Kentucky Statutes 286.3-090 – Reduction of capital stock of bank or trust company to be approved by commissioner — $2,500,000 in capital stock to be maintained
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No reduction in the capital stock of a bank or trust company shall be made to an amount less than was required for organization, nor shall any reduction be valid until it has been approved by the commissioner upon his finding that the interest of creditors of the bank or trust company will not be prejudiced thereby. In no event, however, shall the capital stock be less than two million five hundred thousand dollars ($2,500,000).
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 620, effective July 15, 2010; and ch. 28, sec. 9, effective July 15, 2010. — Amended 1984 Ky. Acts ch. 324, sec. 9, effective July 13, 1984. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 587.
Formerly codified as KRS § 287.090.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 24 and 28, which do not appear to be in conflict and have been codified together.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.
Effective: July 15, 2010
Terms Used In Kentucky Statutes 286.3-090
- Capital stock: shall mean , at any particular time, the sum of:
(a) The par value of all shares of the corporation having a par value that have been issued. See Kentucky Statutes 286.3-010 - Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.3-010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Stock: means the corporation's shares. See Kentucky Statutes 286.3-010
- Trust company: includes every corporation authorized by this subtitle to do a trust business. See Kentucky Statutes 286.3-010
History: Amended 2010 Ky. Acts ch. 24, sec. 620, effective July 15, 2010; and ch. 28, sec. 9, effective July 15, 2010. — Amended 1984 Ky. Acts ch. 324, sec. 9, effective July 13, 1984. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 587.
Formerly codified as KRS § 287.090.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 24 and 28, which do not appear to be in conflict and have been codified together.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.