272.305 Consolidation of associations.

149 words·~1 min read·/ky/chapter-272/272-305

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

(1)Two

(2)or more associations, either with or without capital stock, may consolidate

into a new association pursuant to a plan of consolidation as provided in this

section.

(2)The board of each association shall, by resolution duly adopted, approve a plan of

consolidation setting forth:

(a)The names of the associations proposing to consolidate, and the name of the

new association into which they propose to consolidate (hereinafter referred to

as the new association). The name of the new association may be that of any

of the associations involved in the consolidation;

(b)The terms and conditions of the proposed consolidation;

(c)With respect to the new association, all of the appropriate statements required

to be set forth in articles of incorporation and bylaws of associations

organized under KRS 272.101 to 272.341; and

(d)Such other provisions, not inconsistent with law, as are deemed necessary or

desirable.