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Can you summarize KYRS 286.3-135?
Banks and Trust Companies > Banker's bank authorized -- Limitations on holdings -- Issuance of charter.
Short Summary
This legal document pertains to banks doing business in the Commonwealth of Kentucky. It authorizes banks, whether state or nationally chartered, to purchase shares of a bank or bank holding company under certain conditions. The stock of the bank or bank holding company must be owned exclusively by depository institutions, and the bank or bank holding company and its subsidiaries must be engaged exclusively in providing services for depository institutions and related entities. The document sets limitations on the amount of stock a bank can hold in such entities, specifying that it should not exceed 10% of the bank’s capital stock and paid-in and unimpaired surplus. Additionally, the purchase of such stock should not result in a bank acquiring more than 5% of any class of voting securities. The document also grants the commissioner the authority to receive applications, hold hearings, and issue charters for a banker’s bank. This document was created in 1984 and amended in 2010.
Whom does it apply to?
Banks doing business in the Commonwealth
What does it govern?
Banker's bank authorized, Limitations on holdings, Issuance of charter
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kentucky