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. (a) A credit union may sell all or any part of its assets to another credit union or it may purchase all or any part of the assets of another credit union in accordance with this section.
(b) The purchasing credit union may assume, as part of the purchase price, any or all of the liabilities of the selling credit union and may pay the balance in cash or by the issue of shares to the selling credit union of the members thereof whether or not such members are members of the purchasing credit union.
(c) The selling credit union shall enter into an agreement with the purchasing credit union containing the terms and conditions of the sale. If the assets being sold are valued at an amount greater than 10% of either the purchasing credit union's or the selling credit union's total amount of shares, undivided earnings and reserves, the selling credit union shall file a copy of the agreement with the administrator within one month after it is signed. The agreement shall be approved or disapproved by the administrator within 30 days, otherwise the same shall be deemed approved.
(d) In the event the agreement does not specify an effective date, the administrator may fix a date upon which it will become effective.
(e) If the selling credit union has disposed of all assets under the agreement, it shall cease to carry on business on the effective date of agreement, except for the purpose of winding up its affairs, and it shall dissolve as soon as possible thereafter, and all reserves shall go to the purchasing credit union under the terms and conditions of the agreement.
History: L. 1963, ch. 140, § 11; L. 1968, ch. 160, § 15; L. 2019, ch. 22, § 22; 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.