RS 12:1404 Shares - Louisiana Statutes

§1404.  Shares

A.  There shall be only one class of shares of a professional social work corporation, denominated common shares, which shall be either with or without par value.

B.  Either a shareholder who is a natural person duly licensed to practice social work in this state, and who holds his shares in his own right, or another professional social work corporation, shall be entitled to vote such shares, and to participate in the corporation's earnings.  Any other shareholder shall have no voting rights for any purpose whatever, shall not participate in the corporation's earnings, and shall have no access to any records or communications pertaining to social work services rendered by, or any other affairs of, the corporation, except as provided in R.S. 12:1412.

C.  R.S. 12:33 shall not apply to professional social work corporations.

Acts 1997, No. 1169, §1.