This text of Louisiana § 6:709 (Members or stockholders meeting) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§709. Members or stockholders meeting
A.There shall be an annual meeting of members or stockholders which shall be held
in accordance with the articles of incorporation or bylaws. At this meeting the board of
directors, through the secretary or other officer whom they may designate, shall make a
statement to the members or stockholders setting forth in general the assets and liabilities of
the association during the previous year.
B.Meetings of members or stockholders may be called by the board of directors in
their discretion, or as otherwise fixed in the articles of incorporation or the bylaws.
C.Unless otherwise stated in the articles of incorporation or bylaws of the
association, or elsewhere in this Chapter, the members or stockholders who shall be entitled
to vote at any meeting s
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§709. Members or stockholders meeting
A. There shall be an annual meeting of members or stockholders which shall be held
in accordance with the articles of incorporation or bylaws. At this meeting the board of
directors, through the secretary or other officer whom they may designate, shall make a
statement to the members or stockholders setting forth in general the assets and liabilities of
the association during the previous year.
B. Meetings of members or stockholders may be called by the board of directors in
their discretion, or as otherwise fixed in the articles of incorporation or the bylaws.
C. Unless otherwise stated in the articles of incorporation or bylaws of the
association, or elsewhere in this Chapter, the members or stockholders who shall be entitled
to vote at any meeting shall be those who were members or stockholders of record as of the
date of record established by the board of directors, except those who subsequently have
ceased to be members or stockholders.
D. Unless otherwise provided in the articles of incorporation or bylaws, at every
meeting each member or voting stockholder shall be entitled upon each proposal presented
to vote as follows:
(1) In the case of a member of a mutual association, for every one hundred dollars
or major fraction thereof, held in a savings or demand account, or if borrowers are members
of the association, for any amount borrowed, one vote, but no member may cast more than
five hundred votes.
(2) In the case of a capital association, each stockholder is entitled to one vote for
each share of voting stock recorded in the stockholder's name on the books of the corporation
on the record date fixed as provided in Subsection C.
E. Unless otherwise provided in the articles of incorporation or bylaws, voting at any
meeting of the members or stockholders may be in person, by means of remote
communication as provided in R.S. 12:1-709, or by written proxy signed by the member or
stockholder or his duly authorized agent. However, no proxy may be voted at any meeting
unless the proxy was filed with the secretary of the association for verification at least five
days prior to the date of the meeting at which the proxy is to be voted. When shares of stock
or accounts are registered in the name of two or more persons, a proxy signed by any one or
more of them shall be deemed valid unless the association receives written notice to the
contrary from a nonsigning registered member or stockholder before the proxy is voted.
F. Unless otherwise provided in the articles of incorporation or bylaws, at an annual
meeting or at any special meeting of members or stockholders, any number of persons
present in person, attending by means of remote communication as provided in R.S. 12:1-709, or by eligible proxy shall constitute a quorum and a majority of all votes cast at any
meeting shall determine any question unless this Chapter specifically provides otherwise.