Ky. Rev. Stat. § 286.3-040

Current through 2024 Ky. Acts ch. 225

Section 286.3-040 - Who may organize - Number of directors required

(1) Any five (5) or more natural persons may organize a corporation for the purpose of obtaining a charter to transact business as a:

(a) Bank;

(b) Trust company; or

(c) Combined bank and trust company.

(2) The board of directors of a bank, trust company, or combined bank and trust company shall not be less than the number of organizers required for the corporation under subsection (1) of this section.

KRS 286.3-040

Effective:7/15/2010
Amended 2010, Ky. Acts ch. 28, sec. 5, effective7/15/2010. -- Amended 2006, Ky. Acts ch. 183, sec. 4, effective 7/12/2006. -- Amended 1990 Ky. Acts ch. 181, sec. 2, effective 7/13/1990. -- Amended 1986 Ky. Acts ch. 444, sec. 2, effective 7/15/1986. -- Amended 1984 Ky. Acts ch. 324, sec. 6, effective 7/13/1984. -- Amended 1966 Ky. Acts ch. 11, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective 10/1/1942, from Ky. Stat. secs. 577, 603, 612a, 883c-1, 883c-2.