17-2231.   Definitions.The following words and terms used in chapter 17, article 22 of theKansas Statutes Annotated, shall have the meanings respectively ascribed tothem in this section. (a) "Council" means the credit union council createdby this act.

      (b)   "Administrator" means the credit union administrator provided for inK.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 andreasonable rate of interest, of encouraging habits of thrift among itsmembers, and of providing the opportunity for people to use and controltheir money for their mutual benefit.

      (d)   "Department" or "credit union department" means the state departmentof credit unions established by K.S.A. 17-2234, and amendments thereto.

      (e)   "Corporate credit union" means a credit union in whichno individualmay purchase more than $5 share and from which noindividual may borrow money. "Individual" as used in this subsection shallmean natural persons only.

      (f)   "Nonprofit association" means, for purposes of this act, anassociation whose individual operations are not intended to generate, in theaggregate, an excess of revenues over the sum of expenses, distribution returnsto members, appropriate reserves and capital that are consistent with thecredit union's purposes and measured on an ongoing basis of the credit union asa whole.

      (g)   "Low-income credit union" means a credit union with a field ofmembership in which more than one-half earn less than 80% of the nationalmedian householdincome; or the credit union may document that more than 50% of its members makeless 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.