KRS 136.290 — Report of savings and loan, savings bank, and similar institutions -- Value determination -- Notice

(1) Every federally or state chartered savings and loan association, savings bank, and
other similar institutions operating solely in Kentucky shall, during January of each
year, file with the Department of Revenue a report containing such information and
in such form as the department may require.
(2) The department shall fix the total value, as of January 1 of each year, of the capital
of each financial institution included in subsection (1) of this section. Capital shall
include certificates of deposit, savings accounts, demand deposits, undivided
profits, surplus, and general reserves, excepting the share of borrowing members
where the amount borrowe d equals or exceeds the amount paid in by those
members. For Agricultural Credit Associations chartered by the Farm Credit
Administration, capital shall be computed by deducting the book value of the
association's investment in any other wholly owned insti tution chartered by the
Farm Credit Administration that is either subject to the tax imposed by KRS
136.300 or 136.310 or that is exempt from state taxation by federal law. The
department shall immediately notify each institution of the value so fixed.