{"data":{"id":"us-ky/krs-286.6-015","jurisdiction":"us-ky","citation":"KRS 286.6-015","heading":"Organization procedure.","body":"(1) Any seven (7) or more residents of this state, of legal age, who have a common\nbond referred to in KRS 286.6 -107 may organize a credit union and become charter\nmembers thereof by complying with this section.\n(2) The subscribers shall execute in duplicate a rticles of incorporation and agree to the\nterms thereof, which articles shall state:\n(a) The name, which shall include the words \"credit union\" and which shall not\nbe the same as that of any other credit union in this state, and the location\nwhere the proposed credit union is to have its principal place of business;\n(b) That the existence of the credit union shall be perpetual;\n(c) The par value of the shares of the credit union; and\n(d) The names and addresses of the subscribers to the articles of incorpor ation,\nand the number of shares subscribed to by each, which shall be determined by\nthe board.\n(3) The subscribers shall prepare and adopt bylaws for the general government of the\ncredit union, consistent with this subtitle, and execute the same in duplicate.\n(4) The subscribers shall select at least five (5) qualified persons who agree to serve on\nthe board of directors, and at least three (3) other qualified persons who agree to\nserve on the supervisory committee. A signed agreement to serve in these capacities\nuntil the first annual meeting or until the election of their successors, whichever is\nlater, shall be executed by those who so agree.\n(5) The subscribers shall forward any required fee, the articles of incorporation, the\nbylaws and the agreements t o serve to the commissioner, who shall act upon the\napplication for a charter within thirty (30) days. The commissioner shall issue a\ncertificate of approval, if the articles and bylaws are in conformity with this subtitle\nand the commissioner is satisfied that:\n(a) The characteristics of the sponsoring group are favorable to the economic\nviability of such credit union;\n(b) The standing and character of the proposed organizers are such as to give\nassurance that its affairs will be properly administered; and\n(c) The share and deposit insurance requirements of KRS 286.6-405 will be met.\n(6) The commissioner shall return a copy of the bylaws and the articles to the applicants\nor their representatives, which shall be preserved in the permanent files of the credit\nunion.\n(7) The subscribers for a credit union charter may not transact any business until formal\napproval of the charter has been received.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14754","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:13Z","sha256":"877fc93ce71e6aad953e2d78143f62a94676d0274a9f617980ef1f3e2bc3c821","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.6-012","next":"us-ky/krs-286.6-025"},"notice":"GroundRules: Original legal text. Not legal advice."}