17-2201.   Organization of credit unions; articles of incorporationand bylaws; approval of administrator; application of corporation code;filing fees.(a) Any seven persons, residents of the state of Kansas, may applyto the administrator of the credit union department for permission toorganize a credit union by signing in duplicate acertificate of organization and entering into articles of incorporation,in which they shall bind themselves to comply with its requirements andwith all the laws, rules and regulations applicable to credit unions.The articles of incorporation shall set forth:

      (1)   The name of the proposed credit union which shall contain thewords "credit union" and shall not be the same as that of any other creditunion in this state.

      (2)   The names and addresses of the subscribers to the articles ofincorporation, and the number of shares subscribed by each.

      (3)   A statement that organization as a credit union is desired underthis particular law, the par value of the shares and the manner in whichthe par value of shares may be changed from time to time.

      (4)   The address, which shall include the street, number, city andcounty of the corporation's registered office in this state and thename of its resident agent at such address.

      (b)   At the time of filing the articles of incorporation with theadministrator,the organizers shall submit, in duplicate, sets ofbylaws whichshall provide:

      (1)   The date of the first annual meeting, the manner in which subsequentannual meeting dates shall be determined, the manner ofnotification of meetings and conducting the meetings, thenumber of membersconstituting a quorum and regulations as to voting.

      (2)   The number of directors, which shall not be less thanfive,all of whom must be members, their powers and duties, together with theduties of officers elected by the board of directors.

      (3)   The qualifications for membership.

      (4)   The number of members of the credit committee and of thesupervisory committee, which shall not be less than threeeach,together with their respective powers and duties.

      (5)   The conditions under which shares may be issued.

      (c)   The administrator shall approve the articles of incorporationif they are in conformity with this act and the bylaws, if satisfiedthat the proposed field of operation is favorable to the success of suchcredit union, and that the standing of the proposed organizers is suchas to give assurance that its affairs will be properly administered.If the administrator approves the articles of incorporation, theadministrator shall issue to the proposed organizers acertificate ofapproval annexed to the duplicate of the articles of incorporation andof the bylaws. The articles of incorporation, with the certificate ofapproval annexed, shall be executed and filed andbecome effective in the manner prescribed in the general corporationcode. The copy of the articles of incorporation filed with the secretaryof state shall be accompanied by the fee prescribed by K.S.A.17-7502 and amendments thereto. The articles of incorporation of anycredit union approved as provided in this section bythe secretary of state in the samemanner as other domesticcorporations are approved whether or not acted upon by thecharter board.

      History:   L. 1929, ch. 141, § 1;L. 1959, ch. 117, § 1;L. 1968, ch. 160, § 1;L. 1972, ch. 57, § 1;L. 1973, ch. 92, § 1;L. 1982, ch. 102, § 1;L. 1999, ch. 39, § 5;L. 2000, ch. 39, § 8; July 1.