Any contract between the authority and the insurance corporation shall contain provisions for the recapture by the authority of any profits made by the insurance corporation; but such recapture may be delayed indefinitely if the continued use of funds so derived by the insurance corporation shall be deemed by the authority to promote the purposes of the authority.
Effective: July 1, 1978

Terms Used In Kentucky Statutes 154.20-570

  • Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010

History: Created 1978 Ky. Acts ch. 96, sec. 19, effective July 1, 1978.
Formerly codified as KRS § 154.575

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