17-2231. Definitions.
17-2231
17-2231. Definitions.
The following words and terms used in chapter 17, article 22 of the
Kansas Statutes Annotated, shall have the meanings respectively ascribed to
them in this section. (a) "Council" means the credit union council created
by this act.
(b) "Administrator" means the credit union administrator provided for in
K.S.A. 17-2233, and amendments thereto.
(c) "Credit union" means a cooperative, nonprofit association,
incorporated for the purpose of creating a source of credit at a fair and
reasonable rate of interest, of encouraging habits of thrift among its
members, and of providing the opportunity for people to use and control
their money for their mutual benefit.
(d) "Department" or "credit union department" means the state department
of credit unions established by K.S.A. 17-2234, and amendments thereto.
(e) "Corporate credit union" means a credit union in which
no individual
may purchase more than $5 share and from which no
individual may borrow money. "Individual" as used in this subsection shall
mean natural persons only.
(f) "Nonprofit association" means, for purposes of this act, an
association whose individual operations are not intended to generate, in the
aggregate, an excess of revenues over the sum of expenses, distribution returns
to members, appropriate reserves and capital that are consistent with the
credit union's purposes and measured on an ongoing basis of the credit union as
a whole.
(g) "Low-income credit union" means a credit union with a field of
membership in which more than one-half earn less than 80% of the national
median household
income; or the credit union may document that more than 50% of its members make
less than 80% of the national average wage.
History: L. 1968, ch. 160, § 17; L. 1973, ch. 95, § 1; L. 1975, ch. 137, § 1;
L. 1992, ch. 225, § 14;
L. 1995, ch. 64, § 2; July 1.