Kentucky Statutes 286.5-661 – Foreign associations prohibited — Exceptions
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(1) No savings and loan association incorporated under the laws of another state shall establish an office, branch or agency in this state. No savings and loan association incorporated under the laws of another state shall transact any savings and loan business in this state except to lend money.
(2) This section shall not apply to any savings and loan association incorporated under the laws of another state, which association is duly authorized to transact a savings and loan business in this state on January 1, 1964.
Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 58, effective June 18, 1964.
Formerly codified as KRS § 289.661.
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.
(2) This section shall not apply to any savings and loan association incorporated under the laws of another state, which association is duly authorized to transact a savings and loan business in this state on January 1, 1964.
Terms Used In Kentucky Statutes 286.5-661
- Association: means a savings and loan association subject to the provisions of this subtitle and as used in KRS §. See Kentucky Statutes 286.5-011
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 58, effective June 18, 1964.
Formerly codified as KRS § 289.661.
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.