Section 286.5-581 - Consolidation or merger with federal association procedure - Continuation with state association(1) If conversion, merger or consolidation under KRS 286.5-561 is authorized, the officers and directors shall, within six (6) months from the date of the adoption of the resolution, take the steps necessary to effect a conversion, merger or consolidation of the association into a federal savings and loan association, and upon such terms as may then be agreed upon between the board of directors of the association and the federal home loan bank board, or other proper federal authority. The conversion, merger or consolidation shall be void if not consummated within eighteen (18) months.(2) Upon the filing in the office of the commissioner of a certified copy of the charter or authorization issued to the association by the federal home loan bank board, or other proper federal authority, or of a certificate showing the organization of the association as a federal association, certified to by the federal home loan bank board, or its authorized representative, the association shall cease to be a state association and shall be a federal association, except that the corporate existence of the state association shall continue for three (3) years for the purpose of prosecuting or defending suits by or against it, and enabling it to close its affairs.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 694, effective7/15/2010. -- Created 1964 Ky. Acts ch. 138, sec. 37, effective 6/18/1964.