Kentucky Statutes 286.3-310 – Bank may own stock in federal reserve bank or Federal Deposit Insurance Corporation
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(1) Any bank organized under the laws of this state may subscribe for and own stock of the federal reserve bank within the federal reserve district where it is located and may take any steps necessary to become a member of that federal reserve bank.
(2) Any bank organized under the laws of this state may, upon the authority of a majority of its board of directors, acquire stock or securities of the Federal Deposit Insurance Corporation and may enter into and take advantage of all contracts, rights and privileges which may at any time be available to them or their depositors, receivers or liquidators, pursuant to any federal act, and may do anything necessary to acquire or maintain insurance of its deposits in the Federal Deposit Insurance Corporation, or any federal corporation that succeeds or is substituted therefor.
Effective: July 13, 1984
History: Amended 1984 Ky. Acts ch. 324, sec. 25, effective July 13, 1984. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 584a.
Formerly codified as KRS § 287.310.
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) Any bank organized under the laws of this state may, upon the authority of a majority of its board of directors, acquire stock or securities of the Federal Deposit Insurance Corporation and may enter into and take advantage of all contracts, rights and privileges which may at any time be available to them or their depositors, receivers or liquidators, pursuant to any federal act, and may do anything necessary to acquire or maintain insurance of its deposits in the Federal Deposit Insurance Corporation, or any federal corporation that succeeds or is substituted therefor.
Terms Used In Kentucky Statutes 286.3-310
- Board of directors: means the governing body of a corporation elected or otherwise chosen by the shareholders, including the managers of a limited liability company. See Kentucky Statutes 286.3-010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means either a for-profit corporation or limited liability company. See Kentucky Statutes 286.3-010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- 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.
- Stock: means the corporation's shares. See Kentucky Statutes 286.3-010
Effective: July 13, 1984
History: Amended 1984 Ky. Acts ch. 324, sec. 25, effective July 13, 1984. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 584a.
Formerly codified as KRS § 287.310.
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.