Kentucky Statutes 286.7-420 – Organization of industrial loan corporation — Name
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(1) Any five (5) or more persons may organize an industrial loan corporation in any city upon the terms and conditions and subject to the liabilities prescribed in KRS
286.7-410 to 286.7-600.
(2) No person shall engage in the industrial loan business in this state other than in the corporate form as provided in KRS § 286.7-410 to KRS § 286.7-600.
(3) The name of the corporation shall not contain the words “bank” or “trust” or the phrase “loan association,” nor shall these words be used in any printed or advertising matter to refer to the corporation. Such corporation need not use the word “incorporated” in addition to its corporate name, either in its place of business or on any printed matter or advertising matter. No certificate of incorporation of an applicant having the same name as a corporation authorized to do business under the laws of this state or a name so nearly resembling it as to be calculated to deceive shall be approved by the commissioner, except to a corporation formed by reincorporation, reorganization, merger or consolidation of other corporations, or upon the sale of the property or license of a corporation.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 749, effective July 15, 2010. — Created
1962 Ky. Acts ch. 166, sec. 2(1) to (3).
Formerly codified as KRS § 291.420.
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.
286.7-410 to 286.7-600.
Terms Used In Kentucky Statutes 286.7-420
- City: includes town. See Kentucky Statutes 446.010
- Commissioner: means the commissioner of the Department of Financial
Institutions. See Kentucky Statutes 286.1-010 - Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
- 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.
(2) No person shall engage in the industrial loan business in this state other than in the corporate form as provided in KRS § 286.7-410 to KRS § 286.7-600.
(3) The name of the corporation shall not contain the words “bank” or “trust” or the phrase “loan association,” nor shall these words be used in any printed or advertising matter to refer to the corporation. Such corporation need not use the word “incorporated” in addition to its corporate name, either in its place of business or on any printed matter or advertising matter. No certificate of incorporation of an applicant having the same name as a corporation authorized to do business under the laws of this state or a name so nearly resembling it as to be calculated to deceive shall be approved by the commissioner, except to a corporation formed by reincorporation, reorganization, merger or consolidation of other corporations, or upon the sale of the property or license of a corporation.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 749, effective July 15, 2010. — Created
1962 Ky. Acts ch. 166, sec. 2(1) to (3).
Formerly codified as KRS § 291.420.
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.