Kentucky Statutes 286.5-041 – Name of association — Use of terms in name prohibited — Injunction
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(1) (a) The name of every association incorporated shall include the words “Savings and Loan Association.” These words shall be preceded by an appropriate descriptive word or words approved by the commissioner of financial institutions. An ordinal number may not be used as a single descriptive word preceding the words, “Savings and Loan Association,” unless such word is followed by the words “of ….” the blank being filled by the name of the town, city, or county in which the association has its home office. An ordinal number may be used together with another descriptive word, preceding the words “Savings and Loan Association,” provided the other descriptive word has not been used in the corporate name of any other association in the state, in which case the suffix mentioned above is not required to be used. An ordinal number may be used, together with another descriptive word, preceding the words “Savings and Loan Association,” even when such other descriptive word has been used in the corporate name of an association in the state, provided the suffix “of ….,” as provided above, is also used. The suffix provided above may be used in any corporate name.
(b) The use of the words, “National,” “Federal,” “United States,” “Insured,” “Guaranteed,” or any form thereof, separately or in any combination thereof with other words or syllables, is prohibited as part of the corporate name of an association. No certificate of incorporation of a proposed association having the same name as a corporation authorized to do business under the laws of this state or a name so nearly resembling it as to be calculated to deceive shall be issued by the commissioner.
(2) (a) No person, unless lawfully authorized to do business in this state under the provisions of this subtitle, and is actually engaged in carrying on a savings and loan association business, shall do business under any name or title which contains the terms “savings association,” “savings and loan association,” “building and loan association,” “building association,” or any combination employing either or both of the words “building” or “loan” with one or more of the words “saving,” “savings,” “thrift,” or words of similar import, or any combination employing one or more of the words “saving,” “savings,” “thrift,” or words of similar import with one or more of the words “association,” “institution,” “society,” “company,” “corporation” or words of similar import, or use any name or sign or circulate or use any letterhead, billhead, circular or paper whatever, or advertise or represent in any manner which indicates or reasonably implies that his or its business is the character or kind of business carried on or transacted by an association or which is calculated to lead any person to believe that his or its business is that of an association.
(b) Upon application by the commissioner or any association, a court of competent jurisdiction may issue an injunction to restrain any such entity from violating or continuing to violate any of the provisions of this subsection.
(c) The prohibitions of this subsection shall not apply to any corporation or association formed for the purpose of promoting the interests of savings
associations, the membership of which is comprised of savings associations, their officers or other representatives.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 678, effective July 15, 2010. — Created
1964 Ky. Acts ch. 138, sec. 5 (1) and (2), effective June 18, 1964.
Formerly codified as KRS § 289.041.
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, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
(b) The use of the words, “National,” “Federal,” “United States,” “Insured,” “Guaranteed,” or any form thereof, separately or in any combination thereof with other words or syllables, is prohibited as part of the corporate name of an association. No certificate of incorporation of a proposed association having the same name as a corporation authorized to do business under the laws of this state or a name so nearly resembling it as to be calculated to deceive shall be issued by the commissioner.
Terms Used In Kentucky Statutes 286.5-041
- Association: means a savings and loan association subject to the provisions of this subtitle and as used in KRS §. See Kentucky Statutes 286.5-011
- City: includes town. See Kentucky Statutes 446.010
- Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.5-011
- 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
- Home: means a dwelling or dwellings for not more than four (4) families, the principal use of which is for residential purposes. See Kentucky Statutes 286.5-011
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Violate: includes failure to comply with. See Kentucky Statutes 446.010
(2) (a) No person, unless lawfully authorized to do business in this state under the provisions of this subtitle, and is actually engaged in carrying on a savings and loan association business, shall do business under any name or title which contains the terms “savings association,” “savings and loan association,” “building and loan association,” “building association,” or any combination employing either or both of the words “building” or “loan” with one or more of the words “saving,” “savings,” “thrift,” or words of similar import, or any combination employing one or more of the words “saving,” “savings,” “thrift,” or words of similar import with one or more of the words “association,” “institution,” “society,” “company,” “corporation” or words of similar import, or use any name or sign or circulate or use any letterhead, billhead, circular or paper whatever, or advertise or represent in any manner which indicates or reasonably implies that his or its business is the character or kind of business carried on or transacted by an association or which is calculated to lead any person to believe that his or its business is that of an association.
(b) Upon application by the commissioner or any association, a court of competent jurisdiction may issue an injunction to restrain any such entity from violating or continuing to violate any of the provisions of this subsection.
(c) The prohibitions of this subsection shall not apply to any corporation or association formed for the purpose of promoting the interests of savings
associations, the membership of which is comprised of savings associations, their officers or other representatives.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 678, effective July 15, 2010. — Created
1964 Ky. Acts ch. 138, sec. 5 (1) and (2), effective June 18, 1964.
Formerly codified as KRS § 289.041.
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, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.