17-2250.   Guarantee corporations; definitions.As used in K.S.A. 17-2251 through 17-2260, and amendments thereto, the followingwords and phrases shall have the meanings respectively ascribed to themherein:

      (a)   "Guarantee corporation" shall mean any person other than aninsurance company, approved by the administrator, who contracts withcredit unions to guarantee the shares of its members.

      (b)   "Contract" shall mean any agreement between a guaranteecorporation and a credit union in which the guarantee corporationguarantees the shares of the credit union's members in return forinvestments in and fees paid to the guarantee corporation by the creditunion.

      (c)   "Certificate" shall mean a written document issued by the administratorwhich authorizes a guarantee corporation to guarantee theshares 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.