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Code · Louisiana · Title 12 — Corporations and Associations

RS 12:499.5

107 words·~1 min read·/la/title-12/12-479

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RS 12:499.5
§499.5. Articles of organization
Three or more persons who are residents of this state, may organize a cooperative housing corporation by filing articles of organization with the secretary of state. The articles shall meet the requirements of Chapter 2 of this Title, and in addition, shall state the following:
(1)Whether transfer of corporation stock is restricted.
(2)Whether or not the corporation shall be authorized to pay dividends on its stock, but no cooperative housing corporation shall pay a dividend of more than six percent, noncumulative, upon its stock.
(3)Whether the transfer value of corporation stock is restricted.
Acts 1990, No. 857, §1.
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