Kentucky Statutes 286.3-080 – Minimum capital and surplus required to begin business
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The minimum capital required of a financial institution by KRS § 286.3-070 shall be paid in full in money. Not less than fifty percent (50%) of the minimum capital required shall be designated as surplus. Such money shall be in the custody of the directors before the corporation may commence business. None of the original minimum capital of a financial institution may be designated as undivided profits.
Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 196, sec. 9, effective July 15, 1998. — Amended
1986 Ky. Acts ch. 444, sec. 5, effective July 15, 1986. — Amended 1962 Ky. Acts ch.
295, sec. 1. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 580.
Formerly codified as KRS § 287.080.
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, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
Effective: July 15, 1998
Terms Used In Kentucky Statutes 286.3-080
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Surplus: means the amount of consideration received by the corporation for all shares issued without par value that has not been allocated to capital stock or the amount of consideration received by the corporation in excess of par value for all shares with a par value, or both. See Kentucky Statutes 286.3-010
- Undivided profits: means the composite of the bank's net retained earnings from current and prior years' operations. See Kentucky Statutes 286.3-010
History: Amended 1998 Ky. Acts ch. 196, sec. 9, effective July 15, 1998. — Amended
1986 Ky. Acts ch. 444, sec. 5, effective July 15, 1986. — Amended 1962 Ky. Acts ch.
295, sec. 1. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 580.
Formerly codified as KRS § 287.080.
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, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.