2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 3 - Banks and Trust Companies 3.3-140 Amendment of articles and reorganization to engage in a trust business -- Consolidation -- Transfer of fiduciary account to affiliate.
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286.3-140 Amendment of articles and reorganization to engage in a trust
business -- Consolidation -- Transfer of fiduciary account to affiliate.
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A bank may, with the consent of a majority in number and interest of its
stockholders, amend its articles of incorporation or reorganize to permit it to
engage in a trust business. The stock of the old corporation, if unimpaired, may
be converted into stock in the new corporation.
Any bank or trust company may consolidate and the consolidated corporation
shall issue stock for an equivalent amount in value of the stock of the
constituent corporations.
Upon written approval of the commissioner, a bank or trust company may
transfer one (1) or more fiduciary accounts under its administration to an
affiliate of the trust company or bank, as defined in KRS 286.3-230(6), located
in the Commonwealth, if the transferring bank or trust company shall also:
(a) Not later than thirty (30) days prior to the date of the transfer of the
fiduciary accounts, send written notice to the person or entity that was the
recipient of the last report of the status of the account. The notice shall
include notification of the recipient's rights to object to the transfer in the
probate division of District Court and shall be deemed effective when
mailed by the bank or trust company; and
(b) Within ten (10) days after the date of a transfer of the fiduciary accounts,
file an affidavit recording the transfer in the District Court, probate
division, of the county in which its main office is located.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 626, effective July 15, 2010. -Amended 1996 Ky. Acts ch. 338, sec. 13, effective July 15, 1996. -- Amended
1984 Ky. Acts ch. 324, sec. 16, effective July 13, 1984. -- Recodified 1942 Ky.
Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
secs. 612a, 883c-2.
Formerly codified as KRS 287.140.
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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