Statutes, codes, and regulations
Kentucky Revised Statutes
Title 25 - BUSINESS AND FINANCIAL INSTITUTIONSChapter 286 - KENTUCKY FINANCIAL SERVICES CODE
Subtitle 286.3 - BANKS AND TRUST COMPANIES
Section 286.3-040 - Who may organize - Number of directors required

Ky. Rev. Stat. § 286.3-040

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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 banking corporation.
(2) Any five (5) or more natural persons may organize a corporation for the purpose of conducting a trust business.
(3) Any five (5) or more natural persons may organize a corporation for the purpose of conducting a combined banking and trust business.
(4) The board of directors of a banking corporation, trust corporation, or combined bank and trust corporation shall be no less than the required number of organizers.

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.