§2394.  Corporate or company matters

A.  The corporate or limited liability company name of each licensee shall include the word "BIDCO".  A licensee shall not transact business under a name other than its corporate name or limited liability company name.

B.(1)  The board of directors of each licensee shall consist of not less than five directors.  If the licensee is a limited liability company, it shall have at least five managers who are natural persons.

(2)  The board of directors or managers of each licensee shall hold a meeting not less than once each month.

C.  Within thirty days after the death, resignation, or removal of a director, manager, or officer, the election of a director, or the appointment of an officer, the licensee shall notify the commissioner in writing of the event and shall provide any additional information which the commissioner may require.

Acts 1991, No. 506, §1; Acts 2004, No. 806, §1.