There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 5. Savings and Loan Associations
286.5.191 Forfeiture of charter on failure to commence business.
Download pdfof its corporate existence, shall forfeit its corporate existence, unless the commissioner,
before the expiration of such six (6) months' period, shall have approved the extension of
time within which it may commence business, upon a written application stating the
reasons for such delay. Upon such forfeiture the certificate of incorporation shall expire,
and all action taken in connection with the incorporation thereof except the payment of
the incorporation fee, shall become void. Amounts credited on savings accounts, less
expenditures authorized by law, shall be returned pro rata to the respective holders
thereof. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 690, effective July 15, 2010. -- Created 1964 Ky. Acts ch. 138, sec. 5(5), effective June 18, 1964. Formerly codified as KRS 289.191.
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.
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