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286.7-420 Organization of industrial loan corporation -- Name.
(1)
(2)
(3)
Any five (5) or more persons may organize an industrial loan corporation in any
city upon the terms and conditions and subject to the liabilities prescribed in
KRS 286.7-410 to 286.7-600.
No person shall engage in the industrial loan business in this state other than
in the corporate form as provided in KRS 286.7-410 to 286.7-600.
The name of the corporation shall not contain the words "bank" or "trust" or the
phrase "loan association," nor shall these words be used in any printed or
advertising matter to refer to the corporation. Such corporation need not use
the word "incorporated" in addition to its corporate name, either in its place of
business or on any printed matter or advertising matter. No certificate of
incorporation of an applicant 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 approved by the
commissioner, except to a corporation formed by reincorporation,
reorganization, merger or consolidation of other corporations, or upon the sale
of the property or license of a corporation.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 749, effective July 15, 2010. -Created 1962 Ky. Acts ch. 166, sec. 2(1) to (3).
Formerly codified as KRS 291.420.
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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