Louisiana § 40:417 Consent of obligees and commissioners of local authority to substitution of regional or consolidated authority, transfer of rights, duties and property

Louisiana Statutes

§ 40:417 — Consent of obligees and commissioners of local authority to substitution of regional or consolidated authority, transfer of rights, duties and property

Louisiana·Title 40 Public Health and Safety

A. The governing body of a parish or municipality shall not adopt a resolution pursuant to the provisions of R.S. 40:411 or 413 if there is an existing housing authority therefor which has any obligations outstanding unless:

(1)All obligees of the existing housing authority and the parties to its obligations consent in writing to the substitution of the regional or consolidated housing authority therefor on all such obligations.

(2)The commissioners of the existing housing authority adopt a resolution consenting to the transfer of all the rights, obligations and property thereof to the regional or consolidated housing authority. B. When the two conditions in Subsection A are complied with and the regional or consolidated housing authority is created and authorized to exercise its powers

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A. The governing body of a parish or municipality shall not adopt a resolution pursuant to the provisions of R.S. 40:411 or 413 if there is an existing housing authority therefor which has any obligations outstanding unless:
(1) All obligees of the existing housing authority and the parties to its obligations consent in writing to the substitution of the regional or consolidated housing authority therefor on all such obligations.
(2) The commissioners of the existing housing authority adopt a resolution consenting to the transfer of all the rights, obligations and property thereof to the regional or consolidated housing authority.
B. When the two conditions in Subsection A are complied with and the regional or consolidated housing authority is created and authorized to exercise its powers and perform its functions, all rights, obligations and property of the former housing authority shall vest in the regional or consolidated housing authority and be in its name. All rights and obligations of the former housing authority shall be the rights and obligations of the regional or consolidated housing authority and may be asserted and enforced by or against the regional or consolidated housing authority as they might have been asserted and enforced by or against the former housing authority.

Louisiana § 40:417 (Consent of obligees and commissioners of local authority to substitution of regional or consolidated authority, transfer of rights, duties and property) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.