La. R.S. 51:1102

Fifteen or more persons, a majority of whom are residents of or domiciled in the state of Louisiana, who desire to create a business development corporation or corporations under the provisions of this Chapter for the purpose of promoting, developing and advancing the prosperity and economic welfare of the state of Louisiana and, to that end, to exercise powers and privileges hereinafter provided, may be incorporated upon compliance with the provisions of Chapter 1 of Title 12 of the Louisiana Revised Statutes of 1950 and upon compliance with the provisions of this Chapter.