Request By:
Mr. W. Harold DeMarcus
Republican Floor Leader
House of Representatives
Room 314
State Capitol
Frankfort, Kentucky 40601
Opinion
Opinion By: Robert F. Stephens, Attorney General; By: Carl Miller, Assistant Attorney General
In your letter of May 8, 1979, you inquire as to whether a National Bank is governed by state or federal law or a mixture of both.
A National Bank is governed by federal law. A State Bank is governed by KRS Chapter 287. Neither a National nor a State Bank is governed by a mixture of state and federal law except to the extent that KRS 287.160 provides that a State Bank may reorganize as a National Bank under the laws of the United States after its dissolution as a State Bank. KRS 287.170 provides that a National Bank which is authorized to dissolve may organize as a State Bank upon the authority of the owners of two-thirds of its capital stock.
You also ask if a National Bank is subject to the Kentucky Open Records, KRS 61.870-61.884.
A National Bank is not a public agency within the meaning of the Kentucky Open Records Law, nor is a State Bank.
You ask if it is legal and proper for a National Bank to distribute to all stockholders, even minor ones owning but one or two shares of stock, a copy of the minutes of meetings held by the board of directors.
National Banks are governed by federal law and we know of no reason under state law why it may not distribute the minutes of its meetings.