17-2244.   Authority to operate in same activities asother federally insured credit unions; powers of administrator; report tolegislature.(a) In addition to any and all other powers granted to thecreditunion administrator, the administrator shall have the power to authorize anycredit union toengage in any activity in which such credit union could engage were theyoperating as a federally insured credit union atthetime such authorityis granted, including but not by way of limitation because ofenumeration, the power to do any act, and own, possess and carry asassets, property of such character including stocks, bonds or otherdebentures which, at the time such authority is granted, are authorizedunder applicable laws and regulations for transactions byfederallyinsured creditunions notwithstanding any restrictions elsewhere contained in thestatutes of the state of Kansas. Upon receipt of a written request fromany state chartered credit union, the administrator shall exercise suchpower by the issuance of a special order therefor if the administratordeems itreasonably required to preserve and protect the welfare of such aninstitution and promote the general economy of this state. The issuanceof such special orders shall not be subject to the provisions of article4 of chapter 77 of the Kansas Statutes Annotated and amendments thereto.

      (b)   The administrator shall, at the time of issuing any special orderpursuant to this section, submit a written report thereof to the presidentand the minority leader of the senate and to the speaker and the minorityleader of the house of representatives and the credit union council.

      History:   L. 1969, ch. 126, § 1; L. 1980, ch. 48, § 2; L. 1982,ch. 103, § 5;L. 1992, ch. 225, § 22;L. 2005, ch. 36, § 3; July 1.