§ 12:259 — Receivership procedure; powers of receiver

Louisiana § 12:259

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

Text

§259. Receivership procedure; powers of receiver
A. The provisions of R.S. 12:254 shall, mutatis mutandis , govern
procedure in proceedings under R.S. 12:258 and this Section.
B. The receiver shall have the powers of a judicial liquidator set forth
in R.S. 12:254(C). The court may authorize the receiver to borrow or obtain
money, for the purpose of carrying on the activities of the corporation, on
interest-bearing certificates of indebtedness to be taxed as costs of court. The
holders of such certificates shall have a privilege on all movable and
immovable property and all income of the corporation to secure the payment
thereof, and shall be paid by preference and priority over all other indebtedness
except indebtedness secured by mortgages on immovable property and
vendor's privileges antedating issuance of such certificates.
C. The receiver shall file with the court, quarterly, or oftener if required
by the court, an accurate statement showing the condition of the corporation's
affairs, and shall file, within ninety days after the close of the corporation's
fiscal year, a balance sheet as of the last day of, and a combined statement of
income and earned surplus for, such year. The annual financial statements
shall be audited by an independent certified public accountant if required by
the court.

Legislative History

Acts 1968, No. 105, §1.