Kentucky Statutes 286.5-171 – Reserve fund — Creation — Charges — Credits
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(1) Every domestic association shall set aside at least one percent (1%) of the net income each year as a reserve fund to provide against contingent losses, until the total amount of the fund so set aside equals twelve percent (12%) of the assets of the association. The commissioner may require other specific reserves in his or her discretion.
(2) Any losses from sale of real estate may be charged against this fund and in the event of any such charges then any profits from the sale of real estate shall, to the extent of losses charged, be credited to the said fund.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 688, effective July 15, 2010. — Created
1964 Ky. Acts ch. 138, sec. 18, effective June 18, 1964.
Formerly codified as KRS § 289.171.
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 losses from sale of real estate may be charged against this fund and in the event of any such charges then any profits from the sale of real estate shall, to the extent of losses charged, be credited to the said fund.
Terms Used In Kentucky Statutes 286.5-171
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- Net income: means gross income for an accounting period less the aggregate of the following:
(a) Operating expenses. See Kentucky Statutes 286.5-011 - real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Year: means calendar year. See Kentucky Statutes 446.010
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 688, effective July 15, 2010. — Created
1964 Ky. Acts ch. 138, sec. 18, effective June 18, 1964.
Formerly codified as KRS § 289.171.
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.