Kentucky Statutes 286.5-551 – Consolidation of associations
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(1) Any two (2) or more associations may consolidate into a single corporation by a majority vote of all the members of each of the different associations at a special meeting of each association called for that purpose, of which at least thirty (30) days’ notice shall have been given each member. The consolidation shall be upon such terms as the directors of the associations mutually agree upon, and the terms shall be plainly set forth to each member in the notice of the special meetings.
(2) Any member not consenting to the consolidation shall be entitled to receive the withdrawal value of his stock in settlement or to have the value thereof applied in part settlement of his loan, if he is a borrower.
Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 42, effective June 18, 1964.
Formerly codified as KRS § 289.551.
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.
(2) Any member not consenting to the consolidation shall be entitled to receive the withdrawal value of his stock in settlement or to have the value thereof applied in part settlement of his loan, if he is a borrower.
Terms Used In Kentucky Statutes 286.5-551
- 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
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Member: means a person holding a savings account or a savings certificate of an
association, or a person borrowing from or assuming or obligated upon a loan or interest therein held by an association, or purchasing property securing a loan or interest therein held by an association. See Kentucky Statutes 286.5-011 - Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Statute: A law passed by a legislature.
- Withdrawal value: means the amount credited to a savings account and savings certificate of a member, less lawful deductions therefrom, as shown by the records of the association. See Kentucky Statutes 286.5-011
Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 42, effective June 18, 1964.
Formerly codified as KRS § 289.551.
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.