Kentucky Statutes 247.955 – Moneys received under KRS 247.940 to 247.978 deemed to be trust funds
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Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of the provisions of KRS § 247.940 to KRS § 247.978 shall be deemed to be trust funds to be held and applied solely as provided in the provisions of KRS § 247.940 to
247.978. The resolution authorizing any obligations or the trust agreement securing the same may provide that any of the moneys may be temporarily invested pending the disbursement thereof and shall provide that any officer with whom, or any bank or trust company with which, the moneys shall be deposited shall act as trustee of these moneys and shall hold and apply the same for the purposes hereof, subject to administrative regulations promulgated pursuant to the provisions to KRS § 247.940 to KRS § 247.978, and as any resolution or trust agreement may provide. Any moneys of the corporation may be invested as provided in KRS § 247.946.
Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 440, sec. 9, effective July 13, 1990.
247.978. The resolution authorizing any obligations or the trust agreement securing the same may provide that any of the moneys may be temporarily invested pending the disbursement thereof and shall provide that any officer with whom, or any bank or trust company with which, the moneys shall be deposited shall act as trustee of these moneys and shall hold and apply the same for the purposes hereof, subject to administrative regulations promulgated pursuant to the provisions to KRS § 247.940 to KRS § 247.978, and as any resolution or trust agreement may provide. Any moneys of the corporation may be invested as provided in KRS § 247.946.
Terms Used In Kentucky Statutes 247.955
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 440, sec. 9, effective July 13, 1990.