286.5-521 Limits on power to borrow money. (1) (2) If an association is not a member of a federal home loan bank, it may borrow money, but not more than an aggregate amount equal to one-fourth (1/4) of its savings liability on the date of borrowing. If an association is a member of a federal home loan bank, it may secure advances of not more than an aggregate amount equal to one-half (1/2) of its savings liability; within an amount equal to one-half (1/2) of its savings liability, the association may borrow from sources other than such federal home loan bank, an aggregate amount not in excess of ten percent (10%) of its savings liability. (3) A subsequent reduction of savings liability shall not affect in any way outstanding obligations for borrowed money. (4) All such loans and advances may be secured by property of the association. Effective: June 18, 1964 History: Created 1964 Ky. Acts ch. 138, sec. 34, effective June 18, 1964. Formerly codified as KRS 289.521. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.
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