There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 5. Savings and Loan Associations
286.5.031 Commissioner to investigate -- Objections -- Approval -- Certificate issued -- Filing.
Download pdffinds, he shall promptly notify any state or federal savings and loan association in
the locality in which the proposed office or offices are to be located specifying a
time in which they must file objections. The commissioner shall then inquire into
the advisability of approving the application by investigating:
(a) The moral character and the financial responsibility of the incorporators and the principles of the applicant; (b) The public necessity of such an association in the community to be served; and (c) The reasonable probability of its usefulness and success. In so doing he shall determine whether or not the savings and loan association can be established
without undue injury to properly conducted existing savings and loan
associations, in connection with which the incorporators and principals shall
furnish such information as they may desire and as the commissioner may
require. (2) After allowing the specified time for filing objections, the commissioner shall approve the application if he finds that the moral character and financial
responsibility of the incorporators and principals are sound and such as to justify
public confidence and to insure the reasonable probability of the success of the
association; that the incorporators and principals have complied with the provisions
of this subtitle, that the incorporation is advisable and, after investigation there is
reason to believe that no undue injury to properly conducted existing savings and
loan associations, either state or federal, will result. Unless the application, after
investigation, meets all the above requirements the commissioner shall disapprove
it. (3) If approved, the commissioner shall at the same time execute in triplicate a certificate of incorporation in the form prescribed by him. (4) The commissioner shall file one (1) signed copy of such certificate of approval and of the certificate of incorporation with the Secretary of State. The commissioner
shall indorse upon the two (2) copies of the petition for certificate of incorporation
filed with him or her such certificate of approval and return the duplicate original
and a copy of the certificate of incorporation to the association, addressed to the
chairman of the incorporators, and shall retain the original petition for certificate of
incorporation and a copy of the certificate of incorporation in the permanent files of
the department. The certificate of incorporation shall not be filed or recorded in any
other state or county office. The failure of the commissioner to file, return, or retain
any such document shall not affect the validity of the incorporation of any
association. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 677, effective July 15, 2010. -- Created 1964 Ky. Acts ch. 138, sec. 3 (2) and (3), effective June 18, 1964. Formerly codified as KRS 289.031.
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.
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