17-5827. Same; failure to insure or give notice of noninsurance; notice by savings and loan commissioner; hearing; revocation of authority to do business; dissolution.
17-5827
17-5827. Same; failure to insure or give notice of noninsurance;
notice by savings and loan commissioner; hearing; revocation of
authority to do business; dissolution.
(a) Whenever any savings and loan association shall fail to obtain and
maintain insurance upon its shares and deposits as required under the
provisions of K.S.A. 17-5824 and amendments thereto, the savings and loan
commissioner shall notify such association that a continuation of such
failure will result in the revocation of its authority to do business in
this state. If after receipt of such notice the association fails or
refuses to obtain such insurance, the savings and loan commissioner
shall, after a hearing or an opportunity for a hearing has been given to
such association in accordance with the provisions of the Kansas
administrative procedure act, grant an extension of time in the manner
provided in K.S.A. 17-5824 and amendments thereto or revoke its authority
to transact business in this state. Thereupon proceedings shall be
commenced for the dissolution of such association in the manner provided by
law.
(b) Whenever any savings and loan association shall fail to give
notice that it does not maintain insurance upon its accounts and
deposits as required under the provisions of K.S.A. 17-5825 and amendments thereto,
the savings and loan commissioner shall notify such association that a
continuation of such failure will result in the revocation of its
authority to do business in this state. If after receipt of such notice
the association fails or refuses to comply, the commissioner shall, after a
hearing or an opportunity for a hearing has been given to such association
in accordance with the provisions of the Kansas administrative procedure
act, grant an extension of time in the manner authorized by K.S.A. 17-5825
and amendments thereto or revoke its authority to transact business in this
state. Thereupon, proceedings shall be commenced for the dissolution of
such association in the manner provided by law.
History: L. 1975, ch. 142, § 5; L. 1988, ch. 356, § 63; July 1, 1989.