286.5-025 Insurance requirement for certificate of incorporation.
No certificate of incorporation as provided for under this subtitle shall be granted or <br>approved by the commissioner after June 16, 1972, unless the applicant for such <br>certificate: <br>(1) Submits sufficient evidence of being fully insured by the Federal Savings and Loan
Insurance Corporation or other federal agency; or
(2) Submits sufficient evidence of commitment by the Federal Savings and Loan
Insurance Corporation or other federal agency that the applicant will be issued <br>federal insurance immediately subsequent to the execution of the certificate of <br>incorporation by the commissioner.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 676, effective July 15, 2010. -- Amended
1984 Ky. Acts ch. 111, sec. 128, effective July 13, 1984. -- Created 1972 (1st Extra. <br>Sess.) Ky. Acts ch. 1, sec. 1.
Formerly codified as KRS 289.025. <br>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 <br>Kentucky Financial Services Code, KRS Chapter 286, and KRS references within <br>this statute have been adjusted to conform with the 2006 renumbering of that code.
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