§ 51:1103 — Articles of incorporation

§1103. Articles of incorporation
Each corporation formed under this Chapter shall prepare and file articles of
incorporation setting forth, in addition to the requirements of the provisions of
Chapter 1 of Title 12 of the Louisiana Revised Statutes of 1950, the following:
(1) The name of the corporation, which shall include the words "Louisiana
Business Development Corporation."
(2) The location of the principal office of the corporation, which shall not
prohibit the corporation from maintaining offices in such other places within the state
as may be fixed by the board of directors of the corporation.
(3) The purpose or purposes for which the corporation is founded, which
shall include the following:
"The purposes of the corporation shall be to promote, stimulate, develop and
advance the business prosperity and economic welfare of the state of Louisiana and
its citizens; to encourage and assist through loans, investments or other business
transactions, in the localities or locations of new business or industry in this state and
to rehabilitate and assist existing business or industry; and so to stimulate and assist
in the expansion of all kinds of business activity which will tend to promote the
business development and maintain the economic stability of this state, provide
maximum opportunities for employment, encourage thrift, and to improve the
standard of living of the citizens of this state; to cooperate fully and act in
conjunction with Louisiana Economic Development; and to similarly cooperate and
act in conjunction with other organizations, public or private, in the promotion and
advancement of industrial, commercial, agricultural and recreational developments
in this state; and to provide financing for the promotion, development and conduct
of all kinds of business activity in this state except the business of lending money to
a business whose primary business is to lend money for a profit."

Legislative History

Acts 1962, No. 434, §3.