An association may organize, form, acquire, operate, own, control, have an interest in, own all or a portion of the stock of, or be the sole member of any other association, foreign association or corporation (hereinafter referred to as a subsidiary association). An association may have included in the articles of incorporation or bylaws of a subsidiary association provisions for the control or management of the subsidiary association by the association to such extent as shall by the board of the association, and the members of the subsidiary association be declared to be for the best interests of the association and the subsidiary association, respectively. Such provisions may be so included in the articles of incorporation or bylaws of a subsidiary association and may by way of illustration, but not of limitation, include the following:
(1) Representation of the association on the board or other governing body of the subsidiary association, upon such terms as may be deemed advisable.
(2) Ownership by the association of the sole or other interest in the subsidiary association represented by capital stock of any class thereof or otherwise, to such extent and upon such terms, and with such voting power, as may be deemed advisable.
(3) Participation by the association in the savings of the subsidiary association to such extent and upon such terms as shall be deemed advisable.
History: Amended 1972 Ky. Acts ch. 112, sec. 7. — Amended 1968 Ky. Acts ch. 148, sec. 4. — Created 1966 Ky. Acts ch. 208, sec. 20.