Louisiana Administrative Code
Title 7 - AGRICULTURE AND ANIMALS
Part V - Advertising, Marketing and Processing
Chapter 3 - Market Commission-Agricultural Products Processing Development Law-Loans and Loan Guaranties
Subchapter A - Authorization and Administration of Market Commission Loans and Loan Guaranties and Cooperative Endeavor Agreements under the Agricultural Products Processing Development Law
Section V-317 - Requirements Subsequent to Disbursement of Loan Proceeds
Universal Citation: LA Admin Code V-317
Current through Register Vol. 50, No. 9, September 20, 2024
A. Each year, on the anniversary of the disbursement of loan proceeds, each recipient of a loan or a loan guaranty shall provide the following:
1. a listing of
all stockholders, with the number of shares held by each, at any time during
the previous year;
2. a current
statement of its operations, including an analysis of profits and
losses;
3. a statement of financial
condition, including but not limited to a balance sheet and profit and loss
statement for the most recently completed fiscal year;
4. a current personal financial statement of
all principals who have endorsed the note or are liable for repayment of the
loan or any part thereof.
B. Each recipient of a loan guaranty shall authorize the lender holding the loan record to file quarterly statements with the market commission showing the principal balance remaining outstanding and any defaults in payment.
AUTHORITY NOTE: Promulgated in accordance with R.S. 3:450.3.
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