2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 5 - Savings and Loan Associations 5.5-022 Former corporations deemed incorporated under this law -- Effect on rights -- Severability.
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286.5-022 Former corporations deemed incorporated under this law -- Effect
on rights -- Severability.
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The name, rights, powers, privileges, and immunities of every such corporation
heretofore incorporated in this state shall be governed, controlled, construed,
extended, limited, and determined by the provisions of this subtitle to the same
extent and effect as if such corporation had been incorporated pursuant hereto,
and the articles of association, certificate of incorporation, or charter, however
entitled, by laws and constitution, or other rules of every such corporation
heretofore made or existing are hereby modified, altered, and amended to
conform to the provisions of this subtitle.
All obligations to any such corporation heretofore contracted shall be
enforceable by it and in its name, and demands, claims, and rights of action
against any such corporation may be enforced against it as fully and
completely as they might have been enforced heretofore.
Insofar as the provisions of this subtitle are inconsistent with the provisions of
any other law affecting savings associations the provisions of this subtitle shall
control.
If any provision, clause, or phrase of this subtitle or the application thereof to
any person or circumstance is held invalid such invalidity shall not affect other
provisions or applications of this subtitle which can be given effect without the
invalid provisions or application, and to this end the provisions of this subtitle
are declared to be separable.
Effective:June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 66, effective June 18, 1964.
Formerly codified as KRS 289.022.
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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