Title XII, Conservation and State Development

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…

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…

(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 …

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…

(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.…

(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…

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…

(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…

(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…

(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…

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…

(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…

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…

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…

The period of duration of a corporation organized under this chapter shall be perpetual.

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…

Under no circumstances is the credit of the Commonwealth pledged herein.

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…

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…

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…