Title XII, Conservation and State Development
16 chapters · 889 sections in this title.
KRS § 155.001 Title
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This chapter shall be known as "The Business Development Corporation Act."
KRS § 155.010 Definitions
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As used in this section and KRS 155.080 and 155.090, unless the context otherwise requires: (1) "Corporation" means a business development corporation created under this section and KRS 155.080 and 155.090. (2) "Financial institution" means any banking corporation or public or pr…
KRS § 155.020 Incorporation -- Name -- Purposes
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Twenty-five (25) or more persons, a majority of whom are residents of this Commonwealth, who desire to create a business development corporation under the provisions of this chapter, for the purpose of promoting, developing and advancing the prosperity and economic welfare of the…
KRS § 155.030 Powers of corporation
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In furtherance of the purposes set forth in KRS 155.020 above and in addition to the powers conferred on business corporations by the provisions of KRS Chapter 271B, the corporation shall, subject to the restrictions and limitations herein contained, have the following powers: (1…
KRS § 155.040 Contents of articles of incorporation
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The articles of incorporation shall set forth the amount of total authorized capital stock and the number of shares in which it is divided, the par value of each share, and the amount of capital stock with which the corporation will commence business and, if there is more than on…
KRS § 155.050 Approval of Governor -- Effective date of incorporation
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Before the said articles of incorporation shall become effective, they must be approved by the Governor, and from the date the said articles of incorporation are filed in the office of the Secretary of State, with such approval, the stock subscribers, their successors and assigns…
KRS § 155.060 First meeting
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(1) The first meeting of the corporation shall be called by a notice signed by three (3) or more of the incorporators, stating the time, place and purpose of the meeting, a copy of which notice shall be mailed, or delivered, to each incorporator at least five (5) days before the …
KRS § 155.070 Powers and limitations of other corporate bodies in relation to corporation
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corporation. Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization, or trust indentures: (1) all domestic corporations organized for the purpose of c…
KRS § 155.080 Membership -- Duty of members -- Loan limit formula
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(1) Any financial institution may request membership in the corporation by making application to the board of directors on such form and in such manner as said board of directors may require, and membership shall become effective upon acceptance of such application by said board.…
KRS § 155.090 Distribution among members of loan call -- Interest rate
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(1) Each call made by the corporation shall be prorated among the members of the corporation in substantially the same proportion that the adjusted loan limit of each member bears to the aggregate of the adjusted loan limits of all members. The adjusted loan limit of a member sha…
KRS § 155.100 Duration of membership -- Withdrawal
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Membership in the corporation shall be for the duration of the corporation; provided that, (1) Upon written notice given to the corporation three (3) years in advance, a member may withdraw from membership in the corporation at the expiration date of such notice; (2) A member sha…
KRS § 155.110 Powers of members and stockholders -- Voting
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(1) The stockholders and members of the corporation shall have the following powers of the corporation: (a) To determine the number of and elect directors as provided in KRS 155.130; (b) To make, amend and repeal bylaws; (c) To amend its articles of incorporation as provided in K…
KRS § 155.120 Amendment of articles of incorporation
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(1) Articles of incorporation may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds (2/3) of the votes to which the stockholders are entitl…
KRS § 155.130 Board of directors -- Functions -- Composition -- Freedom from liability
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(1) The business and affairs of the corporation shall be managed and conducted by a board of directors, a president and treasurer, and such other officers and such agents as the corporation by its bylaws shall authorize. The board of directors shall consist of such number, not le…
KRS § 155.140 Required earned surplus
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Each year the corporation shall set apart as earned surplus not less than ten percent (10%) of its net earnings for the preceding fiscal year until such surplus is equal in value to one- half (1/2) of the amount paid in on the capital stock then outstanding. Whenever the amount o…
KRS § 155.150 Restrictions on deposits
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(1) The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an o…
KRS § 155.160 Regulation by state officials
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The corporation shall be subject to the examination of the commissioner of the Department of Financial Institutions, and shall make reports of its condition not less often than annually to said commissioner, who in turn shall make copies of such reports available to the commissio…
KRS § 155.170 Excise tax on corporations -- Report -- Items free from taxation -- Credit for losses
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for losses. (1) An annual excise tax is hereby levied on every corporation organized under this chapter for the privilege of transacting business in this Commonwealth during the calendar year, according to or measured by its entire net income, as defined herein, received or accru…
KRS § 155.180 Duration of corporation
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The period of duration of a corporation organized under this chapter shall be perpetual.
KRS § 155.190 Effect of failure of any corporation to organize, or of organized corporation to begin doing business
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corporation to begin doing business. If a corporation organized pursuant to this chapter fails to begin business within three (3) years from the effective date of its certificate of incorporation, then said certificate shall become null and void. If, within three (3) years from M…
KRS § 155.200 Credit of Commonwealth is not pledged
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Under no circumstances is the credit of the Commonwealth pledged herein.
KRS § 155.210 Specified late charges for default of loan and litigation charges treated as liquidated damages
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liquidated damages. A business development corporation may require as a part of any loan made by it, that in the event of a default by the borrower in the repayment or other terms of the loan obligation, the borrower shall pay late charges of a specified amount of up to five perc…
KRS § 155.220 Interest on judgment for collection or repayment of defaulted loan
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Notwithstanding any law to the contrary, and regardless of the legal rate of interest, in any case brought by a business development corporation to obtain the collection or repayment of a defaulted loan, as part of a successful judgment against the debtor or guarantor the busines…
KRS § 155.230 Reasonable attorneys' fees, provision for
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In any legal action brought by a business development corporation to obtain the collection or repayment of a defaulted loan, as part of a successful judgment against the debtor or guarantor the business development corporation shall be entitled to an award of reasonable attorneys…