KRS 286.3-140: Amendment of articles and reorganization to engage in a trust business -

- Consolidation -- Transfer of fiduciary account to affiliate.

(1) Except as provided in subsection (2) of this section, a bank may amend its articles

of incorporation or reorganize to permit it to engage in a trust business.

(2) A bank that acts as a fiduciary under the authority of a permit obtained prior to May

31, 1938, under 1920 Ky. Acts ch. 128, may continue to act as a fiduciary under

that Act.

(3) (a) Any bank and trust company may consolidate into a resulting combined bank

and trust company.

(b) The consolidated corporation shall issue stock for an equivalent amount in

value of the stock of the constituent corporations.

(4) (a) Upon written approval of the commi ssioner, a bank or trust company may

transfer one (1) or more fiduciary accounts under its administration to an

affiliate of the trust company or bank, as defined in KRS 286.3 -230(6),

located in this state, if the transferring bank or trust company:

1. Not later than thirty (30) days prior to the date of transfer, sends the

following, in writing, to the person or entity that was the recipient of the

last account status report:

a. Notice of the transfer; and

b. Notice that the person has a right to object to the transfer in the

probate division of District Court; and

2. Within ten (10) days after the date of transfer, files an affidavit

recording the transfer in the District Court, probate division, of the

county in which its principal office is located.

(b) The notice required under paragraph (a)1. of this subsection shall be deemed

effective when mailed by the bank or trust company.