17-2250. Guarantee corporations; definitions.
17-2250
17-2250. Guarantee corporations; definitions.
As used in K.S.A. 17-2251 through 17-2260, and amendments thereto, the following
words and phrases shall have the meanings respectively ascribed to them
herein:
(a) "Guarantee corporation" shall mean any person other than an
insurance company, approved by the administrator, who contracts with
credit unions to guarantee the shares of its members.
(b) "Contract" shall mean any agreement between a guarantee
corporation and a credit union in which the guarantee corporation
guarantees the shares of the credit union's members in return for
investments in and fees paid to the guarantee corporation by the credit
union.
(c) "Certificate" shall mean a written document issued by the administrator
which authorizes a guarantee corporation to guarantee the
shares of credit union members.
(d) "Administrator" shall mean the state credit union administrator.
History: L. 1975, ch. 136, § 9; L. 1981, ch. 103, § 2; July 1.