Section 286.3-050 - Organization to be approved by commissioner(1) Before filing the articles of incorporation of any financial institution mentioned in KRS 286.3-040, the organizers shall present a copy of their proposed articles to the commissioner for approval.(2) In the event that the institution for which a charter is sought is to be created solely for the purpose of effectuating a merger or consolidation to facilitate the formation of a bank holding company, the commissioner may waive all or any part of the requirements of this subtitle.(3) If the commissioner determines that it is expedient and desirable to permit the proposed corporation to engage in business, the commissioner shall approve the articles of incorporation in writing, and the articles then may be filed and recorded as provided in the general corporation or limited liability company law.(4) All amendments to the articles of incorporation of any financial institution mentioned in KRS 286.3-040 shall be approved by the commissioner before filing with the Secretary of State.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 617, effective7/15/2010; and ch. 28, sec. 6, effective7/15/2010. -- Amended 2006, Ky. Acts ch. 183, sec. 5, effective 7/12/2006. -- Amended 1998, Ky. Acts ch. 196, sec. 5, effective 7/15/1998. --Amended 1986 Ky. Acts ch. 444, sec. 3, effective 7/15/1986. -- Amended 1984 Ky. Acts ch. 324, sec. 7, effective 7/13/1984. -- Amended 1982 Ky. Acts ch. 251, sec. 4, effective 4/1/1982. -- Amended 1946 Ky. Acts ch. 141, sec. 29. --Recodified 1942 Ky. Acts ch. 208, sec. 1, effective 10/1/1942, from Ky. Stat. sec. 165a-20.