There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 5. Savings and Loan Associations
286.5.431 Investments by fiduciaries, charitable and financial institutions authorized.
Download pdfand all other types of financial institutions, charitable, educational, eleemosynary
and public corporations and organizations, and municipalities and other public
corporations and bodies, and public officials may invest funds held by them, in
savings accounts of savings associations which are under state supervision, and in
accounts of federal savings and loan associations organized under the laws of the
United States and under federal supervision, and such investment shall be legal
investments for such funds. With respect to investment by custodians, savings
associations are deemed to be "banks" within the meaning of that term as used in
the Uniform Gifts to Minors Act of this state. (2) If, under the laws of this state or otherwise, a deposit of securities is required for any purpose, the savings accounts and accounts made legal investment by this
section shall be acceptable for such deposits, and if a bond is required with security
such bond may be furnished, and the savings accounts and accounts made legal
investments by this section in the amount of such bond, when deposited therewith,
shall be acceptable as security without other security. (3) The provisions of this section are supplemental to any other laws relating to and declaring what shall be legal investments for the persons, fiduciaries, corporations,
organizations and officials referred to in this section, and to the laws relating to the
deposit of securities and the making and filing of bonds for any purpose. Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 63 (8), effective June 18, 1964.
Formerly codified as KRS 289.431.
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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