§ 286.5-005 Title of law
§ 286.5-011 Definitions
§ 286.5-021 Who may incorporate — Procedure
§ 286.5-022 Former corporations deemed incorporated under this law — Effect on rights — Severability
§ 286.5-024 Proof by existing association of federal insurance or private insurance meeting minimum standard — Effect of noncompliance
§ 286.5-025 Insurance requirement for certificate of incorporation
§ 286.5-031 Commissioner to investigate — Objections — Approval — Certificate issued — Filing
§ 286.5-041 Name of association — Use of terms in name prohibited — Injunction
§ 286.5-051 Office — Located where — Change of name or location
§ 286.5-061 Branch offices — Limits on establishment
§ 286.5-071 Corporate existence begins — When
§ 286.5-081 General powers of association
§ 286.5-091 Books and records of association — Reproductions
§ 286.5-101 Right to manage property to avoid loss
§ 286.5-111 Associations exempt from security sale regulations
§ 286.5-121 Publication of financial statement
§ 286.5-131 Annual report of association
§ 286.5-141 Bond of incorporators — Conditions
§ 286.5-151 Minimum number of shares of capital stock — Issuance
§ 286.5-161 Expense fund created — Amount — Repayment
§ 286.5-171 Reserve fund — Creation — Charges — Credits
§ 286.5-181 Organization meeting held when
§ 286.5-191 Forfeiture of charter on failure to commence business
§ 286.5-201 Annual meetings — Who may vote — Quorum
§ 286.5-211 Board of directors — Qualifications — Election — Vacancies, filled, how
§ 286.5-221 Bond of officers or employees handling money
§ 286.5-225 Loan to director, officer, employee, or attorney prohibited — Exceptions
§ 286.5-231 Liability of officer or agent for fraud or neglect
§ 286.5-241 Association interest does not disqualify officer taking acknowledgment
§ 286.5-251 Acceptance of gratuity for action, a misdemeanor
§ 286.5-261 Liability of association to members — Members not liable for losses
§ 286.5-271 Inspection of books — Records confidential — Exception
§ 286.5-281 Membership, withdrawal, fees — Fines
§ 286.5-291 Savings accounts, how held — Transfers
§ 286.5-301 Issue of stock on installment basis — Issuance for loan purposes — Maximum holding
§ 286.5-311 Lost or destroyed books, duplicates
§ 286.5-321 Redemption of savings accounts — Limitation on claims
§ 286.5-331 Withdrawal of shares — Payment for, when made — Withdrawals by borrowing members
§ 286.5-341 Enforced withdrawal
§ 286.5-351 Matured shares
§ 286.5-361 Payment of withdrawals and accounts
§ 286.5-371 Dividends paid, when
§ 286.5-381 Savings accounts of minors
§ 286.5-391 Joint savings accounts
§ 286.5-401 Accounts of fiduciaries — Voting powers — Payments to beneficiaries
§ 286.5-411 Payments of account, foreign fiduciary
§ 286.5-421 Recognition of attorney-in-fact
§ 286.5-431 Investments by fiduciaries, charitable and financial institutions authorized
§ 286.5-435 Association as trustee — Compensation — Records
§ 286.5-441 Real estate loans, requirements — Purposes for which made — Additional payments
§ 286.5-451 Loans on direct reduction plan — Pledge of stock on loan — Interest rate — Property improvement loans — Participation with other lenders — Condition for making uninsured loans
§ 286.5-461 Compliance with federal law or regulations required for property improvement loans or mobile home loans
§ 286.5-471 Loans under Servicemen’s Readjustment Act
§ 286.5-481 Repayment of loans — Credit value of borrower’s shares — Retention of shares
§ 286.5-491 Default in payment of dues — Fine — Forfeiture of shares — Payments in advance
§ 286.5-501 Payment of expenses of loan — Payments in lieu
§ 286.5-511 Priority of members for loans — Investments — Compensation for loans prohibited — Loan statement
§ 286.5-521 Limits on power to borrow money
§ 286.5-531 Acquisition and ownership of real estate
§ 286.5-541 Acting as fiscal agent of U. S
§ 286.5-551 Consolidation of associations
§ 286.5-561 Federal savings and loan association, consolidation with or conversion into
§ 286.5-571 Resolution of consolidation or conversion to be filed with commissioner
§ 286.5-581 Consolidation or merger with federal association procedure — Continuation with state association
§ 286.5-591 Transfer of property to federal association — Rights of creditors
§ 286.5-601 Federal charter to be recorded — Evidence
§ 286.5-611 Conversion of federal association to state association — Procedure
§ 286.5-621 Reorganization or voluntary liquidation
§ 286.5-631 Meeting of members — How called — Notice
§ 286.5-641 Exhibit of affairs to be printed and filed
§ 286.5-651 Voting — Adoption of resolution to reorganize or liquidate
§ 286.5-661 Foreign associations prohibited — Exceptions
§ 286.5-680 Status of federal savings and loan associations — Powers
§ 286.5-690 Commissioner and examiners to have no interest in association
§ 286.5-700 Powers of commissioner — Form of orders
§ 286.5-702 Commissioner’s power to make administrative regulations and orders
§ 286.5-705 Commissioner may authorize state associations to be competitive with federal associations
§ 286.5-710 Examination of associations — Report — Information confidential
§ 286.5-720 Federal examinations may be accepted — Extra examination — Powers of examiners
§ 286.5-730 Filing fee for reports — Examination fees
§ 286.5-740 Violations of law or regulation — Ordered discontinued — Enforcement
§ 286.5-750 Conservator appointed — When — Procedure
§ 286.5-760 Receiver appointed when — Federal agency as receiver — Procedure
§ 286.5-770 No receiver or conservator for solvent association
§ 286.5-780 Declaratory judgment action as to rights
§ 286.5-790 Annual report of commissioner
§ 286.5-800 Advertising as insured institution restricted — Penalty — Injunction
§ 286.5-805 Passbook notice required of federally uninsured association
§ 286.5-810 Injurious statements about associations — Penalty
§ 286.5-850 “Credit card guaranty” defined — Requirement to insure validity
§ 286.5-900 Definitions
§ 286.5-905 Acquisition of one or more associations wherever located — Limitations — Acquisition by out-of-state associations — Merger or consolidation
§ 286.5-910 Filing of application to acquire association or holding company — Examination of applicant — Cooperative agreements for examination of out-of-state associations or exchange of confidential information
§ 286.5-991 Penalties
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Terms Used In Kentucky Statutes > Chapter 286 > Subtitle 5 - Savings and Loan Associations

  • Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • any other state: includes any state, territory, outlying possession, the District of Columbia, and any foreign government or country. See Kentucky Statutes 446.010
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Arrest: Taking physical custody of a person by lawful authority.
  • 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
  • Attorney: means attorney-at-law. See Kentucky Statutes 446.010
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
  • Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
  • Cabinet: means the Justice and Public Safety Cabinet. See Kentucky Statutes 15A.011
  • Capital stock: as used in this subtitle may be used interchangeably with the term savings account and savings certificate. See Kentucky Statutes 286.5-011
  • Case plan: means an individualized accountability and behavior change strategy for supervised individuals that:
    (a) Targets and prioritizes the specific criminal risk factors of the individual based upon his or her assessment results. See Kentucky Statutes 446.010
  • Certified mail: means any method of governmental, commercial, or electronic delivery that allows a document or package to have proof of:
    (a) Sending the document or package. See Kentucky Statutes 446.010
  • City: includes town. See Kentucky Statutes 446.010
  • Commissioner: means the commissioner of the Department of Juvenile Justice. See Kentucky Statutes 15A.011
  • Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.5-011
  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the Department of Juvenile Justice. See Kentucky Statutes 15A.011
  • Department: means the Department of Financial Institutions. See Kentucky Statutes 286.1-010
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • Devise: To gift property by will.
  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • Docket: A log containing brief entries of court proceedings.
  • 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
  • earnings: means that part of the net income of an association which is declared payable on savings accounts and savings certificates from time to time by the board of directors, and is the cost of savings money to the association. See Kentucky Statutes 286.5-011
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Evidence-based practices: means policies, procedures, programs, and practices proven by scientific research to reliably produce reductions in recidivism when implemented competently. See Kentucky Statutes 446.010
  • Ex officio: Literally, by virtue of one's office.
  • Executor: A male person named in a will to carry out the decedent
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Fiduciary: A trustee, executor, or administrator.
  • Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
  • Fraud: Intentional deception resulting in injury to another.
  • Gross income: means the sum for an accounting period of the following: (a) Operating income. See Kentucky Statutes 286.5-011
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Home: means a dwelling or dwellings for not more than four (4) families, the principal use of which is for residential purposes. See Kentucky Statutes 286.5-011
  • Home loan: means a real estate loan the security for which is home property. See Kentucky Statutes 286.5-011
  • Home property: means real estate on which there is located, or will be located pursuant to a home loan, a home or a combination home and business structure. See Kentucky Statutes 286.5-011
  • Impaired condition: means a condition in which the assets of an association in the aggregate do not have a fair value equal to the aggregate amount of liabilities of the association to its creditors, including its members and all other persons. See Kentucky Statutes 286.5-011
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legatee: A beneficiary of a decedent
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Member: means a person holding a savings account or a savings certificate of an
    association, or a person borrowing from or assuming or obligated upon a loan or interest therein held by an association, or purchasing property securing a loan or interest therein held by an association. See Kentucky Statutes 286.5-011
  • Minor: means a person over fourteen (14) years of age and under eighteen (18)
    years of age. See Kentucky Statutes 286.5-011
  • Mistrial: An invalid trial, caused by fundamental error. When a mistrial is declared, the trial must start again from the selection of the jury.
  • Month: means calendar month. See Kentucky Statutes 446.010
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Net income: means gross income for an accounting period less the aggregate of the following:
    (a) Operating expenses. See Kentucky Statutes 286.5-011
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Operating expenses: means all expenses actually paid, or due but unpaid, by an association during an accounting period, excluding the following:
    (a) Real estate expenses. See Kentucky Statutes 286.5-011
  • Operating income: means all income actually received by an association during an accounting period, excluding the following:
    (a) Foreclosed real estate income. See Kentucky Statutes 286.5-011
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
  • Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
  • Personal estate: includes chattels, real and other estate that passes to the personal representative upon the owner dying intestate. See Kentucky Statutes 446.010
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • public funds: means sums actually received in cash or negotiable instruments from all sources unless otherwise described by any state agency, state- owned corporation, university, department, cabinet, fiduciary for the benefit of any form of state organization, authority, board, bureau, interstate compact, commission, committee, conference, council, office, or any other form of organization whether or not the money has ever been paid into the Treasury and whether or not the money is still in the Treasury if the money is controlled by any form of state organization, except for those funds the management of which is to be reported to the Legislative Research Commission pursuant to KRS §. See Kentucky Statutes 446.010
  • Quorum: The number of legislators that must be present to do business.
  • real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
  • Real estate expenses: means all expenses actually paid, or due but unpaid, in connection with the ownership, maintenance, and sale of real estate (other than office building or buildings and real estate held for investment) by an association during an accounting period, excluding capital expenditures and losses on the sale of real estate. See Kentucky Statutes 286.5-011
  • Real estate income: means all income actually received by an association during an accounting period from real estate owned (other than from office building or buildings and real estate held for investment) excluding profit from sale of real estate. See Kentucky Statutes 286.5-011
  • Real estate loan: means any loan or other obligation secured by real estate, whether in fee or in a leasehold. See Kentucky Statutes 286.5-011
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Registered mail: means any governmental, commercial, or electronic method of delivery that allows a document or package to have:
    (a) Its chain of custody recorded in a register to enable its location to be tracked. See Kentucky Statutes 446.010
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Savings account: means that part of the savings liability of the association which is
    credited to the account of the holders thereof. See Kentucky Statutes 286.5-011
  • Savings certificate: means that part of a savings account which is fully paid and is represented by a certificate. See Kentucky Statutes 286.5-011
  • Savings liability: means the aggregate amount of savings accounts and savings certificates of members, including dividends credited to such accounts, less redemptions and withdrawals. See Kentucky Statutes 286.5-011
  • Secretary: means the secretary of the Justice and Public Safety Cabinet. See Kentucky Statutes 15A.011
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Sworn: includes "affirmed" in all cases in which an affirmation may be substituted for an oath. See Kentucky Statutes 446.010
  • Testify: Answer questions in court.
  • Treatment: when used in a criminal justice context, means targeted interventions
    that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • validated risk and needs assessment: means an actuarial tool scientifically proven to determine a person's risk to reoffend and criminal risk factors, that when properly addressed, can reduce that person's likelihood of committing future criminal behavior. See Kentucky Statutes 446.010
  • Violate: includes failure to comply with. See Kentucky Statutes 446.010
  • Withdrawal value: means the amount credited to a savings account and savings certificate of a member, less lawful deductions therefrom, as shown by the records of the association. See Kentucky Statutes 286.5-011
  • Year: means calendar year. See Kentucky Statutes 446.010