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La. Rev. Stat. § 6:667 Conversion from federal to state and from state to federal credit union; division of assets
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§667. Conversion from federal to state and from state to federal credit union; division of assets A.(1) A federal credit union may be converted into a state credit union under this Chapter by (a) complying with all the federal requirements requisite to enabling it to convert to a…
La. Rev. Stat. § 6:667.1 Powers, privileges, and exemptions of federal credit unions
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§667.1. Powers, privileges, and exemptions of federal credit unions A. Unless federal laws or regulations provide otherwise, federal credit unions and federally insured credit unions and the members thereof shall possess all of the rights, powers, privileges, benefits, immunities…
La. Rev. Stat. § 6:667.2 Annual report
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§667.2. Annual report A. On or before May 15 of each year, the president, treasurer, or other proper officer, or any two directors of each credit union doing business in this state, shall make and sign a report to the commissioner of financial institutions, stating: (1) The post …
La. Rev. Stat. § 6:667.3 Records as evidence
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§667.3. Records as evidence A. An official record of a member's account in a credit union doing business in this state, or an entry therein, when admissible for any purpose, may be evidenced by a copy attested by the officer having legal custody of the member's records. B. Notwit…
La. Rev. Stat. § 6:668 Criminal Penalties
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§668. Criminal Penalties Whoever knowingly makes any false statement or report for the purpose of influencing in any way the action of a credit union organized under this Chapter, upon any application, or loan, or any change or extension of any of the same, by refinance or otherw…
La. Rev. Stat. § 6:669 Short title
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§669. Short title This Chapter shall be known and may be referred to as the "Louisiana Credit Union Law". Added by Acts 1976, No. 319, §2.
La. Rev. Stat. § 6:701 Applicability
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§701. Applicability This Chapter is enacted under the legislature's police power and reserved constitutional power to enact law for the regulation of associations, and shall be effective as to all associations heretofore or hereafter incorporated or authorized to transact busines…
La. Rev. Stat. § 6:702 Short title
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§702. Short title This Chapter shall be known as and cited as the Louisiana Savings and Loan Association Law. Acts 1983, No. 675, §1.
La. Rev. Stat. § 6:703 Definitions
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§703. Definitions When used in this Chapter, the following words and phrases shall have the following meanings, unless the context otherwise requires: (1) "Association" means a savings association, thrift institution, homestead, building and loan association, savings and loan ass…
La. Rev. Stat. § 6:704 Organization
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§704. Organization Any number of natural persons, not less than five, who are residents of the state, may organize an association. Acts 1983, No. 675, §1.
La. Rev. Stat. § 6:705 Incorporation; articles of incorporation; content; bylaws
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§705. Incorporation; articles of incorporation; content; bylaws A. Every association organized under this Chapter shall be incorporated and formed under written articles of incorporation. These articles shall be written in the English language and shall be signed by each incorpor…
La. Rev. Stat. § 6:706 Articles of incorporation; approval by the commissioner
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§706. Articles of incorporation; approval by the commissioner A. The articles of incorporation or a multiple original thereof, shall be filed with the commissioner. The incorporators shall submit with their articles and bylaws any statements, exhibits, maps, and other data which …
La. Rev. Stat. § 6:707 Capital stock; types of stock; consideration for issuance; security for loan
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§707. Capital stock; types of stock; consideration for issuance; security for loan A. A capital stock association shall not issue any shares of stock except those authorized by its articles of incorporation. Capital stock shall have the par value stated in the articles of incorpo…
La. Rev. Stat. § 6:708 Directors; number; qualifications; oath; vacancies
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§708. Directors; number; qualifications; oath; vacancies A. The business of each association shall be managed and its corporate powers exercised by a board of directors. The board shall consist of not less than five nor more than twenty-five natural persons who shall be elected a…
La. Rev. Stat. § 6:709 Members or stockholders meeting
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§709. Members or stockholders meeting A. There shall be an annual meeting of members or stockholders which shall be held in accordance with the articles of incorporation or bylaws. At this meeting the board of directors, through the secretary or other officer whom they may design…
La. Rev. Stat. § 6:710 Notice of meeting
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§710. Notice of meeting A.(1) Unless a method of notice is provided in the articles of incorporation or bylaws or elsewhere in this Chapter, notice of meetings of members of a mutual association shall be given by publishing on separate days no less than two notices of the meeting…
La. Rev. Stat. § 6:711 Organization meeting
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§711. Organization meeting Within thirty days after the corporate existence of an association begins, the directors of the association shall hold an organization meeting and shall elect officers, and adopt bylaws. At the organization meeting the directors shall take such other ac…
La. Rev. Stat. § 6:712 Corporate name
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§712. Corporate name A. An association shall not adopt a corporate name which indicates or implies that it is organized for any purpose other than one or more of the purposes contained in its articles of incorporation. B. An association may change its name with consent of the com…
La. Rev. Stat. § 6:713 Forfeiture of charter for nonuse
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§713. Forfeiture of charter for nonuse Any association which fails to commence business within six months after the date upon which its corporate existence begins, shall forfeit its corporate existence, unless the commissioner, before the expiration of the six month period, appro…
La. Rev. Stat. § 6:714 Officers and agents; election, powers, duties
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§714. Officers and agents; election, powers, duties A. The board of directors shall elect a president, or chief executive officer, cashier or chief financial officer, and a secretary, who shall each be a different person, and shall elect a chairman of the board. One or more vice …
La. Rev. Stat. § 6:721 Method of amending articles generally
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§721. Method of amending articles generally An association may, in the manner provided for state banks in Part III of Subchapter A of Chapter 3 of this Title, amend and restate its articles of incorporation. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1; Acts 2003, No. 17, §1, e…
La. Rev. Stat. § 6:731 General powers of associations
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§731. General powers of associations Every association 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 …
La. Rev. Stat. § 6:741 Authorized capital
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§741. Authorized capital The authorized capital of a stock association shall be as provided in its articles of incorporation. The authorized capital of a mutual association shall be unlimited and the actual accumulative capital at any time shall be deemed the authorized capital a…
La. Rev. Stat. § 6:742 Miscellaneous provisions relative to capital and accounts
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§742. Miscellaneous provisions relative to capital and accounts A. A capital stock association may raise capital by the sale of stock, stock dividends, profits, issuance of capital notes, and subordinated debentures, or by any other method approved by the commissioner. B. A mutua…
La. Rev. Stat. § 6:743 Issuance of capital
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§743. Issuance of capital A. The capital of mutual associations may be divided into such classes of shares or savings accounts as is prescribed by the board of directors and may be issued in such full or fractional denominations and subject to such additional rules and regulation…
La. Rev. Stat. § 6:744 Shares, savings, and demand accounts; generally
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§744. Shares, savings, and demand accounts; generally A. Ownership. Shares or savings or demand accounts may be opened and held solely and absolutely in one's own right or in trust or other fiduciary capacity for any person, partnership, association, fiduciary, corporation, polit…
La. Rev. Stat. § 6:745 Cancellation of shares, savings accounts
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§745. Cancellation of shares, savings accounts All shares or savings accounts withdrawn, forfeited, retired, or surrendered shall be cancelled and become the property of the association, and new shares or savings accounts may be issued in lieu of them. Unpaid installments and oth…
La. Rev. Stat. § 6:746 Issuance of shares or savings accounts for consideration other than cash
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§746. Issuance of shares or savings accounts for consideration other than cash A. Whenever the commissioner deems it expedient or advisable he may authorize any association to issue shares or savings accounts of any class of its capital for a consideration other than cash, provid…
La. Rev. Stat. § 6:747 Contract for savings programs
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§747. Contract for savings programs A. School savings. An association may contract with the proper authorities of any public or nonpublic elementary or secondary school or institution of higher learning, or any public or charitable institution caring for minors or persons with di…
La. Rev. Stat. § 6:748 Shares or demand deposits and savings accounts as legal investments and as security
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§748. Shares or demand deposits and savings accounts as legal investments and as security A. Legal investments. (1) Administrators, executors, custodians, conservators, guardians, tutors, curators, trustees, and other fiduciaries of every kind and nature; insurance companies, bus…
La. Rev. Stat. § 6:748.1 Public funds deposits; additional collateral
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§748.1. Public funds deposits; additional collateral A. In addition to other collateral for public funds deposits authorized by law, including but not limited to R.S. 33:2929, R.S. 39:1221, R.S. 39:1242, and R.S. 49:321, savings and loan associations and savings banks, whether ch…
La. Rev. Stat. § 6:749 Prescription on savings accounts
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§749. Prescription on savings accounts (1) All claims shall prescribe on any inactive savings account, provided that at least sixty days before any such claim shall prescribe the association shall have mailed by certified or registered mail a notice of the imminent prescription o…
La. Rev. Stat. § 6:750 Pledge of deposit accounts; rights and remedies
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§750. Pledge of deposit accounts; rights and remedies Savings and loan associations shall have the same rights and remedies with regard to the pledge of funds held on deposit as are afforded to banks under the provisions of R.S. 6:316. Acts 1990, No. 735, §1.
La. Rev. Stat. § 6:761 Members of mutual associations
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§761. Members of mutual associations Members shall be admitted to membership of a mutual association in such manner as may be prescribed in the articles of incorporation or the bylaws. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
La. Rev. Stat. § 6:762 Access to books and records
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§762. Access to books and records The right of inspection and examination of the books and records shall be exclusively vested in: (1) The commissioner or his duly authorized representative as provided in this Chapter; and (2) Any federal or state instrumentality or agency author…
La. Rev. Stat. § 6:763 Minors
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§763. Minors A. Minors may subscribe for, hold, own, transfer, withdraw, and surrender shares and savings accounts in associations without the authorization or intervention of their tutors, parents, or any other persons, and shall be considered in such matters as if they were the…
La. Rev. Stat. § 6:764 Authority relative to shares and savings accounts
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§764. Authority relative to shares and savings accounts A person may subscribe for, own, hold, withdraw, transfer, give, pledge, borrow upon, receive interest and dividends from, and surrender shares or savings accounts in associations registered in such person's name and the rec…
La. Rev. Stat. § 6:765 Shares or savings accounts payable to two or more persons; survivorship
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§765. Shares or savings accounts payable to two or more persons; survivorship A. When shares or savings accounts have been subscribed for or owned, or when any certificate of any class or evidence of indebtedness shows the investment of funds in any association, in the names of t…
La. Rev. Stat. § 6:766 Accounts of administrators, executors, tutors, custodians, trustees and other fiduciaries
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§766. Accounts of administrators, executors, tutors, custodians, trustees and other fiduciaries A.(1) Any association may accept savings accounts or issue shares in the name of any administrator, executor, custodian, conservator, tutor, trustee, or other fiduciary for named benef…
La. Rev. Stat. § 6:766.1 Payable on death accounts
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§766.1. Payable on death accounts A. Upon the death of a depositor who has deposited a sum in any account evidencing by the depositor's signature an intention that upon the death of the depositor, the funds shall belong to one or more named beneficiaries of the depositor, the ass…
La. Rev. Stat. § 6:767 Death of member or depositor and access and transfer of money and property by
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§767. Death of member or depositor and access and transfer of money and property by association to succession or estate representatives, legatees, or heirs; authority A. Upon the death of a member or depositor, the rights of membership or of a depositor shall continue in the succ…
La. Rev. Stat. § 6:768 Transfer of contents of safety deposit boxes by an association to succession or estate
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§768. Transfer of contents of safety deposit boxes by an association to succession or estate representatives, legatees, heirs, minors, or interdicts; authority A. For all purposes, an association may deal with safety deposit boxes and the contents therein titled in the name of a …
La. Rev. Stat. § 6:769 Access to safety deposit boxes held jointly or standing in the name of a corporation, unincorporated association, trust estate, agents, or others
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§769. Access to safety deposit boxes held jointly or standing in the name of a corporation, unincorporated association, trust estate, agents, or others A. When a safety deposit box is leased from any bank under the names of two or more persons with the right of access being given…
La. Rev. Stat. § 6:770 Abandonment of safety deposit box
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§770. Abandonment of safety deposit box A. A safety deposit box leased from any association shall be deemed abandoned and the association may remove the contents of such safety deposit box, if the rental therefor remains unpaid, all as provided under Subsection B of this Section,…
La. Rev. Stat. § 6:771 Disposition of abandoned safety deposit box contents
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§771. Disposition of abandoned safety deposit box contents The provisions of R.S. 6:327 and 327.1 relative to the disposition of abandoned safety deposit box contents shall be applicable to savings and loan associations chartered under the Louisiana Savings and Loan Association L…
La. Rev. Stat. § 6:781 Indemnity bonds
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§781. Indemnity bonds A. Each association shall obtain and maintain a fidelity bond given by a surety company authorized to do business in Louisiana covering each officer, director, or employee before permitting such officer, director, or employee to enter upon the duties of thei…
La. Rev. Stat. § 6:782 Depositories
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§782. Depositories No association shall deposit any of its funds except with a federal home loan bank, or with a depository insured by the Federal Deposit Insurance Corporation or its successor, or the Federal Savings and Loan Insurance Corporation, or its successor, or the Natio…
La. Rev. Stat. § 6:783 Indemnification of officers, directors, and employees
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§783. Indemnification of officers, directors, and employees A. An association may indemnify any person who was or is party or is threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, including any action by or…
La. Rev. Stat. § 6:784 Illegal loans
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§784. Illegal loans A. Should the directors or officers exceed any of the limitations set out in R.S. 6:822(1), all officers and directors present at any meeting or conference authorizing such illegal loans and consenting to such loans shall be liable in solido for the full amoun…
La. Rev. Stat. § 6:785 Directors, employees and members not disqualified to make acknowledgments
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§785. Directors, employees and members not disqualified to make acknowledgments No public officer qualified to take acknowledgments or proof of written instruments shall be disqualified from taking the acknowledgment or proof of any instrument in writing in which an association i…
