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2021 Kentucky Revised Statutes
Chapter 286 - Kentucky financial services code
Subtitle 286.5 - Savings and Loan Associations
286.5-521 Limits on power to borrow money.

Universal Citation: KY Rev Stat § 286.5-521 (2021)
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286.5-521 Limits on power to borrow money. (1) (2) (3) (4) If an association is not a member of a federal home loan bank, it may borrow money, but not more than an aggregate amount equal to one-fourth (1/4) of its savings liability on the date of borrowing. If an association is a member of a federal home loan bank, it may secure advances of not more than an aggregate amount equal to one-half (1/2) of its savings liability; within an amount equal to one-half (1/2) of its savings liability, the association may borrow from sources other than such federal home loan bank, an aggregate amount not in excess of ten percent (10%) of its savings liability. A subsequent reduction of savings liability shall not affect in any way outstanding obligations for borrowed money. All such loans and advances may be secured by property of the association. Effective: June 18, 1964 History: Created 1964 Ky. Acts ch. 138, sec. 34, effective June 18, 1964. Formerly codified as KRS 289.521. 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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