Title 6, Banks and Banking
0 chapters · 809 sections in this title.
La. Rev. Stat. § 6:655 Power to borrow
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§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
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§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. § 6:657 Repealed by Acts 2001, No
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§657. Repealed by Acts 2001, No. 887, §2, eff. June 26, 2001.
La. Rev. Stat. § 6:658 Dividends
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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
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§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…
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. § 6:722 §§722 to 730 Repealed by Acts 1970, No
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§722. §§722 to 730 Repealed by Acts 1970, No. 234, §2.
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.