155.090 Distribution among members of loan call -- Interest rate. - Kentucky Statutes

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155.090 Distribution among members of loan call -- Interest rate. (1) Each call made by the corporation shall be prorated among the members of the corporation in substantially the same proportion that the adjusted loan limit of each
member bears to the aggregate of the adjusted loan limits of all members. The
adjusted loan limit of a member shall be the amount of such member's loan limit,
reduced by the balance of outstanding loans made by such member to the
corporation, other than short term loans, and the investment in capital stock of the
corporation held by such member at the time of such call. (2) All loans to the corporation by members, other than short term loans, shall be evidenced by bonds, debentures, notes, or other evidence of indebtedness of the
corporation, which shall be freely transferable at all times, and which shall bear
interest at a rate of not less than one-quarter of one percent (0.25%) in excess of the
rate of interest as determined by the prime rate prevailing on unsecured commercial
loans among the majority of the New York City clearing house member banks on
the first day of the month in which the loan is made to the corporation. History: Amended 1966 Ky. Acts ch. 212, sec. 3 -- Created 1960 Ky. Acts ch. 73, sec. 9.