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0 chapters · 764 sections in this title.
La. Rev. Stat. § 6:786 Relation and liability of directors and officers
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§786. Relation and liability of directors and officers A. Financial institution officers and directors shall be deemed to stand in a fiduciary relation to their financial institution and its stockholders or members and shall discharge the duties of their positions in good faith a…
La. Rev. Stat. § 6:787 Actions against directors and officers
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§787. Actions against directors and officers A. No action for damages against any director or officer of a financial institution for breach of the director's or officer's contract with the financial institution in the capacity of director or officer, or for breach of his duty as …
La. Rev. Stat. § 6:791 Records
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§791. Records A. Each association shall keep correct and complete books of account and minutes of the proceedings of members, stockholders, directors, and the executive committee and complete records of all business transacted for a period to be determined by regulation of the co…
La. Rev. Stat. § 6:792 Misdescriptions of assets; false entries
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§792. Misdescriptions of assets; false entries A.(1) No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books in the name of any other person, partnership, association, or corporation or u…
La. Rev. Stat. § 6:793 Directors' examination of association
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§793. Directors' examination of association The commissioner shall require at least once in each year that each association cause its books, records, and accounts to be examined in accordance with a regulation promulgated by the commissioner. Acts 1970, No. 234, §1. Amended by Ac…
La. Rev. Stat. § 6:794 Examination
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§794. Examination A. All associations operating under this Chapter or under similar laws, or authorized to transact in Louisiana a business similar to that authorized by this Chapter, shall be under the control and supervision of the commissioner. B. Repealed by Acts 1995, No. 24…
La. Rev. Stat. § 6:801 Savings liability; demand deposit liability
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§801. Savings liability; demand deposit liability A. The savings account liability and the demand deposit account liability of an association is not limited, and shall consist only of the aggregate amount of accounts of depositors and shares of members, plus earnings credited to …
La. Rev. Stat. § 6:802 Contingent loss account
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§802. Contingent loss account A contingent loss account may be established and shall be established if the commissioner so directs. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
La. Rev. Stat. § 6:803 Earnings; payment
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§803. Earnings; payment Except as otherwise provided by this Chapter and the articles or bylaws, an association may pay earnings on its savings accounts or shares from sources available for payment of earnings at such rate and at such times as shall be determined by resolution of…
La. Rev. Stat. § 6:804 Casual deposits
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§804. Casual deposits An association may receive casual deposits in connection with incomplete loans, fire losses, or building contracts and any other monies which an association may hold for its members, stockholders, or other persons in accordance with its business and operatio…
La. Rev. Stat. § 6:805 Withdrawal of savings accounts and shares
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§805. Withdrawal of savings accounts and shares A. Except as otherwise provided in the instrument or document evidencing a savings account or shares, any member, depositor, or his authorized representative, or a person authorized by law may present at any time a written applicati…
La. Rev. Stat. § 6:806 Board to determine amounts to be withdrawn
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§806. Board to determine amounts to be withdrawn The attribution to be made from receipts or other assets for the payment of withdrawals shall be under the sole control and administration of the board of directors, which shall determine the amount to be used for the payment of sa…
La. Rev. Stat. § 6:807 Amounts payable
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§807. Amounts payable A. If sufficient funds have been made available and if the association so elects, it may at any time pay in full each application as presented. It shall not, however, pay some in full unless it can pay every application on file in full. B. Payments shall be …
La. Rev. Stat. § 6:808 Insufficient funds; notices
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§808. Insufficient funds; notices A. Whenever the proportion of receipts ordinarily made applicable to the demands of withdrawing members or depositors is not sufficient to pay all such demands for either savings accounts or shares, including those accounts which have matured due…
La. Rev. Stat. § 6:809 Board may prescribe rules
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§809. Board may prescribe rules A. The board of directors shall have full authority to prescribe such rules as, in its discretion, may be suitable to prevent members or depositors from making any simulated or otherwise improper transfer of shares or savings accounts in order to a…
La. Rev. Stat. § 6:810 Rights of withdrawing members
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§810. Rights of withdrawing members A. A member or depositor who has served notice of his intention to withdraw remains a member or depositor, but shall have the status of and be classified as a withdrawing member or depositor. His rights and privileges are prescribed, limited, a…
La. Rev. Stat. § 6:811 New loans and payment of debts during existence of withdrawal list
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§811. New loans and payment of debts during existence of withdrawal list A. The existence of a withdrawal list shall not prevent the making of new loans to new or continuing members or depositors, or to those to whom loan commitments have been given; however, when there is a with…
La. Rev. Stat. § 6:812 Commissioner's action may stop withdrawal procedure
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§812. Commissioner's action may stop withdrawal procedure A. Whenever the amount of withdrawal exceeds sixty percent of the accumulated capital of any mutual association, the commissioner, if he believes that the condition of the association justifies such an order, may direct th…
La. Rev. Stat. § 6:813 Prohibition against institution of action
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§813. Prohibition against institution of action No suit shall be instituted by a withdrawing member or by a depositor against an association, its officers, or representatives, except for a violation of the provisions of this Part or to enforce compliance therewith. Acts 1970, No.…
La. Rev. Stat. § 6:814 Redemption
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§814. Redemption A. At any time funds are on hand for the purpose of redeeming accounts or shares, the association shall have the right to redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its savings accounts or shares on an earnings …
La. Rev. Stat. § 6:822 Loans and investments
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§822. Loans and investments An association may invest in, sell, participate, or otherwise deal in or with the following loans or other investments as hereinafter provided: (1) No association shall make a loan to one borrower if the sum of (a) the amount of such loan, and (b) the …
La. Rev. Stat. § 6:823 Appraisal
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§823. Appraisal No investment in a real estate loan shall be made until either an independent qualified person, a central appraisal bureau, or an appraisal committee approved by the board of directors shall have made a physical inspection and submitted a signed appraisal of the v…
La. Rev. Stat. § 6:824 Payments
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§824. Payments A.(1) A borrower shall repay his loan when due in accordance with the contract by which the loan is made. (2) All loans made by an association shall be repaid in cash, except that in the discretion of the board of directors, appropriate adjustments may be made for …
La. Rev. Stat. § 6:824.1 Late charges prohibited on certain payments
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§824.1. Late charges prohibited on certain payments No association organized under this Chapter shall assess a late charge or impose any penalty upon a borrower as to any payment received by it when the due date of the payment falls on a day during which the association is not op…
La. Rev. Stat. § 6:826 Provision for taxes, insurance
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§826. Provision for taxes, insurance An association may require the borrower to pay monthly in advance, in addition to interest and principal payments, the equivalent of one-twelfth of the estimated annual taxes, assessments, insurance premiums, ground rents, and other charges up…
La. Rev. Stat. § 6:828 Loan expenses
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§828. Loan expenses A. Every association may require borrowers to pay all reasonable expenses incurred in connection with the making, closing, disbursing, extending, readjusting, or renewing of loans. Without limiting the generality of the foregoing, such expenses may include app…
La. Rev. Stat. § 6:830 Security for loan on immovable properties; purchase and sale of property
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§830. Security for loan on immovable properties; purchase and sale of property A. Except as otherwise provided in this Chapter, every loan on immovable property shall be secured by a mortgage upon the property, and also, where applicable, accompanied by a pledge to the associatio…
La. Rev. Stat. § 6:831 Shares or savings accounts as additional security
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§831. Shares or savings accounts as additional security An association may accept its own shares or its savings accounts as additional security. Acts 1983, No. 675, §1.
La. Rev. Stat. § 6:832 Immovables
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§832. Immovables A. Until all indebtedness due an association and secured by a mortgage on real estate and home appliances and equipment has been paid, the home appliances and equipment shall be considered a part of the immovable property and as such, immovables. B. Any mobile ho…
La. Rev. Stat. § 6:833 Conveyance of property securing loan
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§833. Conveyance of property securing loan A. Whenever property subject to a mortgage in favor of an association is sold or transferred by contract without the written consent of the association, either with or without the assumption of the association's loan, the loan and obliga…
La. Rev. Stat. § 6:834 Solicitation or acceptance of gifts for making, or assisting in, procuring a loan
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§834. Solicitation or acceptance of gifts for making, or assisting in, procuring a loan A. Any officer or director who accepts or solicits anything of value from any person for making, or assisting in procuring, or advising the making, of any loan in or with any association, and …
La. Rev. Stat. § 6:851 Home office
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§851. Home office The home office is the principal office of the association. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1; Acts 1995, No. 248, §1, eff. June 14, 1995.
La. Rev. Stat. § 6:852 Branch office
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§852. Branch office A. A branch office is a legally established place of business of the association, other than the home office, authorized by the board of directors and approved by the commissioner. B. Each association shall be operated from the home office. All branch offices …
La. Rev. Stat. § 6:853 Closure of branch office
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§853. Closure of branch office A. No savings and loan association or savings bank shall close a branch office except pursuant to the procedure provided by this Section. B. At least ninety days prior to the closure date, the association or savings bank shall submit in writing to t…
La. Rev. Stat. § 6:861 Power to merge or consolidate; consent of commissioner; rules and regulations
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§861. Power to merge or consolidate; consent of commissioner; rules and regulations A. Pursuant to a plan adopted and approved by a two-thirds vote of each board of directors, two or more associations may merge or consolidate. A plan of merger or consolidation shall be evidenced …
La. Rev. Stat. § 6:862 Merger; when effective
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§862. Merger; when effective A. If the joint agreement is for a merger, the agreement, duly acknowledged by the president and secretary of each association which is a party to it, together with an affidavit by the president and secretary of each association establishing that the …
La. Rev. Stat. § 6:863 Consolidation; when effective
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§863. Consolidation; when effective A. If the joint agreement is for consolidation, articles of incorporation for the new corporation shall be prepared, approved, and filed, as required by law, except that the associations consolidating shall be named as the incorporators of the …
La. Rev. Stat. § 6:864 Effect of merger or consolidation
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§864. Effect of merger or consolidation When the merger or consolidation becomes effective, the separate existence of each constituent association ceases except for that of the surviving association in a merger. The surviving associations, or the new association in case of a cons…
La. Rev. Stat. § 6:865 Voluntary transfer of assets
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§865. Voluntary transfer of assets A.(1)(a) With the prior written consent of the commissioner, which consent shall be attached to the instrument of sale or other disposition, any state stock or mutual association may sell, lease, exchange, or otherwise dispose of all, or substan…
La. Rev. Stat. § 6:866 Commissioner may provide for members or stockholders to vote on plan
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§866. Commissioner may provide for members or stockholders to vote on plan Notwithstanding any other provision of Part XII of this Chapter, the commissioner may require that the plan be submitted to the voting members or stockholders of the acquiring association at a duly called …
La. Rev. Stat. § 6:867 Dissolution or liquidation
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§867. Dissolution or liquidation An association may be dissolved or liquidated either voluntarily or involuntarily. If the proceedings are voluntary, they may be instituted by any member or stockholder of the association and the board of directors shall maintain control over the …
La. Rev. Stat. § 6:868 Voluntary proceedings for dissolution
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§868. Voluntary proceedings for dissolution A. No association shall be permitted to dissolve and liquidate voluntarily without the written consent of the commissioner. B. An association may be voluntarily dissolved and liquidated upon the vote of two-thirds of the members or stoc…
La. Rev. Stat. § 6:869 Association continues as corporate entity for sole purpose of winding up affairs
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§869. Association continues as corporate entity for sole purpose of winding up affairs Upon the approval of the commissioner, the association shall be dissolved and shall cease to carry on business, but shall continue as a corporate entity for the sole purpose of paying, satisfyi…
La. Rev. Stat. § 6:870 Powers of liquidating trustees
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§870. Powers of liquidating trustees A. While acting as liquidators, the board of directors shall proceed as quickly as may be practicable to wind up the affairs of the association and, to the extent necessary or expedient to that end, shall exercise all the powers of such dissol…
La. Rev. Stat. § 6:871 Association subject to commissioner during liquidation
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§871. Association subject to commissioner during liquidation A. The association, during the liquidation of the assets of the association by the board of directors, shall continue to be subject to the supervision of the commissioner, and the board of directors shall report the pro…
La. Rev. Stat. § 6:872 Involuntary dissolution; generally
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§872. Involuntary dissolution; generally A.(1) Whenever it appears: (a) That any association has violated its charter; (b) That its officers or directors have violated any law regulating the operation of such institutions; (c) That the association is in an impaired condition; (d)…
La. Rev. Stat. § 6:873 Involuntary dissolution; commissioner shall take possession
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§873. Involuntary dissolution; commissioner shall take possession A. In all cases when the commissioner has closed an association and taken possession of the affairs, books, and property of the association, he shall as soon as practicable thereafter file a motion in the district …
La. Rev. Stat. § 6:874 Involuntary dissolution; notice to creditors
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§874. Involuntary dissolution; notice to creditors Upon his confirmation as liquidator, the commissioner shall give written notice of that fact to all creditors of the association holding or having possession of any of its assets. No creditor knowing of the taking possession or n…
La. Rev. Stat. § 6:875 Involuntary dissolution; powers of commissioner; court approval
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§875. Involuntary dissolution; powers of commissioner; court approval A. The commissioner may perform any acts and take all steps he deems necessary to conserve and collect the association's assets. B. On the order of the court having jurisdiction, he may release, compromise, or …
La. Rev. Stat. § 6:876 Involuntary dissolution; inventory
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§876. Involuntary dissolution; inventory A. As soon as practicable the commissioner shall make or cause to be made in duplicate an inventory of all the property and other assets of the association. One copy shall be retained by him or his special agent and one copy shall be filed…
