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Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 286.3-060.Oath required of each director before transacting business and upon any election or reelection; oath to be filed with commissioner and subject to review; duty of officer or director

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) A newly chartered state bank or trust company shall not transact any banking or trust business until each director of the institution executes, in writing, an oath of office which shall:

(a) State in substance:

1. That he or she is a citizen of the United States, and the State of Kentucky, or, if not, the place of his or her residence;

2. That he or she will faithfully discharge the duties of the office and administer the affairs of the institution, so far as the duties of the office require; and

3. That he or she will uphold the laws of Kentucky, and particularly the banking and trust laws;

(b) Be executed and acknowledged before any officer authorized to administer oaths; and

(c) Be forwarded to the commissioner for filing.

(2)(a) The oath of office required under subsection (1) of this section shall be executed or reexecuted, as applicable, upon the election of any subsequent director or reelection of any director.

(b) Any oath of office executed by a subsequent or reelected director shall be:

1. Maintained by the state bank or trust company; and

2. Subject to review at examination.

(3)(a) Each officer and director of a state bank or trust company shall discharge the duties and responsibilities of his or her respective office or position in good faith and with the ordinary care and diligence as necessary and reasonable to administer the affairs of the state bank or trust company in a safe and sound manner.

(b) The provisions of this subsection and KRS 271B.8-300 apply to directors.

(c) The provisions of this subsection and KRS 271B.8-420 apply to officers.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 286.3-060.Oath required of each director before transacting business and upon any election or reelection; oath to be filed with commissioner and subject to review; duty of officer or director - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxv-business-and-financial-institutions/ky-rev-st-sect-286-3-060/

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