There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 5. Savings and Loan Associations
286.5.581 Consolidation or merger with federal association procedure -- Continuation with state association.
Download pdfthe resolution, take the steps necessary to effect a conversion, merger or
consolidation of the association into a federal savings and loan association, and
upon such terms as may then be agreed upon between the board of directors of the
association and the federal home loan bank board, or other proper federal authority.
The conversion, merger or consolidation shall be void if not consummated within
eighteen (18) months. (2) Upon the filing in the office of the commissioner of a certified copy of the charter or authorization issued to the association by the federal home loan bank board, or other
proper federal authority, or of a certificate showing the organization of the
association as a federal association, certified to by the federal home loan bank
board, or its authorized representative, the association shall cease to be a state
association and shall be a federal association, except that the corporate existence of
the state association shall continue for three (3) years for the purpose of prosecuting
or defending suits by or against it, and enabling it to close its affairs. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 694, effective July 15, 2010. -- Created 1964 Ky. Acts ch. 138, sec. 37, effective June 18, 1964. Formerly codified as KRS 289.581.
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, and KRS references within
this statute have been adjusted to conform with the 2006 renumbering of that code.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.