17-5814.   Deposit associations and savings deposits; definitions.The following words used in articles 51 to 58, inclusive, of chapter 17of the Kansas Statutes Annotated and acts amendatory thereof, are definedas follows: (a) "Deposit association" shall mean a savings and loanassociation that has adopted bylaws approved by the commissioner,authorizing issuance of savings deposits and the operation of theassociation as a deposit association.

      (b)   "Savings deposit" shall mean the form of withdrawable account issuedby a deposit association for a fixed, minimum or indefinite period of timeas authorized by its bylaws or by regulations of the commissioner.

      (c)   "Shares" when used in articles 51 to 58, inclusive, of chapter 17 ofthe Kansas Statutes Annotated and acts amendatory thereof, to define awithdrawable savings account shall have the same meaning as a savingsdeposit if the association is a deposit association.

      History:   L. 1970, ch. 97, § 1; July 1.