17-2255.   Investment of funds; funds property of credit unions makingpayments; withdrawal of funds by credit union, conditions.All funds invested in a guarantee corporation may be invested in bondsor securities of the United States or any other investment authorized bythe administrator. All funds collected and any interest paid thereon by aguarantee corporation shall belong to the credit union which pays insuch funds, except that such funds and interest shall not be withdrawnfrom the corporation unless: (a) A credit union shall obtain similarguarantees from another source; (b) the credit union enters voluntaryliquidation; or (c) the credit union no longer is subject to supervisionof the credit union administrator of Kansas. Any funds returned to acredit union, the shares of whose members are guaranteed by a guaranteecorporation, shall be returned in such a manner as not to endanger theguarantees given to other credit unions by such guarantee corporations.Any funds returned to a credit union shall first be subject to reductionincurred as a result of guaranteeing the shares of credit unions.

      History:   L. 1975, ch. 136, § 14; L. 1981, ch. 103, § 5; July 1.