2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 5 - Savings and Loan Associations 5.5-041 Name of association -- Use of terms in name prohibited -- Injunction.
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286.5-041 Name of association -- Use of terms in name prohibited -Injunction.
(1)
(a)
(b)
(2)
(a)
(b)
(c)
The name of every association incorporated shall include the words
"Savings and Loan Association." These words shall be preceded by an
appropriate descriptive word or words approved by the commissioner of
financial institutions. An ordinal number may not be used as a single
descriptive word preceding the words, "Savings and Loan Association,"
unless such word is followed by the words "of ...." the blank being filled by
the name of the town, city, or county in which the association has its
home office. An ordinal number may be used together with another
descriptive word, preceding the words "Savings and Loan Association,"
provided the other descriptive word has not been used in the corporate
name of any other association in the state, in which case the suffix
mentioned above is not required to be used. An ordinal number may be
used, together with another descriptive word, preceding the words
"Savings and Loan Association," even when such other descriptive word
has been used in the corporate name of an association in the state,
provided the suffix "of ....," as provided above, is also used. The suffix
provided above may be used in any corporate name.
The use of the words, "National," "Federal," "United States," "Insured,"
"Guaranteed," or any form thereof, separately or in any combination
thereof with other words or syllables, is prohibited as part of the corporate
name of an association. No certificate of incorporation of a proposed
association having the same name as a corporation authorized to do
business under the laws of this state or a name so nearly resembling it as
to be calculated to deceive shall be issued by the commissioner.
No person, unless lawfully authorized to do business in this state under
the provisions of this subtitle, and is actually engaged in carrying on a
savings and loan association business, shall do business under any name
or title which contains the terms "savings association," "savings and loan
association," "building and loan association," "building association," or
any combination employing either or both of the words "building" or "loan"
with one or more of the words "saving," "savings," "thrift," or words of
similar import, or any combination employing one or more of the words
"saving," "savings," "thrift," or words of similar import with one or more of
the words "association," "institution," "society," "company," "corporation"
or words of similar import, or use any name or sign or circulate or use any
letterhead, billhead, circular or paper whatever, or advertise or represent
in any manner which indicates or reasonably implies that his or its
business is the character or kind of business carried on or transacted by
an association or which is calculated to lead any person to believe that his
or its business is that of an association.
Upon application by the commissioner or any association, a court of
competent jurisdiction may issue an injunction to restrain any such entity
from violating or continuing to violate any of the provisions of this
subsection.
The prohibitions of this subsection shall not apply to any corporation or
association formed for the purpose of promoting the interests of savings
associations, the membership of which is comprised of savings
associations, their officers or other representatives.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 678, effective July 15, 2010. -Created 1964 Ky. Acts ch. 138, sec. 5 (1) and (2), effective June 18, 1964.
Formerly codified as KRS 289.041.
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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