286.5-651 Voting -- Adoption of resolution to reorganize or liquidate.
At the special meeting all votes taken shall be by ballot, and votes by the members <br>owning at least two-thirds (2/3) of its shares in force at the time the vote is taken shall be <br>necessary to carry any resolution for the reorganization or liquidation of the association. If <br>the members pass a resolution for reorganization or liquidation, a copy of the resolution, <br>certified by the presiding officer and secretary of the meeting, and containing full <br>instructions and defining the authority and compensation of the parties to be named <br>therein, shall be given to the parties named, and a like duly certified copy of the <br>resolution, instructions and authority shall immediately be filed with the commissioner by <br>the parties named in any resolution before they enter upon the discharge of their duties. <br>Before the parties named in any resolution assume the duties of their trust, they shall <br>become bound with two (2) or more sufficient sureties or some surety company <br>authorized to do business in this state in such sum as the commissioner approves.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 699, effective July 15, 2010. -- Created
1964 Ky. Acts ch. 138, sec. 47, effective June 18, 1964.
Formerly codified as KRS 289.651. <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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