Kentucky Statutes 286.6-315 – Capital of credit union
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(1) The capital of a credit union consists of the aggregate amount of the share and deposit accounts of its members plus all reserves and undivided earnings.
(2) Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 408, sec. 32, effective July 13, 1984.
Formerly codified as KRS § 290.315.
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) Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe.
Terms Used In Kentucky Statutes 286.6-315
- Credit union: means a cooperative, nonprofit association, incorporated under this subtitle, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Kentucky Statutes 286.6-005
- Statute: A law passed by a legislature.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 408, sec. 32, effective July 13, 1984.
Formerly codified as KRS § 290.315.
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.