Section 286.5-521 - Limits on power to borrow money(1) 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.(2) 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.(3) A subsequent reduction of savings liability shall not affect in any way outstanding obligations for borrowed money.(4) All such loans and advances may be secured by property of the association.Effective:6/18/1964
Created 1964 Ky. Acts ch. 138, sec. 34, effective6/18/1964.