KRS 272.231: Interest of association in other associations.

An association may organize, form, acquire, operate, own, control, have an interest in,

own all or a portion of the stock of, or be the sole member of any other association,

foreign association or corporation (hereinafter referred to as a subsidiary associ ation). An

association may have included in the articles of incorporation or bylaws of a subsidiary

association provisions for the control or management of the subsidiary association by the

association to such extent as shall by the board of the association, and the members of the

subsidiary association be declared to be for the best interests of the association and the

subsidiary association, respectively. Such provisions may be so included in the articles of

incorporation or bylaws of a subsidiary associa tion and may by way of illustration, but

not of limitation, include the following:

(1) Representation of the association on the board or other governing body of the

subsidiary association, upon such terms as may be deemed advisable.

(2) Ownership by the association of the sole or other interest in the subsidiary

association represented by capital stock of any class thereof or otherwise, to such

extent and upon such terms, and with such voting power, as may be deemed

advisable.

(3) Participation by the as sociation in the savings of the subsidiary association to such

extent and upon such terms as shall be deemed advisable.