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286.3-050 Organization to be approved by commissioner.
(1)
(2)
(3)
(4)
Before filing the articles of incorporation of any financial institution mentioned in
KRS 286.3-040, the organizers shall present a copy of their proposed articles to the
commissioner for approval.
In the event that the institution for which a charter is sought is to be created solely
for the purpose of effectuating a merger or consolidation to facilitate the formation
of a bank holding company, the commissioner may waive all or any part of the
requirements of this subtitle.
If the commissioner determines that it is expedient and desirable to permit the
proposed corporation to engage in business, the commissioner shall approve the
articles of incorporation in writing, and the articles then may be filed and recorded
as provided in the general corporation or limited liability company law.
All amendments to the articles of incorporation of any financial institution
mentioned in KRS 286.3-040 shall be approved by the commissioner before filing
with the Secretary of State.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 617, effective July 15, 2010; and ch. 28,
sec. 6, effective July 15, 2010. -- Amended 2006 Ky. Acts ch. 183, sec. 5, effective
July 12, 2006. -- Amended 1998 Ky. Acts ch. 196, sec. 5, effective July 15, 1998. -Amended 1986 Ky. Acts ch. 444, sec. 3, effective July 15, 1986. -- Amended 1984
Ky. Acts ch. 324, sec. 7, effective July 13, 1984. -- Amended 1982 Ky. Acts ch. 251,
sec. 4, effective April 1, 1982. -- Amended 1946 Ky. Acts ch. 141, sec. 29. -Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
sec. 165a-20.
Formerly codified as KRS 287.050.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 24 and 28, which do not appear to be in conflict and have been
codified together.
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 section of KRS Chapter 286.
In addition, KRS references have been adjusted to conform with the renumbering.
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