2016 Kentucky Revised Statutes
CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE
Subtitle 3 - Banks and Trust Companies
286.3-040 Who may organize -- Number of directors required.

Download as PDF 286.3-040 Who may organize -- Number of directors required. (1) (2) (3) (4) Any five (5) or more natural persons may organize a banking corporation. Any five (5) or more natural persons may organize a corporation for the purpose of conducting a trust business. Any five (5) or more natural persons may organize a corporation for the purpose of conducting a combined banking and trust business. The board of directors of a banking corporation, trust corporation, or combined bank and trust corporation shall be no less than the required number of organizers. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 28, sec. 5, effective July 15, 2010. -- Amended 2006 Ky. Acts ch. 183, sec. 4, effective July 12, 2006. -- Amended 1990 Ky. Acts ch. 181, sec. 2, effective July 13, 1990. -- Amended 1986 Ky. Acts ch. 444, sec. 2, effective July 15, 1986. -- Amended 1984 Ky. Acts ch. 324, sec. 6, effective July 13, 1984. -- Amended 1966 Ky. Acts ch. 11, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 577, 603, 612a, 883c-1, 883c2. Formerly codified as KRS 287.040. Legislative Research Commission Note (7/12/2006). This section was amended in 2006 Ky. Acts ch. 183. In that same session, 2006 Ky. Acts ch. 247, sec. 38 required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A, and 368 be renumbered as sections of a single KRS chapter entitled the "Kentucky Financial Services Code." Therefore, the Statute Reviser, acting under KRS 7.136(1), has changed the number of this section and codified it as a new section of KRS Chapter 286.