Kentucky Statutes 286.3-070 – Minimum capital stock required
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The minimum capital stock of any newly chartered bank or trust company shall be five million dollars ($5,000,000). Additional capital may be required depending upon an investigation of the application, at the discretion of the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 619, effective July 15, 2010; and ch. 28, sec. 8, effective July 15, 2010. — Amended 1998 Ky. Acts ch. 196, sec. 8, effective July 15, 1998. — Amended 1954 Ky. Acts ch. 182, sec. 2. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 577, 603, 612a,
883c-1.
Formerly codified as KRS § 287.070.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 24 and 28, which do not appear to be in conflict and have been codified together.
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.
Effective: July 15, 2010
Terms Used In Kentucky Statutes 286.3-070
- Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.3-010
- Statute: A law passed by a legislature.
- Stock: means the corporation's shares. See Kentucky Statutes 286.3-010
- Trust company: includes every corporation authorized by this subtitle to do a trust business. See Kentucky Statutes 286.3-010
History: Amended 2010 Ky. Acts ch. 24, sec. 619, effective July 15, 2010; and ch. 28, sec. 8, effective July 15, 2010. — Amended 1998 Ky. Acts ch. 196, sec. 8, effective July 15, 1998. — Amended 1954 Ky. Acts ch. 182, sec. 2. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 577, 603, 612a,
883c-1.
Formerly codified as KRS § 287.070.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 24 and 28, which do not appear to be in conflict and have been codified together.
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.