Kentucky Statutes 247.953 – Commonwealth prohibited from altering the right of corporation to fulfill agreements with its bondholders
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In consideration of the acceptance of and payment for the bonds of the corporation by the holders thereof, the Commonwealth does hereby pledge to and agree with the holders of any bonds of the corporation issued pursuant to the provisions of KRS § 247.940 to
247.978, that the Commonwealth will not impair, limit, or alter the rights hereby vested in the corporation to fulfill the terms of any agreements made with the holders of the bonds of the corporation, or in any way impair the rights or remedies of the holders thereof, until the bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the holders, are fully met and discharged. The corporation is authorized to include this pledge and agreement of the Commonwealth in any agreement with the holders of bonds of the corporation.
Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 440, sec. 8, effective July 13, 1990.
247.978, that the Commonwealth will not impair, limit, or alter the rights hereby vested in the corporation to fulfill the terms of any agreements made with the holders of the bonds of the corporation, or in any way impair the rights or remedies of the holders thereof, until the bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the holders, are fully met and discharged. The corporation is authorized to include this pledge and agreement of the Commonwealth in any agreement with the holders of bonds of the corporation.
Terms Used In Kentucky Statutes 247.953
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- 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: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 440, sec. 8, effective July 13, 1990.