Ky. Rev. Stat. § 286.3-010

Current through 2024 Ky. Acts ch. 225

Section 286.3-010 - Definitions for subtitle

As used in this subtitle, unless the context requires otherwise:

(1) "Articles of incorporation" means the organizing records of a corporation filed and recorded with the Secretary of State in accordance with KRS Chapter 271B or 275;

(2) "Bank" or "state bank" means any bank or combined bank and trust company which is now or may hereafter be organized under the laws of this state;

(3) "Board of directors" means the governing body of a corporation elected or otherwise chosen by the shareholders, including the managers of a limited liability company;

(4) "Capital stock" means, at any particular time, the sum of:

(a) The par value of all shares of a corporation having a par value that have been issued;

(b) The amount of the consideration received by a corporation for all shares of the corporation that have been issued without par value except any part of the consideration that has been allocated to surplus in a manner permitted by law; and

(c) Amounts not included in paragraph (a) or (b) of this subsection that have been transferred to stated capital of a corporation, whether through the issuance of stock dividends, resolution of the board of directors under applicable corporate law, or otherwise by law;

(5) "Charter" means the record or records issued to a state bank, trust company, out-of-state bank, out-of-state trust company, or national bank by a chartering authority that authorizes the bank or trust company to transact a banking, trust, or combined banking and trust business;

(6) "Corporation" means either a for-profit corporation or a for-profit limited liability company;

(7) "Director" means a member of the board of directors;

(8) "Dividends" means a distribution of money, stock, or other property to shareholders of a corporation;

(9) "Home state" means:

(a) With respect to a state bank, trust company, out-of-state bank, or out-of-state trust company, the state in which the bank or trust company is organized; and

(b) With respect to a national bank, the state in which the main office of the bank is located;

(10) "Home state regulator" means, with respect to an out-of-state bank or out-of-state trust company, the bank or trust supervisory agency of the state in which the bank or trust company is organized;

(11) "Host state" means a state, other than its home state, in which:

(a) A bank or trust company maintains, or seeks to establish and maintain, a branch or office; or

(b) A trust company conducts, or seeks to conduct, trust business;

(12) "National bank" or "national banking association" means a bank created by Congress and organized pursuant to the provisions of federal law, including savings and loan associations;

(13) "Out-of-state bank" means a bank organized under the laws of any state other than Kentucky;

(14) "Out-of-state trust company" means a corporation that is organized under the laws of a state other than Kentucky to engage in a trust business;

(15) "Shares" means the shares of stock or the unit of equity into which the proprietary interests of a corporation are divided;

(16) "Stock" means a corporation's shares;

(17) "Stockholder" or "shareholder" means an owner of a corporation's shares;

(18) "Surplus" means, at any particular time, the sum of:

(a) The amount of consideration received by a corporation for all shares issued without par value that has not been allocated to capital stock;

(b) The amount of consideration received by a corporation in excess of par value for all shares with a par value; and

(c) Amounts authorized by a corporation that have been transferred from undivided profits to surplus;

(19) "Trust company" means any trust company which is now or may hereafter be organized under the laws of this state;

(20) "Trust representative office" means an office at which a trust company or an out-of-state trust company has been authorized by the commissioner to engage in a trust business other than acting as a fiduciary; and

(21) "Undivided profits" means the composite of a corporation's net retained earnings from current and prior years' operations.

KRS 286.3-010

Effective:6/8/2011
Amended 2011, Ky. Acts ch. 67, sec. 2, effective6/8/2011. -- Amended 2010, Ky. Acts ch. 24, sec. 616, effective 7/15/2010. -- Amended 2006, Ky. Acts ch. 183, sec. 2, effective 7/12/2006. -- Amended 2003, Ky. Acts ch. 64, sec. 10, effective 6/24/2003. -- Amended 1998, Ky. Acts ch. 196, sec. 1, effective 7/15/1998. -- Amended 1996, Ky. Acts ch. 338, sec. 7, effective 7/15/1996. -- Amended 1984 Ky. Acts ch. 324, sec. 1, effective 7/13/1984; and ch. 388, sec. 2, effective 7/13/1984. -- Amended 1982 Ky. Acts ch. 251, sec. 1, effective 4/1/1982. --Amended 1970 Ky. Acts ch. 92, sec. 82, effective 6/18/1970. -- Amended 1946 Ky. Acts ch. 191, sec. 7. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective 10/1/1942, from Ky. Stat. secs. 165a-1, 577, 603, 612a, 883c-1, 883c-3.