2012 Kentucky Revised Statutes CHAPTER 286 KENTUCKY FINANCIAL SERVICES CODE SUBTITLE 5. Savings and Loan Associations 5..091 Books and records of association -- Reproductions.
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286.5-091 Books and records of association -- Reproductions.
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Every association shall keep at the home office correct and complete books of
account and minutes of the proceedings of members and directors. Complete
records of all business transacted at the home office shall be maintained at the home
office. Control records of all business transacted at each branch office shall be
maintained at the home office.
Each branch office shall keep detailed records of all transactions at such branch
office and shall furnish full control records to the home office.
No association by any system of accounting or any device of bookkeeping shall,
either directly or indirectly, enter any of its assets upon its books in the name of any
other person, partnership, association, or corporation or under any title or
designation that is not truly descriptive of such assets.
The bonds or other interest-bearing obligations purchased by an association shall
not be carried on its books at more than the actual cost.
An association shall not carry any real estate on its books at a sum in excess of the
total amount invested by such association on account of such real estate, including
advances, costs, and improvements.
Every association shall appraise each parcel of real estate at the time of acquisition.
The report of each such appraisal shall be submitted in writing to the board of
directors and shall be kept in the records of the association. The commissioner may
require the appraisal of real estate securing loans which are delinquent more than
twelve (12) months.
Every association shall maintain membership records, which shall show the name
and address of the member, the status of the member as a savings account holder, or
an obligor, or a savings account holder and obligor, and the date of their
membership.
Any association may cause any or all records kept by such association to be copied
or reproduced by any photostatic, photographic or microfilming process which
correctly and permanently copies, reproduces or forms a medium for copying or
reproducing the original record on a film or other durable material, and such
association may thereafter dispose of the original record. Any such copy or
reproduction shall be deemed to be an original record for all purposes and shall be
treated as an original record in all courts or administrative agencies for the purpose
of its admissibility in evidence. A facsimile, exemplification or certified copy of any
such copy or reproduction reproduced from a film record shall, for all purposes, be
deemed a facsimile, exemplification or certified copy of the original record.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 682, effective July 15, 2010. -- Created
1964 Ky. Acts ch. 138, sec. 14, effective June 18, 1964.
Formerly codified as KRS 289.091.
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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