Louisiana Administrative Code

A. The central registry will be administered by the secretary of state and operated by the Uniform Commercial Code Division of the office. Any notices, petitions, documents, or other correspondence shall be addressed to the: Louisiana Secretary of State Uniform Commercial Code Di…

A. The EFS must: 1. be an original or reproduced copy thereof; and 2. contain: a. the name and address of the secured party; b. the name and address of each person subjecting the farm product to the security interest: i. in the case of a natural person, the surname (last name or …

A. The proper place to file in order to perfect a security interest in farm products is with the clerk of court of any parish (the “filing officer”). B. Security devices affecting farm products must be accompanied by a properly completed effective financing statement (EFS) or the…

A. Any statement of continuation, amendment, release, continuation, termination, or other similar statement pertaining to an effective financing statement shall identify the initial file number and shall be filed with the same filing officer with whom the effective financing stat…

A. Any person may register with the central registry to receive the master list or a portion thereof. Applications for registration shall consist of two types: 1. initial registrations: a. an initial registration application may be filed at any time of the year. Within five worki…

A. The secretary shall compile all information transmitted by the filing officers to the central registry into a master list. The master list or portions thereof will be distributed to each registrant based on the farm products and parishes for which the registrant has indicated …

A. Upon written request submitted to the filing officers, the filing officers shall furnish oral confirmation to any person of the existence of an EFS filed with a filing officer and transmitted to the central registry. The request shall contain: 1. the name, address, and telepho…

A. Encumbrance certificates may be requested from any filing officer. The request must be in writing. Each request shall be subject to the following provisions. 1. The request shall contain the name and address of the person making the request. 2. The request shall contain the co…

A. Louisiana shall be deemed to be a state that has established a central registry as to all farm products produced in Louisiana. Notwithstanding the foregoing, only those farm products which have been assigned a collateral product code and approved by the secretary as falling wi…

A. In accordance with R.S. 3:3657, the fees shall be assessed by the filing officers for filing, recording and canceling effective financing statements for Forms UCC-1F and UCC-3F. B. Registration (initial and renewal) for the master list of farm product encumbrances shall be ass…

A. The names and addresses of the 64 filing officers for the state of Louisiana can be obtained from the Department of State, Commercial Division, Office of Uniform Commercial Code/Central Registry at (225) 925-4701.

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. 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. Wherever in these rules and regulations the masculine is used, it includes the feminine and vice versa; wherever the singular is used, it includes the plural and vice versa. Act―R.S. 3:4101 et seq., the Dairy Stabilization Law. Administrative Cost―includes those direct additio…

A. The chairman shall preside at all meetings, provided that in the absence of the chairman, the vice-chairman shall preside. B. The board shall meet upon the call of the chairman or the commissioner. C. The board may conduct at least one meeting during each quarter or may meet m…

A. Each retailer, distributor, processor or any person must be licensed by the board or the commissioner prior to and while conducting any business of buying and/or selling dairy products. B. The board or the commissioner shall maintain a list of each retailer of dairy products. …

A. Pursuant to R.S. 3:4101, an assessment of $0.03 per hundredweight is hereby levied upon the first sale of dairy products within the state of Louisiana by the processor, distributor or retailer licensee who sells such product. The assessment shall be due and payable on all sale…

A. Any licensed retailer desiring to receive a volume discount from its suppliers must first be approved by the board or commissioner to receive a volume discount. To be approved by the board or commissioner, the retailer must complete a volume discount eligibility application, o…

A. Any licensed processor may adopt a milk case deposit program provided that those licensees who adopt a milk case deposit program shall: 1. give written notice providing clear, express and written detail of the program to all persons or entities to whom the program applies; 2. …

A. Upon the belief that the Act or these rules and regulations may have been or will be violated, the board or commissioner may take the deposition of any person, firm or corporation for the purpose of investigating alleged violations or potential violations of the Act or these r…

A. No person shall violate any provision of the Act or these rules and regulations. B. No person shall engage in any disruptive trade practices.

A. Disruptive trade practices are any act or acts by any person in commerce where the effect of such act or acts may tend to substantially lessen competition or tend to create a monopoly in the sale of dairy products; or which tend to injure, reduce, prevent, or destroy competiti…

A. The omission by a licensee of any of the following requirements constitutes a violation of these rules and regulations and failure to comply with same can result in suspension or revocation of license, in addition to any other penalty provided by law or these rules and regulat…

A. The following acts are specifically declared as not constituting disruptive trade practices and are not prohibited: 1. the giving of advertising novelties unless the nature or value of the advertising novelty is such that the giving of such advertising novelty constitutes an i…

A. Sales below Cost 1. Upon proof being made at any adjudicatory hearing that a licensee has advertised, offered to sell, or sold dairy products at less than cost as defined herein plus applicable taxes, the licensee shall be presumed in violation of the regulations proscribing s…

A. Upon probable cause the board or commissioner may issue a cease and desist order to any licensee, describing with particularity the acts or omissions which the board or commissioner believes to constitute a violation of the Act or these rules or regulations and ordering such l…

A. Neither the board, the commissioner, nor any agent nor representative of either shall disclose any financial or business information of any licensee which is acquired or collected in the enforcement of the Act or these rules and regulations, except as provided by R.S. 3:4110.

A. The commissioner may, from time to time, in accordance with the authority granted to him under R.S. 36:901(B), delegate to the board any of the authority and/or duties reserved to the commissioner.