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Louisiana Revised Statutes Tit. 12, § 499.5. Articles of organization

Current as of January 01, 2023 | Updated by Findlaw Staff

Three or more persons who are residents of this state, may organize a cooperative housing corporation by filing articles of organization with the secretary of state. The articles shall meet the requirements of Chapter 2 of this Title, and in addition, shall state the following:

(1) Whether transfer of corporation stock is restricted.

(2) Whether or not the corporation shall be authorized to pay dividends on its stock, but no cooperative housing corporation shall pay a dividend of more than six percent, noncumulative, upon its stock.

(3) Whether the transfer value of corporation stock is restricted.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 12, § 499.5. Articles of organization - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-12-sect-499-5/

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