LAC 10:VII.515 – Full Disclosure Required

A. The stock issuance plan, proxy and/or offering materials must contain thorough disclosures of all material facts, and particularly as to all benefits which may be obtained by any person in the transaction at issue. Benefits to officers, directors, their associates, employees and to non-members or non-stockholders (including charitable or community organizations) shall be disclosed in chart form with any necessary textual description and shall comply in all respects to the provisions set forth under §311 of the conversion rule.

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:1141.

HISTORICAL NOTE: Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 21:1077 (October 1995).