Business as Usual?

Posted by on 08.28.2014 in Corporate Law

Louisiana has updated its corporate laws by adopting legislation modeled off the Model Business Corporation Act (“MBCA”). The new set of laws is named “The Louisiana Business Corporation Act” and will replace Louisiana’s Business Corporation Law, which was enacted in 1968. The change occurred on May 30, 2014 when the Governor signed HB319 into law as Act 328. The new provisions will go into effect on January 1, 2015.

The MBCA is a set of model laws created in 1950, and are regularly amended and updated by the American Bar Association’s Committee on Corporate Laws. The MBCA is meant to govern the functioning of public and private corporations. It has been adopted in whole or in part by a majority of the states.

Representative Franklin J. Foil (R – Baton Rouge) originally introduced HB408 in the 2013 Regular Session to adopt laws modeled off the MBCA based on the recommendation of the Louisiana State Law Institute. However, this bill died toward the end of the session. Thereafter, Rep. Foil introduced HB319 during the 2014 Regular Session, which was passed, thereby adopting much of the MBCA.

The newly adopted laws constitute a comprehensive update to Louisiana’s corporate law system and will bring substantial change in some areas. Merely by way of example, the law provides some protections to minority shareholders in closely-held corporation who are being “oppressed.”

It will be interesting to see the extent to which Louisiana courts will seek guidance from the decisions of other states that have operated under similar laws for many years.

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  997. Advaxib on

    Singles: 12 p.m. — Ryder Cup pairings, tee times There’s a reason why Sergio Garcia is the all-time points leader in European Ryder Cup team history. It’s Ryder Cup week this week as the bi-annual event gets flipped back to being held on odd number years as it began thanks to it’s 2020 postponement due to COVID. Originally this event was held every odd year in the calendar before September 11, 2001 happened to postpone it until the following season. The best thing to do when wagering on any golf betting odds is to develop a reliable and consistent strategy that you can use on the Ryder Cup or any other golf tournament. This is useful, as nearly all golf betting odds are the same in terms of wagering options. They will wager. The Welsh love to wager and are just as likely to pick the underdog over the favorite. Look for lots of action, both in euros and dollars placed on this match. Because the Welsh will bet ANYTHING on anything. https://mysticblisscrystals.com.au/community/profile/lawannaestrada/ To get ready for a great year, we’ve got offers from the top sportsbooks ready. We have a Barstool Sportsbook promo code, Caesars Sportsbook promo code, FanDuel promo code, and DraftKings promo code, among others, along with offers from all top betting apps. These offers are waiting for when you are ready to join. So go on and pick your betting site then head on to the promotions page. Check the terms of the horse racing betting bonus and claim it. With those extra funds in your pocket, you can finally try your hand in the exciting Indian Derby. With the two sides so evenly matched, India’s strong lower order could prove the difference, with Jadeja and Ashwin both highly competent in the middle to lower order. For this reason, we tip India to edge out Pakistan for the victory.

  1046. Zexytwece on

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