2012 Kentucky Revised Statutes CHAPTER 286 KENTUCKY FINANCIAL SERVICES CODE SUBTITLE 5. Savings and Loan Associations 5..611 Conversion of federal association to state association -- Procedure.
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286.5-611 Conversion of federal association to state association -- Procedure.
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Any federal savings and loan association may convert itself into a state-chartered
association upon a vote of two-thirds (2/3) or more of the votes of members of such
federal savings and loan association cast at an annual meeting or at any special
meeting called to consider such action. Copies of the minutes of the proceedings of
such meeting, verified by the affidavit of the secretary or an assistant secretary, shall
be filed in the office of the commissioner and mailed to the federal home loan bank
board, Washington, D. C., within ten (10) days after such meeting. The verified
copies of the proceedings of the meeting when so filed shall be presumptive
evidence of the meeting and action taken at such meeting.
At the meeting at which conversion is voted upon, the members shall also vote upon
the directors who shall be the directors of the state-chartered association after
conversion takes effect. Such directors then shall execute two (2) copies of the
petition for certificates of incorporation provided for in this subtitle and two (2)
copies of the bylaws, as provided in this subtitle.
The commissioner shall insert in the certificates of incorporation, at the end of the
paragraph preceding the testimonium clause, the following: "This association is
incorporated by conversion from a federal savings and loan association."
Each of the directors chosen for the association shall sign and acknowledge the
petition for certificates of incorporation as subscribers thereto and the proposed
bylaws as incorporators of the association.
The provisions of this subtitle shall, so far as applicable, apply to such conversion
under this subtitle. The commissioner may provide, by regulation for the procedure
to be followed by any such federal savings and loan association converting into a
state-chartered association. All the provisions regarding property and other rights
contained in KRS 286.5-591 shall apply, in reverse order, to the conversion of a
federal savings and loan association into a state-chartered association, so that the
state-chartered association shall be continuation of the corporate entity of the
converting federal association and continue to have all of its property and rights.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 695, effective July 15, 2010. -- Created
1964 Ky. Acts ch. 138, sec. 41, effective June 18, 1964.
Formerly codified as KRS 289.611.
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.
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