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286.3-340 Preferred stock.
(1)
(2)
(3)
Any bank or trust company organized under the laws of this state may issue
preferred capital stock, of one or more classes. Preferred capital stock may be
considered as part of the minimum capital stock, and in the case of existing
corporations shall be issued in the manner provided for increasing capital
stock. Unless expressly provided otherwise in this subtitle, the manner in
which preferred stock shall be issued and the rights and preferences of holders
thereof shall be governed by KRS Chapter 271B.
No issue of preferred stock shall be valid until the stated value of all stock so
issued has been paid in.
If any part of the capital stock of a bank or trust company consists of preferred
stock, the determination of whether or not the capital of such corporation is
impaired, and the amount of such impairment shall be based upon the stated
value of its stock even though the amount that holders of preferred stock are
entitled to receive in the event of retirement or liquidation is in excess of the
stated value of the preferred stock.
Effective:April 1, 1982
Formerly codified as KRS 287.340.
History: Amended 1982 Ky. Acts ch. 251, sec. 10, effective April 1, 1982. -Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 595.
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.
Legislative Research Commission Note. As of January 1, 1989, KRS Ch. 271A
becomes KRS Ch. 271B. Therefore, the reference in subsection (1) of this
section to KRS Ch. 271A has been changed to KRS Ch. 271B.
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