There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 5. Savings and Loan Associations
286.5.061 Branch offices -- Limits on establishment.
Download pdfcommissioner, at which savings accounts and loan payments may be accepted and
applications for loans may be received, and at which account books and
membership certificates may be issued. (2) No association may establish or maintain a branch office without the prior written approval of the commissioner. (3) Each application for approval of the establishment and maintenance of a branch office shall state the proposed location, the need, the functions to be performed, the
estimated annual expense, and the mode of payment therefor. Each such application
shall be accompanied by a budget of the association for the current dividend period
and for the next succeeding semiannual period, which reflects the estimated
additional expense of the maintenance of such a branch office. Upon the receipt by
the commissioner of such an application, he shall determine whether the
establishment and maintenance of such office will unduly injure any properly
conducted existing association or federal savings and loan association in the
community where such branch office or agency is proposed to be established. If he
finds that no undue injury is likely to result, that the establishment and maintenance
of such branch office is advisable, and in the public interest, the commissioner may
approve the application. (4) No branch shall be established in any county other than the county in which is located the principal office of the association. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 680, effective July 15, 2010. -- Created 1964 Ky. Acts ch. 138, sec. 50, effective June 18, 1964. Formerly codified as KRS 289.061.
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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