2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 5 - Savings and Loan Associations 5.5-581 Consolidation or merger with federal association procedure -- Continuation with state association.
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286.5-581 Consolidation or merger with federal association procedure -Continuation with state association.
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(2)
If conversion, merger or consolidation under KRS 286.5-561 is authorized, the
officers and directors shall, within six (6) months from the date of the adoption
of the resolution, take the steps necessary to effect a conversion, merger or
consolidation of the association into a federal savings and loan association,
and upon such terms as may then be agreed upon between the board of
directors of the association and the federal home loan bank board, or other
proper federal authority. The conversion, merger or consolidation shall be void
if not consummated within eighteen (18) months.
Upon the filing in the office of the commissioner of a certified copy of the
charter or authorization issued to the association by the federal home loan
bank board, or other proper federal authority, or of a certificate showing the
organization of the association as a federal association, certified to by the
federal home loan bank board, or its authorized representative, the association
shall cease to be a state association and shall be a federal association, except
that the corporate existence of the state association shall continue for three (3)
years for the purpose of prosecuting or defending suits by or against it, and
enabling it to close its affairs.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 694, effective July 15, 2010. -Created 1964 Ky. Acts ch. 138, sec. 37, effective June 18, 1964.
Formerly codified as KRS 289.581.
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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