286.5-061 Branch offices -- Limits on establishment. (1) A branch office is a legally established place of business of the association other than the home office authorized by the board of directors and approved by the commissioner, at which savings accounts and loan payments may be accepted and applications for loans may be received, and at which account books and membership certificates may be issued. (2) No association may establish or maintain a branch office without the prior written approval of the commissioner. (3) Each application for approval of the establishment and maintenance of a branch office shall state the proposed location, the need, the functions to be performed, the estimated annual expense, and the mode of payment therefor. Each such application shall be accompanied by a budget of the association for the current dividend period and for the next succeeding semiannual period, which reflects the estimated additional expense of the maintenance of such a branch office. Upon the receipt by the commissioner of such an application, he shall determine whether the establishment and maintenance of such office will unduly injure any properly conducted existing association or federal savings and loan association in the community where such branch office or agency is proposed to be established. If he finds that no undue injury is likely to result, that the establishment and maintenance of such branch office is advisable, and in the public interest, the commissioner may approve the application. (4) No branch shall be established in any county other than the county in which is located the principal office of the association. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 24, sec. 680, effective July 15, 2010. -- Created 1964 Ky. Acts ch. 138, sec. 50, effective June 18, 1964. Formerly codified as KRS 289.061. 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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