2006 Louisiana Laws - RS 9:2280 — Corporations; authority to make donations for charitable purposes

§2280.  Corporations; authority to make donations for charitable purposes

Every corporation organized under the laws of this state, unless otherwise provided in its charter, shall have power, when authorized by its board of directors or executive committee, to make donations to any corporation, trust, fund or foundation created or organized in the United States or in any possession thereof or under the law of the United States or of any state or territory or of any possession of the United States, organized and operated exclusively for religious, charitable, or educational purposes, no part of the net earnings of which inures to the benefit of any private shareholder or individual, and no substantial part of the activities of which is carrying on propaganda, or otherwise attempting to influence legislation; provided, that a donation shall not be authorized hereunder if the donee institution shall own more than ten per centum (10%) of the voting stock of the donor corporation or one of its subsidiaries.  The provisions of this Part shall not be construed as interpreting the rights and powers of corporations as heretofore existing.  Nothing in this Part shall affect the power of any foreign corporation doing business in this state, unless otherwise provided in its charter.  

Added by Acts 1954, No. 638, §1.  

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