17-2329. Same; purposes and powers.
17-2329
17-2329. Same; purposes and powers.
The purposes of development credit corporations as authorized herein
shall be to promote, aid and, through the united efforts of the
institutions and corporations which shall from time to time become members
thereof, develop and advance the industrial and business prosperity and
welfare of the state of Kansas; to encourage new industries; to stimulate
and help to expand all kinds of business ventures which tend to promote the
growth of the state; to act whenever and wherever deemed by it advisable in
conjunction with other organizations, the objects of which are the
promotion of industrial, agricultural or recreational developments within
the state; and to furnish for approved and deserving applicants ready and
required money for the carrying on and development of every kind of
business or industrial undertaking whereby a medium of credit is
established not otherwise readily available therefor; and in furtherance of
such purposes, and in addition to the powers conferred by the general laws
relating to corporations, this corporation shall, subject to the
restrictions and limitations herein contained, have the following powers:
(a) To borrow money on secured or unsecured notes from any banks,
banking institution or insurance company within the state which shall be
members of this corporation, from any financial institution, from any
agency established under the small business investment act of 1958, (public
law 85-699, 85th congress) or any other federal or state legislation
pertaining to loans from the small business administration, and from any
other federal or state agency that may legally loan to the corporation; and
to pledge bonds, notes and other securities as collateral therefor:
Provided, In no case shall the amount so loaned by any member exceed
the limit as hereinafter defined.
(b) To lend money upon secured or unsecured applications: Provided,
It shall not be the purpose hereof to take from any banking institutions
within the state any such loans or commitments as may be desired by such
institutions generally in the ordinary course of their business.
(c) To establish and regulate the terms and conditions of any such loans
and charges for interest or service connected therewith.
(d) To purchase, hold, lease and otherwise acquire and to convey such
real estate as may, from time to time, be acquired by it in satisfaction of
debts or may be acquired by it in the foreclosure of mortgages thereon or
upon judgments for debts or in settlements to secure debts.
(e) To purchase bonds, stocks, or debentures, of any corporation and
sell, convert, or otherwise dispose of such evidences of indebtedness.
History: L. 1955, ch. 144, § 2; L. 1963, ch. 141, § 1; June 30.