Kentucky Statutes 286.5-561 – Federal savings and loan association, consolidation with or conversion into
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(1) Any association may convert itself into or merge or consolidate with a federal savings and loan association, as authorized by the Home Owners’ Loan Act of 1933 (48 Stat. 128) and any amendments or supplements thereto, or laws hereafter enacted in substitution therefor and pursuant to any rules and regulations in accordance therewith.
(2) Before an association may act under subsection (1), the board of directors, at any regular meeting by a vote of two-thirds (2/3) of the directors, shall adopt resolutions authorizing the conversion or merger or consolidation.
Effective: July 15, 1982
History: Amended 1982 Ky. Acts ch. 276, sec. 2, effective July 15, 1982. — Created
1964 Ky. Acts ch. 138, sec. 40, effective June 18, 1962.
Formerly codified as KRS § 289.561.
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) Before an association may act under subsection (1), the board of directors, at any regular meeting by a vote of two-thirds (2/3) of the directors, shall adopt resolutions authorizing the conversion or merger or consolidation.
Terms Used In Kentucky Statutes 286.5-561
- 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
- Federal: refers to the United States. 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
- Statute: A law passed by a legislature.
Effective: July 15, 1982
History: Amended 1982 Ky. Acts ch. 276, sec. 2, effective July 15, 1982. — Created
1964 Ky. Acts ch. 138, sec. 40, effective June 18, 1962.
Formerly codified as KRS § 289.561.
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.