2015 Louisiana Laws
Revised Statutes
TITLE 51 - Trade and Commerce
RS 51:127 - Idle manufacturing plants; presumption of violation; receivership; sale or lease

§127. Idle manufacturing plants; presumption of violation; receivership; sale or lease

Whenever in any suit on behalf of the state it appears to the court, by affidavit or otherwise, either in limine or upon trial, that any manufacturing plant has been closed and kept idle for more than one year, it shall be presumed that such manufacturing plant was closed and kept idle for the purpose of violating this Part. The court shall receive and consider any and all evidence, whether by affidavit or otherwise, which may rebut this presumption. In computing the one year period, any plant is idle which has not been operating bona fide.

If the court finds that the facts do not fairly rebut the presumption, it shall issue an order to the owner to sell the plant to bona fide third parties, within a delay fixed by the court, not to exceed six months from the date of the order. If, at the expiration of that time, the plant is not sold, the court shall appoint a receiver to take possession, under bond, and the receiver may sell, lease, or dispose of the plant under the directions of the court, within twelve months of the order appointing him.

No sale or lease shall be made to any individual who has been connected with the management of the plant, or to any corporation or firm composed in whole or in part of such individuals. No corporation shall buy or lease the plant if more than thirty per cent of its stock is held by former stockholders of the offending corporation.

All sales by receivers under this Part shall be made according to the law governing sheriff's sales.