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286.3-135 Banker's bank authorized -- Limitations on holdings -- Issuance of
charter.
(1)
(2)
(3)
Notwithstanding any other provisions of law, any bank doing business in the
Commonwealth, whether state or nationally chartered, may purchase for its own
account shares of a bank or bank holding company which owns or controls such a
bank provided:
(a) The stock of such bank or bank holding company is owned exclusively
(except to the extent director's qualifying shares are required by law) by
depository institutions; and
(b) Such bank or bank holding company and all subsidiaries thereof are engaged
exclusively in providing services for depository institutions, their parent
companies, their subsidiaries, the officers, directors, and employees of each.
In no event shall the total amount of stock held by a bank in any bank or bank
holding company described in subsection (1) above exceed at any time ten percent
(10%) of a bank's capital stock and paid in and unimpaired surplus and in no event
shall the purchase of such stock result in a bank acquiring more than five percent
(5%) of any class of voting securities of such bank or bank holding company.
The commissioner is authorized to receive applications, hold hearings on such
applications, and issue charters for a banker's bank.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 625, effective July 15, 2010. -- Created
1984 Ky. Acts ch. 309, sec. 1, effective July 13, 1984.
Formerly codified as KRS 287.135.
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.
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