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286.7-420 Organization of industrial loan corporation -- Name.
(1)
(2)
(3)
Any five (5) or more persons may organize an industrial loan corporation in any city
upon the terms and conditions and subject to the liabilities prescribed in KRS
286.7-410 to 286.7-600.
No person shall engage in the industrial loan business in this state other than in the
corporate form as provided in KRS 286.7-410 to 286.7-600.
The name of the corporation shall not contain the words "bank" or "trust" or the
phrase "loan association," nor shall these words be used in any printed or
advertising matter to refer to the corporation. Such corporation need not use the
word "incorporated" in addition to its corporate name, either in its place of business
or on any printed matter or advertising matter. No certificate of incorporation of an
applicant having the same name as a corporation authorized to do business under
the laws of this state or a name so nearly resembling it as to be calculated to deceive
shall be approved by the commissioner, except to a corporation formed by
reincorporation, reorganization, merger or consolidation of other corporations, or
upon the sale of the property or license of a corporation.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 749, effective July 15, 2010. -- Created
1962 Ky. Acts ch. 166, sec. 2(1) to (3).
Formerly codified as KRS 291.420.
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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