9-1709. Forfeiture of certificate for noncompliance.
9-1709
9-1709. Forfeiture of certificate for noncompliance.
Any bank or trust company which shall refuse or neglect for a period of
90 days after demand in writing is made to comply with any
requirement lawfully made upon it by the commissioner shall be deemed to
have forfeited its franchise and the commissioner shall thereupon revoke
its authority to transact business. The commissioner shall give notice
of such revocation to the president, cashier, or other managing officer
of such bank or trust company and also by publishing a copy of such
order of revocation in the Kansas register.
The attorney general,
upon the request of the commissioner, then shall begin action for the
appointment of a receiver for such bank or trust company and to dissolve
the same.
History: L. 1947, ch. 102, § 96; L. 1981, ch. 324, § 7; Jan. 1, 1982.