{"data":{"id":"us-ky/krs-155.070","jurisdiction":"us-ky","citation":"KRS 155.070","heading":"Powers and limitations of other corporate bodies in relation to","body":"corporation.\nNotwithstanding any rule at common law or any provision of any general or special law\nor any provision in their respective charters, agreements of association, articles of\norganization, or trust indentures: (1) all domestic corporations organized for the purpose\nof carrying on business within this Commonwealth including without implied limitation\nany public utility companies and insurance and casualty companies and foreign\ncorporations licensed to do business in the Commonwealth, and all trusts, and private or\npublic pension or retirement funds are hereby authorized to acquire, purchase, hold, sell,\nassign, transfer, mortgage, pledge or otherwise dispose of any bonds, securitie s or other\nevidences of indebtedness created by, or the shares of the capital stock of, the\ncorporation, and while owners of said stock to exercise all the rights, powers and\nprivileges of ownership, including the right to vote thereon, all without the app roval of\nany regulatory authority of the Commonwealth; (2) all financial institutions are hereby\nauthorized to become members of the corporation and to make loans to the corporation as\nprovided herein; (3) a financial institution which does not become a me mber of the\ncorporation shall not be permitted to acquire any shares of the capital stock of the\ncorporation; and (4) each financial institution which becomes a member of the\ncorporation is hereby authorized to acquire, purchase, hold, sell, assign, transf er,\nmortgage, pledge, or otherwise dispose of, any bonds, securities or other evidences of\nindebtedness created by, or the shares of the capital stock of the corporation, and while\nowners of said stock to exercise all the rights, powers and privileges of o wnership,\nincluding the right to vote thereon, all without the approval of any regulatory authority of\nthe Commonwealth; provided, that the amount of the capital stock of the corporation\nwhich may be acquired by any member pursuant to the authority granted  herein shall not\nexceed ten percent (10%) of the loan limit of such member, except that a public pension\nor retirement fund which becomes a member may acquire capital stock of the corporation\nnot to exceed twenty-five percent (25%) of the loan limit of such member. The amount of\ncapital stock of the corporation which any member is authorized to acquire pursuant to\nthe authority granted herein is in addition to the amount of capital stock in corporations\nwhich such member may otherwise be authorized to acquire.","path":["KRS Chapter 155"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=3060","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:58Z","sha256":"86ec2c6a543f294cfee613274a11221133798e0ecadc517514b749fe7a3b3c43","source_id":"us-ky","stale":false,"prev":"us-ky/krs-155.060","next":"us-ky/krs-155.080"},"notice":"GroundRules: Original legal text. Not legal advice."}