Louisiana SB279 amends laws regarding certificates of stock and uncertificated shares for financial institutions.
Louisiana SB279 amends existing laws to allow financial institutions to issue shares as uncertificated shares, including through book entry or electronic methods. The bill retains current law that shares must be represented by certificates unless the issuing corporation participates in the Direct Registration System of the Depository Trust & Clearing Corporation. The authorization for uncertificated shares does not affect shares already represented by certificates until they are surrendered to the corporation.
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