17-2214. Corporate credit unions; powers; lending to members; credit unions lending to each other, approval. (a) Subject to rules and regulations prescribed by the administrator, corporate credit unions shall have the following additional powers to:
(1) Provide access for its shareholders on a mutual basis to financial systems and the services and products of financial institutions;
(2) provide its shareholders with research and consulting services concerning financial matters, institutions and products;
(3) provide financial system support services and facilities;
(4) establish and execute financial programs to assist its shareholders in meeting their needs;
(5) provide safekeeping or trustee services to or on behalf of its shareholders;
(6) issue shares or classes of shares with such terms and conditions as may vary from other shares authorized by this act as the administrator shall approve including, but not limited to, and notwithstanding the provisions of K.S.A. 17-2230, and amendments thereto, the subordination of such shares to other shares of the credit union without reducing the liability on all other shares, except that, such shares shall have a redemption priority in liquidation or termination of membership no earlier than provided to other shares authorized by this act; and
(7) purchase from or sell to its members participation interests in loans made by the corporate credit union or its members.
(b) A corporate credit union may lend to each member no more than 25% of the corporate credit union's assets, except that other credit unions, operating under the provisions of this act, may lend to each other only with the approval of the administrator, up to 25% of the shares, undivided earnings and reserves of the lending credit union.
(c) Subject to written policies adopted by its board of directors and approved by the administrator, a corporate credit union may:
(1) Make loans to;
(2) receive payments on shares, share certificates or investments in any other account of the corporate credit union from; or
(3) invest its funds in shares, stock or obligations of, organizations established to provide operational and financial services associated with the routine operations of credit unions.
Any investments in the capital stock of or loans to such organizations shall not exceed, in the aggregate, 2% of such credit union's shares and unimpaired capital.
History: L. 1929, ch. 141, § 14; L. 1951, ch. 204, § 5; L. 1965, ch. 153, § 4; L. 1968, ch. 160, § 7; L. 1970, ch. 88, § 1; L. 1973, ch. 85, § 134; L. 1988, ch. 97, § 1; L. 1992, ch. 225, § 5; L. 2019, ch. 22, § 13; 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.