RS 1098.16 - Minority partner
Only in the event that Slidell Memorial Hospital should acquire a minority partner with a share of less than fifty percent of the assets of the hospital, shall the board of commissioners be empowered to allow representation of the minority partner on the board.
(1) By a two-thirds vote of the board of commissioners, the size of the board may be increased by not more than two members in order to allow for representation of a minority shareholder on the board.
(2) Such board members shall be appointed by the minority shareholder to serve initial terms of one year and two years respectively.
(3) Subsequently, these appointees of the minority shareholder shall serve full four-year terms.
(4) No other restrictions or qualifications shall apply to board members appointed by a minority shareholder, except with regard to term limitations contained herein.
Acts 2020, No. 365, §1, eff. June 12, 2020.