Kentucky Statutes 286.5-611 – Conversion of federal association to state association — Procedure
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(1) Any federal savings and loan association may convert itself into a state-chartered association upon a vote of two-thirds (2/3) or more of the votes of members of such federal savings and loan association cast at an annual meeting or at any special meeting called to consider such action. Copies of the minutes of the proceedings of such meeting, verified by the affidavit of the secretary or an assistant secretary, shall be filed in the office of the commissioner and mailed to the federal home loan bank board, Washington, D. C., within ten (10) days after such meeting. The verified copies of the proceedings of the meeting when so filed shall be presumptive evidence of the meeting and action taken at such meeting.
(2) At the meeting at which conversion is voted upon, the members shall also vote upon the directors who shall be the directors of the state-chartered association after conversion takes effect. Such directors then shall execute two (2) copies of the petition for certificates of incorporation provided for in this subtitle and two (2) copies of the bylaws, as provided in this subtitle.
(3) The commissioner shall insert in the certificates of incorporation, at the end of the paragraph preceding the testimonium clause, the following: “This association is incorporated by conversion from a federal savings and loan association.”
(4) Each of the directors chosen for the association shall sign and acknowledge the petition for certificates of incorporation as subscribers thereto and the proposed bylaws as incorporators of the association.
(5) The provisions of this subtitle shall, so far as applicable, apply to such conversion under this subtitle. The commissioner may provide, by regulation for the procedure to be followed by any such federal savings and loan association converting into a state-chartered association. All the provisions regarding property and other rights contained in KRS § 286.5-591 shall apply, in reverse order, to the conversion of a federal savings and loan association into a state-chartered association, so that the state-chartered association shall be continuation of the corporate entity of the converting federal association and continue to have all of its property and rights.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 695, effective July 15, 2010. — Created
1964 Ky. Acts ch. 138, sec. 41, effective June 18, 1964.
Formerly codified as KRS § 289.611.
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) At the meeting at which conversion is voted upon, the members shall also vote upon the directors who shall be the directors of the state-chartered association after conversion takes effect. Such directors then shall execute two (2) copies of the petition for certificates of incorporation provided for in this subtitle and two (2) copies of the bylaws, as provided in this subtitle.
Terms Used In Kentucky Statutes 286.5-611
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
(3) The commissioner shall insert in the certificates of incorporation, at the end of the paragraph preceding the testimonium clause, the following: “This association is incorporated by conversion from a federal savings and loan association.”
(4) Each of the directors chosen for the association shall sign and acknowledge the petition for certificates of incorporation as subscribers thereto and the proposed bylaws as incorporators of the association.
(5) The provisions of this subtitle shall, so far as applicable, apply to such conversion under this subtitle. The commissioner may provide, by regulation for the procedure to be followed by any such federal savings and loan association converting into a state-chartered association. All the provisions regarding property and other rights contained in KRS § 286.5-591 shall apply, in reverse order, to the conversion of a federal savings and loan association into a state-chartered association, so that the state-chartered association shall be continuation of the corporate entity of the converting federal association and continue to have all of its property and rights.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 695, effective July 15, 2010. — Created
1964 Ky. Acts ch. 138, sec. 41, effective June 18, 1964.
Formerly codified as KRS § 289.611.
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.