Kentucky Statutes 286.5-025 – Insurance requirement for certificate of incorporation
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No certificate of incorporation as provided for under this subtitle shall be granted or approved by the commissioner after June 16, 1972, unless the applicant for such certificate:
(1) Submits sufficient evidence of being fully insured by the Federal Savings and Loan
Insurance Corporation or other federal agency; or
(2) Submits sufficient evidence of commitment by the Federal Savings and Loan Insurance Corporation or other federal agency that the applicant will be issued federal insurance immediately subsequent to the execution of the certificate of incorporation by the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 676, effective July 15, 2010. — Amended
1984 Ky. Acts ch. 111, sec. 128, effective July 13, 1984. — Created 1972 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 1.
Formerly codified as KRS § 289.025.
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.
(1) Submits sufficient evidence of being fully insured by the Federal Savings and Loan
Terms Used In Kentucky Statutes 286.5-025
- Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.5-011
- 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: may extend and be applied to any corporation, company, partnership, joint stock company, or association. 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
- Statute: A law passed by a legislature.
Insurance Corporation or other federal agency; or
(2) Submits sufficient evidence of commitment by the Federal Savings and Loan Insurance Corporation or other federal agency that the applicant will be issued federal insurance immediately subsequent to the execution of the certificate of incorporation by the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 676, effective July 15, 2010. — Amended
1984 Ky. Acts ch. 111, sec. 128, effective July 13, 1984. — Created 1972 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 1.
Formerly codified as KRS § 289.025.
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.