17-2212. Capital and revenue of credit union; right of setoff; dormant accounts; unmatured shares; transfer to reserve fund, when. (a) The capital of a credit union shall consist of the payments that have been made to such credit union on all types of shares. A credit union shall have a lien and right of setoff on the shares and on the dividends or other earnings payable thereon for and to the extent of any obligation of the member or other shareholder and of any dues and fines payable by the member or other shareholder. A credit union, upon the resignation or expulsion of a member, may cancel the shares of such member and apply the withdrawal value of such shares toward the liquidation of the member's indebtedness.
(b) A credit union may charge a membership fee, as may be established by the board of directors. Fully paid-up shares of a credit union may be transferred to any person upon election to membership, upon such terms as the board may establish. Any money received in the share account of any member which has not matured to one full share within a three-year period shall be refunded to such member. If such member cannot be located after due diligence by the officer in charge of operations or other authorized person or employee, such money shall be transferred to the reserve fund. Such due diligence shall include the sending to the member at the last known address of the member a notice of the intended action to transfer money to the reserve fund. For the purposes of this section, the last known address of the member is the address given by the member in any writing signed by the member and shown on the records of the credit union. Unless and until the member notifies the credit union of a new or different address, the given address is presumed to be unchanged.
(c) At such time as the location of the member, beneficiary or other person named on any share account is unknown to the credit union and there has not been any activity generated by the member, shareholder, or other person named on the account for 12 months or longer, such account may be considered a dormant account and may be placed in a separate grouping under a control system which will adequately identify such accounts. Adequate controls shall be established to determine the validity of significant activity on dormant accounts. This subsection shall be subject to the provisions of K.S.A. 58-3901 et seq., and any amendments thereto.
History: L. 1929, ch. 141, § 12; L. 1951, ch. 204, § 4; L. 1982, ch. 102, § 6; L. 1992, ch. 225, § 4; July 1.
Structure Kansas Statutes
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]
17-2206 Supervision and powers of administrator; reports, fines; examination, fees.
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.
17-2215 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.
17-2219 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.
17-2230 Voluntary and involuntary dissolution; appointment of agent; liquidation procedure.
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.
17-2237 Transfer of jurisdiction and records.
17-2238 Continuity of previously organized credit unions.
17-2239 Continuity of proceedings.
17-2240 Housing of department.
17-2246 Share insurance required.
17-2260 Rules and regulations.
17-2264 Same; duties of credit union; release and discharge thereof.
17-2268 Personal liability of officers and directors, exceptions.