17-2226.   Purchase of real estate, material, equipment or improvements;restrictions; lease and disposition of property.(a) Credit unions may purchase, lease, hold or rent real estate andimprovements thereon fortheir current or future use and occupancy. Without the written approvalof the administrator,suchexpenditure shall not exceed 5% of total shareholdings, reserves and undividedearnings.

      (b)   A credit union may purchase, rent, hold, contract for, acquire orlease any material, equipment or service which may be necessary orincidental to its operation. The aggregate of all such purchases, rentals,holdings, contracts, acquisitions or leases when required by generallyaccepted accounting principles to be entered as an asset or a liabilityshall not exceed, when aggregated with amounts expended pursuant tosubsection (a) of K.S.A. 17-2226, and amendments thereto, 5% of the creditunion's shares, reserves and undividedearnings without the written approval of the administrator.

      (c)   A credit union may rent or lease a portion of its building,fixed assets or propertyand may acquire, lease, hold, assign, pledge, sell or otherwisedispose of property or other assets, either in whole or in part,necessary or incidentalto its operations and purposes.

      History:   L. 1963, ch. 140, § 7; L. 1965, ch. 153, §8; L. 1968, ch. 160, § 12; L. 1982, ch. 103, § 4;L. 1987, ch. 86, § 2;L. 1992, ch. 225, § 10; July 1.