286.5-141 Bond of incorporators -- Conditions.
The chairman of the incorporators shall procure from a surety company or other surety <br>acceptable to the commissioner, a surety bond in form approved by the commissioner in <br>an amount at least equal to the amount subscribed by the incorporators plus the expense <br>fund. Such bond shall name the commissioner as obligee and shall be delivered to him. It <br>shall assure the safekeeping of the funds subscribed and their delivery to the association <br>after the issuance of the certificate of incorporation and after the bonding of the officers. <br>In the event of the failure to complete organization, such bond shall assure the return of <br>the amounts collected to the respective subscribers or their assigns, less reasonable <br>expenses which shall be deducted from the expense fund.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 686, effective July 15, 2010. -- Created
1964 Ky. Acts ch. 138, sec. 3 (5), effective June 18, 1964.
Formerly codified as KRS 289.141. <br>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 <br>Kentucky Financial Services Code, KRS Chapter 286.
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