Kentucky Statutes 286.5-581 – Consolidation or merger with federal association procedure — Continuation with state association
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(1) If conversion, merger or consolidation under KRS § 286.5-561 is authorized, the officers and directors shall, within six (6) months from the date of the adoption of the resolution, take the steps necessary to effect a conversion, merger or consolidation of the association into a federal savings and loan association, and upon such terms as may then be agreed upon between the board of directors of the association and the federal home loan bank board, or other proper federal authority. The conversion, merger or consolidation shall be void if not consummated within eighteen (18) months.
(2) Upon the filing in the office of the commissioner of a certified copy of the charter or authorization issued to the association by the federal home loan bank board, or other proper federal authority, or of a certificate showing the organization of the association as a federal association, certified to by the federal home loan bank board, or its authorized representative, the association shall cease to be a state association and shall be a federal association, except that the corporate existence of the state association shall continue for three (3) years for the purpose of prosecuting or defending suits by or against it, and enabling it to close its affairs.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 694, effective July 15, 2010. — Created
1964 Ky. Acts ch. 138, sec. 37, effective June 18, 1964.
Formerly codified as KRS § 289.581.
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.
(2) Upon the filing in the office of the commissioner of a certified copy of the charter or authorization issued to the association by the federal home loan bank board, or other proper federal authority, or of a certificate showing the organization of the association as a federal association, certified to by the federal home loan bank board, or its authorized representative, the association shall cease to be a state association and shall be a federal association, except that the corporate existence of the state association shall continue for three (3) years for the purpose of prosecuting or defending suits by or against it, and enabling it to close its affairs.
Terms Used In Kentucky Statutes 286.5-581
- 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
- Commissioner: means the commissioner of financial institutions. 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
- Home loan: means a real estate loan the security for which is home property. See Kentucky Statutes 286.5-011
- 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.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 694, effective July 15, 2010. — Created
1964 Ky. Acts ch. 138, sec. 37, effective June 18, 1964.
Formerly codified as KRS § 289.581.
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.