Plant buildings and structures shall be suitable in size, construction, and design to facilitate maintenance and sanitary operations for food-processing purposes. The plant and facilities shall comply with the following paragraphs. 1. [formerly paragraph 6:058] Provide suffici…

A. Each plant shall be equipped with adequate sanitary facilities and accommodations including, but not limited to, the following Paragraphs in this Section. 1. [formerly paragraph 6:064] Water Supply. The water supply shall be sufficient for the operations intended and shall be …

A. Plumbing shall be of size and design and installed and maintained according to Part XIV of this Code. B. [formerly paragraph 6:067] Plumbing shall also meet the following requirements: 1. [formerly paragraph 6:067-1] carry sufficient quantities of water to required locations t…

A. Each plant shall provide its employees with toilet and associated hand washing facilities within the plant according to requirements of LAC 51:XIV.411 and each toilet shall be furnished with toilet tissue. The facilities shall be maintained in a sanitary condition and kept in …

A. Facilities for hand washing and, where appropriate, sanitizing solution shall be provided at each location in the plant where good sanitary practices require employees to wash or sanitize and dry their hands, and at least in areas where foods are handled. Numbers of lavatories…