17-5824.   Insurance of shares or deposits; effective date; amount;extension of time for compliance; exception.Every savings and loan association organized and operating under thelaws of the state of Kansas shall, on and after June 30, 1980, insurethe shares or deposits of each shareholder or depositor of suchassociation with the federal savings and loan insurance corporation orwith an insurer approved by the state commissioner of insurance for suchpurposes as hereinafter provided, in an amount not less than thatprovided by the federal savings and loan insurance corporation on July1, 1975, except that the savings and loan commissioner may grant areasonable extension of time for compliance therewith under such rulesand regulations as the state savings and loan board may adopt. Therequirements of this section shall not apply to any savings and loanassociation which shall comply with the requirements of K.S.A. 17-5825,or any savings and loan association, all of theoutstanding loans of which are insured or guaranteed by the federalhousing administration or the veterans administration. During the periodof any such extension of time, the association receiving the same shallcontinue to give notice in the manner prescribed by K.S.A.17-5825 that the shares or deposits of such association are uninsured.

      History:   L. 1975, ch. 142, § 1; July 1.