17-10a01. Building and loan associations and life insurance companies; authority as members and borrowers.
17-10a01
17-10a01. Building and loan associations and life insurance companies;
authority as members and borrowers.
Any building and loan association or life insurance company, organized
and existing under the laws of the state of Kansas, are hereby authorized
to subscribe for the stock of and to become a member of the federal home
loan bank for the district in which they may be located, or for the stock
of a federal home loan bank of an adjoining district, if demanded by
convenience; to borrow money from such bank or any other corporation or
agency established under the authority of the United States government, and
assign their home mortgages, or such other of their assets as may be
required by the bank as security therefor; to avail themselves of all the
advantages and privileges offered by the federal home loan bank while a
member thereof; and to comply with the provisions and requirements of the
federal home loan bank act, passed by the congress of the United States and
approved July 22, 1932, and any amendments that may hereafter be made to
said act, and all regulations made by the authority thereof.
It is the intention of this act, that any such building and loan
association or life insurance company, while a member of a federal home
loan bank, may function fully as such, including the power to invest in the
securities issued by a federal home loan bank, so long as the same are
accepted by the United States to secure government deposits, anything in
existing laws of the state of Kansas to the contrary notwithstanding.
History: L. 1933, ch. 143, § 1; Jan. 26.