§1103. Articles of incorporation

Each corporation formed under this Chapter shall prepare and file articles of incorporation setting forth, in addition to the requirements of the provisions of Chapter 1 of Title 12 of the Louisiana Revised Statutes of 1950, the following:

(1) The name of the corporation, which shall include the words "Louisiana Business Development Corporation."

(2) The location of the principal office of the corporation, which shall not prohibit the corporation from maintaining offices in such other places within the state as may be fixed by the board of directors of the corporation.

(3) The purpose or purposes for which the corporation is founded, which shall include the following:

"The purposes of the corporation shall be to promote, stimulate, develop and advance the business prosperity and economic welfare of the state of Louisiana and its citizens; to encourage and assist through loans, investments or other business transactions, in the localities or locations of new business or industry in this state and to rehabilitate and assist existing business or industry; and so to stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of this state, provide maximum opportunities for employment, encourage thrift, and to improve the standard of living of the citizens of this state; to cooperate fully and act in conjunction with the Department of Economic Development of the state of Louisiana; and to similarly cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of industrial, commercial, agricultural and recreational developments in this state; and to provide financing for the promotion, development and conduct of all kinds of business activity in this state except the business of lending money to a business whose primary business is to lend money for a profit."

Acts 1962, No. 434, §3.