136.290 Report of savings and loan, savings bank, and similar institutions -- Value

184 words·~1 min read·/ky/136-290

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

determination -- Notice.

(1)Every federally or state chartered savings and loan association, savings bank, and

other similar institutions operating solely in Kentucky shall, during January of each

year, file with the Department of Revenue a report containing such information and

in such form as the department may require.

(2)The department shall fix the total value, as of January 1 of each year, of the capital

of each financial institution included in subsection

(1)of this section. Capital shall

include certificates of deposit, savings accounts, demand deposits, undivided

profits, surplus, and general reserves, excepting the share of borrowing members

where the amount borrowed equals or exceeds the amount paid in by those

members. For Agricultural Credit Associations chartered by the Farm Credit

Administration, capital shall be computed by deducting the book value of the

association's investment in any other wholly owned institution chartered by the

Farm Credit Administration that is either subject to the tax imposed by KRS

136.300 or 136.310 or that is exempt from state taxation by federal law. The

department shall immediately notify each institution of the value so fixed.