SLS 12RS-3097 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2012
SENATE BILL NO. 757 (Substitute of Senate Bill No. 388 by Senator Martiny)
BY SENATOR MARTINY
SECURITIES. Provides relative to the registration of securities subject to certain laws or
practices. (8/1/12)
AN ACT1
To enact R.S. 51:705(C)(1)(p), relative to securities; to provide relative to the registration2
of securities subject to certain laws or practices; to provide certain terms, conditions,3
procedures, and requirements; and to provide for related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 51:705(C)(1)(p) is hereby enacted to read as follows: 6
ยง705. Registration of securities; when and how required; delivery of prospectus7
* * *8
C. Registration statement. (1) Every registration statement filed under R.S.9
51:705(B) shall contain the following information:10
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(p)(i) Whether the security is subject to, bound by, or otherwise12
controlled by a religious law, ethic, custom, or practice and, if so, a declaration13
that identifies all of the following information:14
(aa) Such law, ethic, custom, or practice.15
(bb) Any precept or edict of such law, ethic, custom, or practice that16
would affect the type or nature of activities of the issuer, whether any earnings17 SB NO. 757
SLS 12RS-3097 ORIGINAL
Page 2 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
may not be distributed to the purchaser, whether any earnings may be1
distributed to third parties, and whether any religious qualification may apply2
to the selection of directors, officers or managers of the issuer.3
(ii) The issuer shall be solely responsible for disclosing and ensuring the4
accuracy of the information required by this Subparagraph.5
* * *6
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Jerry G. Jones.
DIGEST
Present law sets forth conditions generally for the registration and selling of securities in this
state, including the filing of registration statements containing certain information.
Proposed law retains present law and adds that every registration statement shall contain the
following information:
Whether the security is subject to, bound by, or otherwise controlled by a religious law,
ethic, custom, or practice and, if so, a declaration that identifies:
1. Such law, ethic, custom, or practice; and
2. Any precept or edict of such law, ethic, custom, or practice that would affect the type
or nature of activities of the issuer, whether any earnings may not be distributed to
the purchaser, whether any earnings may be distributed to third parties, and whether
any religious qualification may apply to the selection of directors, officers or
managers of the issuer.
Proposed law further provides that the issuer shall be solely responsible for disclosing and
ensuring the accuracy of the information required by the proposed law.
Effective August 1, 2012.
(Adds R.S. 51:705(C)(1)(p))