SB 279 Louisiana Senate · 2026 Regular Session

SECURITIES: Provides relative to certificate of stocks and uncertificated shares of a financial institution. (8/1/26)

SB 279 updates Louisiana law to allow state-chartered banks and their holding companies to issue shares without physical certificates, using electronic systems like book-entry records. It requires a bank's board of directors to approve this transition via majority vote and clarifies that shareholder rights remain unchanged regardless of certificate status. The bill specifically amends existing statutes (R.S. 6:255, 12:1-625) to apply these provisions to financial institutions, aligning them with modern electronic share management practices. It does not create new financial products or alter shareholder obligations. This procedural change directly affects Louisiana state-chartered banks and their holding companies.

Bill status signed all 5 stages cleared

Introduction

Feb 2026

Committee Review

May 2026

Senate Passage

May 2026

House Passage

May 2026

Signed into Law

Jun 2026

Introduced Feb 27, 2026 Signed Jun 2, 2026

Maddy AI version diff · 3 comparisons

What changed between versions

SB279 Original → SB279 Act · 4 edits

MODERATE

This bill updates Louisiana laws to allow financial institutions to issue shares without physical certificates by using electronic book entries. It expands the ability of corporate boards to authorize uncertificated shares and establishes a formal process for converting existing physical stock certificates into electronic records. The changes apply broadly to banks, savings banks, and capital stock associations, modernizing how shareholder ownership is recorded and transferred.

Scope change

The bill expands the scope of uncertificated shares to include any electronic method for documenting ownership, not just the Direct Registration System, and explicitly applies these rules to state-chartered banks, bank holding companies, and capital stock associations.

REQUIREMENT

Added a specific process allowing the board of directors to authorize the issue of uncertificated shares using book entries or other electronic methods.

Added a mechanism for the board of directors to convert existing physical stock certificates into uncertificated shares via a majority vote resolution.

ELIGIBILITY

Modified the rules for financial institutions to allow uncertificated shares even if they are not participants in the Direct Registration System, provided they use a similar book-entry system.

DEFINITION

Added new statutory sections to the Business Corporation Act and Savings Bank Act to formally recognize and regulate uncertificated shares.

Floor votes · Senate Mar 23, 2026 · House May 26, 2026

How they voted

36–0

Passed · 3 other

Total votes 39

Mar 23, 2026

D Democratic11

11 Yea

100% Yea

R Republican28

25 Yea 3

89% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 27, 2026

Upper · Passed

Amendments proposed by the House read and concurred in by a vote of 34 yeas and 0 nays.

upper

May 26, 2026

Lower · Passed

Read third time by title, roll called on final passage, yeas 97, nays 0. Finally passed, ordered to the Senate.

lower

May 19, 2026

Introduced

Reported with Legislative Bureau amendments.

lower

May 18, 2026

Lower · Passed

Reported with amendments (11-0). Referred to the Legislative Bureau.

lower

Mar 25, 2026

Committee

Read by title, under the rules, referred to the Committee on Commerce.

lower

Mar 23, 2026

Upper · Passed

Read by title, passed by a vote of 35 yeas and 0 nays, and sent to the House. Motion to reconsider tabled.

upper

Mar 11, 2026

Upper · Passed

Reported favorably.

upper

Mar 9, 2026

Committee

Introduced in the Senate; read by title. Rules suspended. Read second time and referred to the Committee on Commerce, Consumer Protection and International Affairs.

upper

1 primary · 0 co-sponsors