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 286.3-080 - Minimum capital and surplus required to begin business

Ky. Rev. Stat. § 286.3-080

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Current through 2024 Ky. Acts ch. 225
Section 286.3-080 - Minimum capital and surplus required to begin business

The minimum capital required of a financial institution by KRS 286.3-070 shall be paid in full in money. Not less than fifty percent (50%) of the minimum capital required shall be designated as surplus. Such money shall be in the custody of the directors before the corporation may commence business. None of the original minimum capital of a financial institution may be designated as undivided profits.

KRS 286.3-080

Effective:7/15/1998
Amended 1998, Ky. Acts ch. 196, sec. 9, effective7/15/1998. -- Amended 1986 Ky. Acts ch. 444, sec. 5, effective 7/15/1986. -- Amended 1962 Ky. Acts ch. 295, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective 10/1/1942, from Ky. Stat. sec. 580.