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286.5-061 Branch offices -- Limits on establishment.
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A branch office is a legally established place of business of the association other
than the home office authorized by the board of directors and approved by the
commissioner, 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.
No association may establish or maintain a branch office without the prior written
approval of the commissioner.
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.
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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