§ 12:1868 — Dissolution

Louisiana § 12:1868

• Jurisdiction: Louisiana
• Title 12: Conservation of Cultural Resources

Text

§1868. Dissolution
A. If the fund elects to dissolve, it shall apply to the department for authority to
dissolve. An application for dissolution shall be made on a form prescribed by the
department and shall be approved or disapproved by the department within sixty days of
receipt.
B. The dissolution of the fund without authorization is prohibited and shall not
absolve or release the fund, a member, or any person or entity which has executed an
indemnity agreement from the fund's or person's obligations incurred or entered into prior
to the dissolution of the fund.
C. Applications to dissolve shall be granted if either of the following conditions are
met:
(1) The fund has no outstanding liabilities including incurred but not reported
liabilities.
(2) The fund is covered by an irrevocable commitment from a licensed insurer which
provides for payment of all outstanding liabilities and related services, including payment
of claims, preparation of reports, and administration of transactions associated with the
period during which the plan provided coverage.
D. Upon the dissolution of the fund and after payment of all outstanding liabilities
and indebtedness, the assets of the fund shall be distributed to all members participating in
the fund pursuant to a distribution plan submitted by the fund to the department and
approved by the department.

Legislative History

Acts 2023, No. 259, §§1, 3A, eff. June 12, 2023.