Kentucky Statutes 286.5-621 – Reorganization or voluntary liquidation
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(1) Any association may reorganize or go into voluntary liquidation by the votes of its members owning at least two-thirds (2/3) of the shares in force at the time the vote is taken.
(2) Whenever the members desire to reorganize or go into voluntary liquidation, the board of directors or the committee of members appointed for that purpose shall submit the question of reorganization or voluntary liquidation to a vote of the members at a special meeting of members, but no association shall reorganize or go into voluntary liquidation without the approval of the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 696, effective July 15, 2010. — Created
1964 Ky. Acts ch. 138, sec. 44, effective June 18, 1964.
Formerly codified as KRS § 289.621.
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) Whenever the members desire to reorganize or go into voluntary liquidation, the board of directors or the committee of members appointed for that purpose shall submit the question of reorganization or voluntary liquidation to a vote of the members at a special meeting of members, but no association shall reorganize or go into voluntary liquidation without the approval of the commissioner.
Terms Used In Kentucky Statutes 286.5-621
- 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
- Statute: A law passed by a legislature.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 696, effective July 15, 2010. — Created
1964 Ky. Acts ch. 138, sec. 44, effective June 18, 1964.
Formerly codified as KRS § 289.621.
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.