Kansas Statutes
Article 22 - Credit Unions
17-2201 Organization of credit unions; articles of incorporation and bylaws; approval of administrator; application of corporation code; filing fees.

17-2201. Organization of credit unions; articles of incorporation and bylaws; approval of administrator; application of corporation code; filing fees. (a) Any seven persons who are residents of the state of Kansas may apply to the administrator of the credit union department for permission to organize a credit union by signing in duplicate a certificate of organization and entering into articles of incorporation, in which they shall bind themselves to comply with its requirements and with all the laws, rules and regulations applicable to credit unions. The articles of incorporation shall set forth:
(1) The name of the proposed credit union, which shall contain the words "credit union" and shall not be the same as that of any other credit union in this state.
(2) The names and addresses of the subscribers to the articles of incorporation, and the number of shares subscribed by each.
(3) A statement that organization as a credit union is desired under the state credit union code, the par value of the shares and the manner in which the par value of shares may be changed from time to time.
(4) The address, which shall include the street, number, city and county of the corporation's registered office in this state and the name of its resident agent at such address.
(b) At the time of filing the articles of incorporation with the administrator, the organizers shall submit, in duplicate, sets of bylaws which shall provide:
(1) The date of the first annual meeting, the manner in which subsequent annual meeting dates shall be determined, the manner of notification of meetings and conducting the meetings, the number of members constituting a quorum and regulations as to voting.
(2) The number of directors, which shall not be less than five, all of whom must be members, their powers and duties, together with the duties of officers elected by the board of directors.
(3) The qualifications for membership.
(4) The number of members of the credit committee and of the supervisory committee, which shall not be less than three each, and their respective powers and duties.
(5) The conditions under which shares may be issued.
(c) The administrator shall approve the articles of incorporation, if they are in conformity with this act and the bylaws, if satisfied that the proposed field of operation is favorable to the success of such credit union, and that the standing of the proposed organizers is such as to give assurance that its affairs will be properly administered. If the administrator approves the articles of incorporation, the administrator shall issue to the proposed organizers a certificate of approval annexed to the duplicate of the articles of incorporation and of the bylaws. The articles of incorporation, with the certificate of approval annexed, shall be executed and filed and become effective in the manner prescribed in the general corporation code. The copy of the articles of incorporation filed with the secretary of state shall be accompanied by the fee prescribed by K.S.A. 17-7506, and amendments thereto. The articles of incorporation of any credit union approved as provided in this section by the secretary of state in the same manner as other domestic corporations are approved whether or not acted upon by the charter board.
History: L. 1929, ch. 141, § 1; L. 1959, ch. 117, § 1; L. 1968, ch. 160, § 1; L. 1972, ch. 57, § 1; L. 1973, ch. 92, § 1; L. 1982, ch. 102, § 1; L. 1999, ch. 39, § 5; L. 2000, ch. 39, § 8; L. 2019, ch. 22, § 2; July 1.

Structure Kansas Statutes

Kansas Statutes

Chapter 17 - Corporations

Article 22 - Credit Unions

17-2201 Organization of credit unions; articles of incorporation and bylaws; approval of administrator; application of corporation code; filing fees.

17-2202 Amendments to bylaws and charter; bylaw amendments to be filed; administrator's disapproval of amendments to bylaws; appeal.

17-2203 Use of name; penalty for unauthorized use.

17-2204 Powers of credit unions.

17-2204a Investments; limitations; definition of credit union services organization.

17-2205 Credit unions, fields of membership. [See Revisor's Note]

17-2205a Membership of credit union; continuation of branch operations, limitations. [See Revisor's Note]

17-2206 Supervision and powers of administrator; reports, fines; examination, fees.

17-2206a Undelivered funds due creditors, depositors and shareholders of defunct credit union; duties of administrator and state treasurer; undistributed assets of defunct credit unions fund.

17-2207 Fiscal year; meetings.

17-2208 Officers; board of directors; committees; suspension of members, when.

17-2209 Directors to elect officers; duties of board; executive committee.

17-2210 Method of making loans.

17-2211 Duties of supervisory committee; annual and supplementary audits; acceptance of certain audits.

17-2212 Capital and revenue of credit union; right of setoff; dormant accounts; unmatured shares; transfer to reserve fund, when.

17-2213 Shares to minors; joint tenancy shareholdings; trust accounts; credit union can act as trustee or custodian.

17-2214 Corporate credit unions; powers; lending to members; credit unions lending to each other, approval.

17-2215 Power to borrow money; limitations.

17-2215a Power of corporate credit unions to borrow increased by amount of certain investments.

17-2216 Loans to members; limitations.

17-2216a Loans to directors or members of credit or supervisory committees; conditions.

17-2217 Reserve income; payments into reserve fund; rules and regulations.

17-2218 Dividends.

17-2219 Expulsion of members, when; policy, notice; withdrawal of member from credit union.

17-2221 Change in place of business; how accomplished.

17-2221a Credit union branches; procedure.

17-2222 Conversion from state to federal credit union.

17-2223 Incorporation in this state of federal credit union or credit union organized in another state; procedure; name; effect of granting charter.

17-2223a Administrator's approval required before foreign credit union does business in state; examination; hearing.

17-2226 Purchase of real estate, material, equipment or improvements; lease and disposition of property.

17-2227 Information concerning credit unions; disclosure authorized; otherwise confidential; exceptions.

17-2228 Merger with other credit union, procedure; certificate requirements; assets and liabilities; cancellation of terminated credit union charter.

17-2229 Sale or purchase of assets to or of another credit union; agreement; approval of administrator; effective date; dissolution of selling credit union; reserves.

17-2230 Voluntary and involuntary dissolution; appointment of agent; liquidation procedure.

17-2231 Definitions.

17-2232 Credit union council; membership, appointment, terms; meetings.

17-2233 Credit union administrator; appointment, duties, salary, expenses and term.

17-2234 Department of credit unions; supervision; employees; attorney; security background check.

17-2235 Credit union council's compensation and expenses.

17-2236 Bonds of administrator, examiners and employees; disposition of moneys; credit union fee fund.

17-2237 Transfer of jurisdiction and records.

17-2238 Continuity of previously organized credit unions.

17-2239 Continuity of proceedings.

17-2240 Housing of department.

17-2241 Appeals.

17-2243 Invalidity of part.

17-2244 Authority to operate in same activities as other federally insured credit unions; powers of administrator; report to legislature.

17-2245 Credit union may participate in loan with another credit union, financial organization or national cooperative bank.

17-2246 Share insurance required.

17-2260 Rules and regulations.

17-2262 Severability.

17-2263 Contracts for payment of members' accounts to beneficiaries upon members' deaths; rights of member during lifetime; change of beneficiary.

17-2264 Same; duties of credit union; release and discharge thereof.

17-2268 Personal liability of officers and directors, exceptions.

17-2269 Citation.