17-5208.   Chairman of incorporators to procure surety bond.Prior to accepting any subscription, the chairman of the incorporatorsshall procure from a surety company, or other surety, acceptable to thecommissioner, a surety bond in form approved by the commissioner in anamount at least equal to the amount to be paid in by the incorporators.Such bond shall be to the state of Kansas and shall be delivered to thecommissioner. It shall guarantee the safekeeping of the funds paid in andtheir delivery to the association after the issuance of the certificate ofincorporation and after the bonding of the officers. In the event of thefailure to complete organization, such bond shall guarantee the return ofthe amounts collected to the respective subscribers or their assigns, lessthe incorporation fee.

      History:   L. 1943, ch. 133, § 9; July 1.