17-10a01.   Building and loan associations and life insurance companies;authority as members and borrowers.Any building and loan association or life insurance company, organizedand existing under the laws of the state of Kansas, are hereby authorizedto subscribe for the stock of and to become a member of the federal homeloan bank for the district in which they may be located, or for the stockof a federal home loan bank of an adjoining district, if demanded byconvenience; to borrow money from such bank or any other corporation oragency established under the authority of the United States government, andassign their home mortgages, or such other of their assets as may berequired by the bank as security therefor; to avail themselves of all theadvantages and privileges offered by the federal home loan bank while amember thereof; and to comply with the provisions and requirements of thefederal home loan bank act, passed by the congress of the United States andapproved July 22, 1932, and any amendments that may hereafter be made tosaid act, and all regulations made by the authority thereof.

      It is the intention of this act, that any such building and loanassociation or life insurance company, while a member of a federal homeloan bank, may function fully as such, including the power to invest in thesecurities issued by a federal home loan bank, so long as the same areaccepted by the United States to secure government deposits, anything inexisting laws of the state of Kansas to the contrary notwithstanding.

      History:   L. 1933, ch. 143, § 1; Jan. 26.