™Your Policy Risk Impact Agent
0 chapters · 764 sections in this title.
La. Rev. Stat. § 6:614 Mutual funds
1.7K chars
§614. Mutual funds A. A trust company may invest for its own account in equity securities of an investment company registered under the Investment Company Chapter of 1940 (15 U.S.C. Section 80a-1 et seq.) and the Securities Chapter of 1933 (15 U.S.C. Section 77a et seq.) if the p…
La. Rev. Stat. § 6:615 Engaging in commerce prohibited
0.4K chars
§615. Engaging in commerce prohibited Except as otherwise provided by this Chapter or rules adopted under this Chapter, a trust company may not invest its funds in trade or commerce by buying, selling, or otherwise dealing in goods or by owning or operating a business not part of…
La. Rev. Stat. § 6:621 Borrowing limit
0.3K chars
§621. Borrowing limit Except with the prior written approval of the commissioner, a trust company may not have outstanding liabilities exceeding an amount equal to three times its capital. However, the commissioner may impose a lower limit consistent with the safety and soundness…
La. Rev. Stat. § 6:622 Pledge of assets
0.3K chars
§622. Pledge of assets A trust company may not pledge or create a lien on any of its assets except to secure the repayment of money borrowed or authorized or required by this Chapter or by rules adopted under this Chapter. An act, deed, conveyance, pledge, or contract in violatio…
La. Rev. Stat. § 6:623 Fiduciary responsibility
0.5K chars
§623. Fiduciary responsibility The board of a trust company is responsible for the proper exercise of fiduciary powers by the trust company and each matter pertinent to the exercise of fiduciary powers, including determination of policies, investment, and disposition of property …
La. Rev. Stat. § 6:624 Reports of apparent crime
0.8K chars
§624. Reports of apparent crime A trust company that is the victim of a robbery, that has a shortage of corporate or fiduciary funds in excess of five thousand dollars, or that is the victim of an apparent or suspected misapplication of its corporate or fiduciary funds or propert…
La. Rev. Stat. § 6:625 Out-of-state activities
1.1K chars
§625. Out-of-state activities To the extent allowed by the laws of another state, a Louisiana trust company may establish and maintain trust offices or solicit and market trust services in a state other than Louisiana by adhering to the following: (1) To establish a trust office …
La. Rev. Stat. § 6:626 Out-of-state trust companies
1.4K chars
§626. Out-of-state trust companies A.(1) An out-of-state trust company may act as a fiduciary from a trust office only if both of the following conditions are met: (a) The out-of-state trust company maintains a trust office in the state of Louisiana. (b) In the state where the ou…
La. Rev. Stat. § 6:627 Interstate supervision and regulation
0.4K chars
§627. Interstate supervision and regulation The commissioner may rely upon applications, notifications, and examination reports provided by the appropriate home states or federal regulator, or enter into agreements with other state regulators to supervise and regulate the trust a…
La. Rev. Stat. § 6:641 Organization; act of incorporation
5.0K chars
§641. Organization; act of incorporation A.(1) A credit union is a cooperative, nonprofit association, incorporated under the provisions of this Chapter for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest…
La. Rev. Stat. § 6:641.1 Public policy
0.5K chars
§641.1. Public policy It is the declared public policy of the state of Louisiana to encourage and to foster the development of credit unions under a dual chartering system of the state and federal governments. In order to carry out this policy, the office of financial institution…
La. Rev. Stat. § 6:642 Amendments of act of incorporation; commissioner's approval
0.7K chars
§642. Amendments of act of incorporation; commissioner's approval At a general meeting convened for that purpose, or at any annual meeting after notice mailed at least ten days previous to the date of the meeting and directed to the last known address of each member of record as …
La. Rev. Stat. § 6:643 Restriction of the use of term credit union
0.6K chars
§643. Restriction of the use of term credit union A. Except for corporations formed under the provision of this Chapter, any person, partnership, firm, or corporation using any name or title containing the words "credit union" shall be fined not less than one hundred dollars or m…
La. Rev. Stat. § 6:644 Powers
7.2K chars
§644. Powers A. Every credit union incorporated pursuant to or operating under the provisions of this Chapter shall have all the powers enumerated, authorized, and permitted by this Chapter and such other rights, privileges, and powers as may be incidental to or reasonably necess…
La. Rev. Stat. § 6:645 Membership
2.2K chars
§645. Membership A. The membership shall consist of the incorporators and such natural persons as have been duly elected to membership and have subscribed to one or more shares and have paid for the same in whole or in part with the entrance fee as required by the charter and by-…
La. Rev. Stat. § 6:646 Supervision by commissioner; suspension or revocation of charter; liquidation; reports; examination fees
6.1K chars
§646. Supervision by commissioner; suspension or revocation of charter; liquidation; reports; examination fees A.(1)(a) Credit unions are under the supervision of the commissioner. The commissioner may prescribe rules and regulations for the administration of this Chapter and for…
La. Rev. Stat. § 6:646.1 Involuntary dissolution; distribution of assets
0.9K chars
§646.1. Involuntary dissolution; distribution of assets A. All claims against the assets of an association whose deposits are insured by an agency of the federal government or other approved insurer, proved to the receiver's satisfaction or approved by the receivership court, sha…
La. Rev. Stat. § 6:647 Fiscal year; meetings; regulations as to voting
1.0K chars
§647. Fiscal year; meetings; regulations as to voting A. The credit union fiscal year shall end at the close of business on the thirty-first day of December. B. Special meetings of the members of the credit union may be held by order of the board of directors or of the supervisor…
La. Rev. Stat. § 6:648 Elections; oath of office
2.1K chars
§648. Elections; oath of office A. At an annual meeting the members shall elect a board of directors, and, where bylaws provide, a credit committee, and a supervisory committee. No member of the board shall be a member of either of the committees. All members of the board and com…
La. Rev. Stat. § 6:649 Directors; officers; compensation
4.4K chars
§649. Directors; officers; compensation A.(1) The management of a credit union organized under this Chapter shall be by a board of directors, a supervisory committee, and, when the bylaws so provide, a credit committee. (2) At the first meeting after the annual meeting of the mem…
La. Rev. Stat. § 6:649.1 Relation and liability of directors and officers to a credit union and its members
2.9K chars
§649.1. Relation and liability of directors and officers to a credit union and its members A. Credit union officers and directors shall be deemed to stand in a fiduciary relationship to their credit union and its members and shall discharge the duties of their respective position…
La. Rev. Stat. § 6:649.2 Actions against directors and officers of credit unions
2.0K chars
§649.2. Actions against directors and officers of credit unions A. No action for damages against any director or officer of a credit union for breach of contract with the credit union in the capacity of director or officer, or for breach of his duty as a director or officer, incl…
La. Rev. Stat. § 6:650 Credit committee
2.2K chars
§650. Credit committee A.(1) If the bylaws provide for a credit committee, then pursuant to the provisions of the bylaws, the board of directors may appoint, or the members may elect, a credit committee. The credit committee shall hold such meetings as the business of the credit …
La. Rev. Stat. § 6:650.2 Educational committee
0.4K chars
§650.2. Educational committee The credit union may establish, in a manner provided for in the bylaws, an educational committee. The committee shall plan, and, with approval of the board of directors, carry out programs to inform members and potential members of the objectives, pr…
La. Rev. Stat. § 6:651 Supervisory committee; examination and report
1.5K chars
§651. Supervisory committee; examination and report A.(1) Pursuant to the provisions of the bylaws, the board of directors may appoint, or the members may elect, a supervisory committee. The supervisory committee shall at frequent intervals inspect the securities, cash, and accou…
La. Rev. Stat. § 6:652 Capital
0.9K chars
§652. Capital The capital of a credit union shall consist of the payments that have been made to it by the several members thereof on shares. A credit union shall have a privilege on the shares of any member and on the dividends payable thereon for and to the extent of any loan m…
La. Rev. Stat. § 6:652.1 Types of capital
0.7K chars
§652.1. Types of capital A credit union may issue any type or kind of share or savings account representing savings of members of the credit union as may be authorized by the board of directors of the credit union, and may agree to pay an additional or different rate of dividend …
La. Rev. Stat. § 6:652.2 Share and share certificate accounts as legal investments
3.1K chars
§652.2. Share and share certificate accounts as legal investments A.(1) Administrators, executors, custodians, conservators, guardians, tutors, curators, trustees, and other fiduciaries of every kind and nature; insurance companies, business and manufacturing companies, banks, tr…
La. Rev. Stat. § 6:652.3 Members' share capital
0.1K chars
§652.3. Members' share capital The credit union's financial statements shall classify members' share capital as equity. Acts 1989, No. 495, §4.
La. Rev. Stat. § 6:653 Shares of minors and in trust
0.2K chars
§653. Shares of minors and in trust Shares may be issued in the name of a minor and in trust in such manner as the charter may provide. When shares are so issued the name of the beneficiary must be disclosed to the credit union.
La. Rev. Stat. § 6:653.1 Trust deposits; death of depositor; payment
2.2K chars
§653.1. Trust deposits; death of depositor; payment A. Upon the death of a member who has deposited a sum in any federal or state credit union account evidencing an intention that upon the death of the member, the funds shall belong to the named beneficiary or beneficiaries of th…
La. Rev. Stat. § 6:653.2 Pledge of share accounts; rights and remedies
3.7K chars
§653.2. Pledge of share accounts; rights and remedies A. Notwithstanding the provisions of Civil Code Articles 1893 et seq., compensation takes place by operation of law between shares held on deposit with a credit union organized as provided by law or with a federal credit union…
La. Rev. Stat. § 6:653.3 Ownership of shares
0.5K chars
§653.3. Ownership of shares A credit union may conclusively rely on any membership application, agreement, or signature card used to establish a share account as establishing ownership of any shares and other credits deposited therein, and may consider and treat any funds on shar…
La. Rev. Stat. § 6:653.4 Death of member or account owner; access and transfer of accounts, shares, and
4.0K chars
§653.4. Death of member or account owner; access and transfer of accounts, shares, and property to succession representative, heirs, legatees, and legal representative A. For all purposes, credit union may conduct business in accordance with its bylaws, membership agreements, and…
La. Rev. Stat. § 6:654 Rates of interest
1.5K chars
§654. Rates of interest A. Notwithstanding any other provision of the law to the contrary, a credit union may lend to its members at such maximum fixed rates or maximum variable rates of interest, as provided for in the bylaws of the credit union, which have been approved by the …
La. Rev. Stat. § 6:655 Power to borrow
0.5K chars
§655. Power to borrow A. A credit union may borrow from any source, but the total of such borrowing at no time shall exceed fifty percent of its paid in and unimpaired capital and surplus. B. The limitation in Subsection A of this Section shall not apply to a central or corporate…
La. Rev. Stat. § 6:656 Loans
5.2K chars
§656. Loans A. A credit union may make loans, under terms and conditions specified in the bylaws, to its members, and extend lines of credit to its members, to other credit unions, and to credit union organizations, and to participate with other credit unions, credit union organi…
La. Rev. Stat. § 6:658 Dividends
1.7K chars
§658. Dividends A. At such intervals as the board of directors may authorize and after provision for the required reserve and subject to applicable federal regulations, the board of directors may declare a dividend to be paid, at different rates on different types of shares, and …
La. Rev. Stat. § 6:659 Expulsion and withdrawal of members
1.7K chars
§659. Expulsion and withdrawal of members A.(1) At any regularly called meeting the members may, by a two-thirds vote of those present, expel any member from the corporation for cause. A member may withdraw from a credit union, as provided in this Chapter, by filing a written not…
La. Rev. Stat. § 6:659.1 Inactive accounts
1.1K chars
§659.1. Inactive accounts Notwithstanding any other provision of law to the contrary, if any credit union domiciled in Louisiana is unable to contact a member, beneficiary or other person via first class mail at the last address shown on the records of the credit union, and if su…
La. Rev. Stat. § 6:659.2 Federally insured credit unions; abandonment of safety deposit box
0.3K chars
§659.2. Federally insured credit unions; abandonment of safety deposit box The provisions of R.S. 6:327 and 327.1 shall apply to abandonment of a safety deposit box leased from a federally insured credit union. Acts 2019, No. 188, §1; Acts 2020, No. 236, §1.
La. Rev. Stat. § 6:660 Voluntary dissolution
3.6K chars
§660. Voluntary dissolution A. A credit union may elect to dissolve voluntarily and liquidate its affairs in the manner prescribed in this Section. B. The board of directors shall adopt a resolution recommending the credit union be dissolved voluntarily, and directing that the qu…
La. Rev. Stat. § 6:661 Change of place of business
0.1K chars
§661. Change of place of business A credit union may change its place of business upon written notice to the commissioner.
La. Rev. Stat. § 6:661.1 Branch offices
1.1K chars
§661.1. Branch offices A. A credit union which meets all of the following criteria may open one or more branch offices, without prior approval of the commissioner, by giving the commissioner at least ten days notice prior to the opening of the branch office: (1) The most recent c…
La. Rev. Stat. § 6:662 Taxation
0.5K chars
§662. Taxation A credit union is an institution for savings. It, together with all accumulations therein, is not subject to taxation except as to immovable property owned. The shares of a credit union are not subject to a stock transfer tax when issued by the corporation or when …
La. Rev. Stat. § 6:662.1 Fiscal agents and depositories
0.9K chars
§662.1. Fiscal agents and depositories Each credit union organized under this Chapter, when requested by the secretary of the treasury, may act as fiscal agent of the United States and may perform such services as the secretary of the treasury may require in connection with the c…
La. Rev. Stat. § 6:663 Money deposited by minors
0.4K chars
§663. Money deposited by minors Money deposited in shares in credit unions doing business in this state by minors themselves may be drawn out by them upon their own signature without other authorization. The credit union shall prescribe limitations and procedures for minor accoun…
La. Rev. Stat. § 6:664 Money deposited in a multiple party account
3.2K chars
§664. Money deposited in a multiple party account A. In addition to the provisions of R.S. 6:653.4, when a deposit in a share account is made in any credit union under the names of two or more members payable to any one of such members, that share account or any part of it or any…
La. Rev. Stat. § 6:665 Bylaws
1.6K chars
§665. Bylaws A. The members of a credit union may make, amend and repeal the by-laws of the credit union. This power may be expressly vested by the articles, or by a by-law adopted by the members, in the board of directors, subject always to the power of the members to change the…
La. Rev. Stat. § 6:666 Constitutionality
0.5K chars
§666. Constitutionality If any clause, sentence, paragraph or part of this Chapter for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder of said Chapter, but shall be confined in its ope…
