Louisiana § 6:218 Expenses of organization and financing

Louisiana Statutes

§ 6:218 — Expenses of organization and financing

Louisiana·Title 6 Banks and Banking

The charges and expenses of organization of a state bank and the expenses of and compensation for the sale and underwriting of its shares may not be paid or allowed by the state bank out of the consideration received by it in payment for its shares to the extent that such payment constitutes the bank's capital stock. This restriction does not prohibit the payment, with approval of the commissioner, of reasonable charges and expenses out of surplus or undivided profits.

Free access — add to your briefcase to read the full text and ask questions with AI

The charges and expenses of organization of a state bank and the expenses of and compensation for the sale and underwriting of its shares may not be paid or allowed by the state bank out of the consideration received by it in payment for its shares to the extent that such payment constitutes the bank's capital stock. This restriction does not prohibit the payment, with approval of the commissioner, of reasonable charges and expenses out of surplus or undivided profits.

Louisiana § 6:218 (Expenses of organization and financing) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.