Kentucky Statutes 286.5-351 – Matured shares
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When the dues paid in with the dividends credited on any unpledged shares reaches the par value of shares as fixed by the articles of incorporation, all payments of dues shall cease, and if the member so desires he shall be entitled to receive the value as fixed by the articles of incorporation with current dividends at such rates as is fixed by the board of directors. Payment on withdrawal of matured shares shall be otherwise subject to the same restrictions and limitations as payments on other shares.
Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 23, effective June 18, 1964.
Formerly codified as KRS § 289.351.
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: June 18, 1964
Terms Used In Kentucky Statutes 286.5-351
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- 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 - Statute: A law passed by a legislature.
History: Created 1964 Ky. Acts ch. 138, sec. 23, effective June 18, 1964.
Formerly codified as KRS § 289.351.
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.