Title 6, Banks and Banking
0 chapters · 809 sections in this title.
La. Rev. Stat. § 6:577 Trust companies chartered under prior law
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§577. Trust companies chartered under prior law A. All provisions of this Chapter are applicable to all state-chartered trust companies domiciled in Louisiana, including existing trust companies. B. The charter of a state-chartered trust company issued before the effective date o…
La. Rev. Stat. § 6:578 Affiliates
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§578. Affiliates A. Any person acting as a trustee or in any other fiduciary capacity under this Section may hire and compensate, as a delegate, an affiliate of such person if authorized by any of the following: (1) A trust or fiduciary instrument. (2) A court order. (3) A writte…
La. Rev. Stat. § 6:579 Self-dealing
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§579. Self-dealing A. No contract or transaction between a trust company and one or more of its directors or officers, or between a trust company and any other person in which one or more of its directors or officers have a financial interest, shall be void or voidable solely for…
La. Rev. Stat. § 6:580 Insurance coverage
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§580. Insurance coverage A. A trust company shall obtain and maintain adequate insurance against loss, expense, and liability resulting from errors, omissions, or neglect in the performance of any trust which may be lawfully imposed upon and accepted by the trust company. B. The …
La. Rev. Stat. § 6:581 Capital notes or debentures
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§581. Capital notes or debentures A. With the prior written approval of the commissioner, any trust company may at any time, through action of its board, and without requiring action of its shareholders or participants, issue and sell its capital notes or debentures, which shall …
La. Rev. Stat. § 6:591 Private trust company
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§591. Private trust company A. A private trust company engaging in the trust business in this state shall comply with every provision of this Chapter applicable to a trust company, unless expressly exempted therefrom, in writing by the commissioner pursuant to this Section or by …
La. Rev. Stat. § 6:592 Requirements to apply for and maintain status as a private trust company
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§592. Requirements to apply for and maintain status as a private trust company A. A private trust company requesting an exemption under the provisions of this Part shall file an application on a form acceptable to the commissioner. B. The application shall be accompanied by a non…
La. Rev. Stat. § 6:593 Conversion to public trust company
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§593. Conversion to public trust company A. A private trust company may terminate its status as a private trust company and commence transacting business with the general public upon compliance with this Section. A private trust company desiring to commence transacting business w…
La. Rev. Stat. § 6:601 Investment in trust company facilities
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§601. Investment in trust company facilities A. In this Part, "trust company facility" means real estate, including an improvement, owned, or leased to the extent the lease or the leasehold improvements are capitalized, by a trust company for the purpose of providing space for tr…
La. Rev. Stat. § 6:602 Other real estate
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§602. Other real estate A. A trust company may acquire real estate only as permitted by this Part, including rules adopted under this Part, and with the prior written approval of the commissioner. B. To the extent reasonably necessary to avoid or minimize loss on real estate acqu…
La. Rev. Stat. § 6:611 Securities
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§611. Securities A. A trust company may invest its corporate funds in any type or character of equity or investment securities subject to the limitations provided by this Part. B. Unless the commissioner approves maintenance of a lesser amount in writing, a trust company shall ma…
La. Rev. Stat. § 6:612 Transactions in trust company shares or participation shares
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§612. Transactions in trust company shares or participation shares A. A trust company may acquire its own shares or participation shares if the amount of its undivided profits is sufficient to absorb fully the acquisition of the shares or participation shares under regulatory acc…
La. Rev. Stat. § 6:613 Subsidiaries
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§613. Subsidiaries A. Except as otherwise provided by this Chapter or rules adopted under this Chapter, a trust company may acquire or establish a subsidiary to conduct any activity that may lawfully be conducted through the form of organization chosen for the subsidiary. B. A tr…
La. Rev. Stat. § 6:614 Mutual funds
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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. § 6:641.2 REPEALED BY ACTS 1989, No
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§641.2. REPEALED BY ACTS 1989, No. 495, §6.
La. Rev. Stat. § 6:642 Amendments of act of incorporation; commissioner's approval
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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. § 6:650.1 REPEALED BY ACTS 1989, No
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§650.1. REPEALED BY ACTS 1989, No. 495, §6.
La. Rev. Stat. § 6:650.2 Educational committee
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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 …