17-2329.   Same; purposes and powers.The purposes of development credit corporations as authorized hereinshall be to promote, aid and, through the united efforts of theinstitutions and corporations which shall from time to time become membersthereof, develop and advance the industrial and business prosperity andwelfare of the state of Kansas; to encourage new industries; to stimulateand help to expand all kinds of business ventures which tend to promote thegrowth of the state; to act whenever and wherever deemed by it advisable inconjunction with other organizations, the objects of which are thepromotion of industrial, agricultural or recreational developments withinthe state; and to furnish for approved and deserving applicants ready andrequired money for the carrying on and development of every kind ofbusiness or industrial undertaking whereby a medium of credit isestablished not otherwise readily available therefor; and in furtherance ofsuch purposes, and in addition to the powers conferred by the general lawsrelating to corporations, this corporation shall, subject to therestrictions 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 bemembers of this corporation, from any financial institution, from anyagency established under the small business investment act of 1958, (publiclaw 85-699, 85th congress) or any other federal or state legislationpertaining to loans from the small business administration, and from anyother federal or state agency that may legally loan to the corporation; andto pledge bonds, notes and other securities as collateral therefor:Provided, In no case shall the amount so loaned by any member exceedthe 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 institutionswithin the state any such loans or commitments as may be desired by suchinstitutions generally in the ordinary course of their business.

      (c)   To establish and regulate the terms and conditions of any such loansand charges for interest or service connected therewith.

      (d)   To purchase, hold, lease and otherwise acquire and to convey suchreal estate as may, from time to time, be acquired by it in satisfaction ofdebts or may be acquired by it in the foreclosure of mortgages thereon orupon judgments for debts or in settlements to secure debts.

      (e)   To purchase bonds, stocks, or debentures, of any corporation andsell, convert, or otherwise dispose of such evidences of indebtedness.

      History:   L. 1955, ch. 144, § 2; L. 1963, ch. 141, § 1; June 30.