17-5827.   Same; failure to insure or give notice of noninsurance;notice by savings and loan commissioner; hearing; revocation ofauthority to do business; dissolution.(a) Whenever any savings and loan association shall fail to obtain andmaintain insurance upon its shares and deposits as required under theprovisions of K.S.A. 17-5824 and amendments thereto, the savings and loancommissioner shall notify such association that a continuation of suchfailure will result in the revocation of its authority to do business inthis state. If after receipt of such notice the association fails orrefuses to obtain such insurance, the savings and loan commissionershall, after a hearing or an opportunity for a hearing has been given tosuch association in accordance with the provisions of the Kansasadministrative procedure act, grant an extension of time in the mannerprovided in K.S.A. 17-5824 and amendments thereto or revoke its authorityto transact business in this state. Thereupon proceedings shall becommenced for the dissolution of such association in the manner provided bylaw.

      (b)   Whenever any savings and loan association shall fail to givenotice that it does not maintain insurance upon its accounts anddeposits as required under the provisions of K.S.A. 17-5825 and amendments thereto,the savings and loan commissioner shall notify such association that acontinuation of such failure will result in the revocation of itsauthority to do business in this state. If after receipt of such noticethe association fails or refuses to comply, the commissioner shall, after ahearing or an opportunity for a hearing has been given to such associationin accordance with the provisions of the Kansas administrative procedureact, grant an extension of time in the manner authorized by K.S.A. 17-5825and amendments thereto or revoke its authority to transact business in thisstate. Thereupon, proceedings shall be commenced for the dissolution ofsuch association in the manner provided by law.

      History:   L. 1975, ch. 142, § 5; L. 1988, ch. 356, § 63; July 1, 1989.