17-2201.Organization of credit unions; articles of incorporation
and bylaws; approval of administrator; application of corporation code;
filing fees.
(a) Any seven persons, residents of the state of Kansas, may apply
to the administrator of the credit union department for permission to
organize a credit union by signing in duplicate a
certificate of organization and entering into articles of incorporation,
in which they shall bind themselves to comply with its requirements and
with all the laws, rules and regulations applicable to credit unions.
The articles of incorporation shall set forth:
(1) The name of the proposed credit union which shall contain the
words "credit union" and shall not be the same as that of any other credit
union in this state.
(2) The names and addresses of the subscribers to the articles of
incorporation, and the number of shares subscribed by each.
(3) A statement that organization as a credit union is desired under
this particular law, the par value of the shares and the manner in which
the par value of shares may be changed from time to time.
(4) The address, which shall include the street, number, city and
county of the corporation's registered office in this state and the
name of its resident agent at such address.
(b) At the time of filing the articles of incorporation with the
administrator,
the organizers shall submit, in duplicate, sets of
bylaws which
shall provide:
(1) The date of the first annual meeting, the manner in which subsequent
annual meeting dates shall be determined, the manner of
notification of meetings and conducting the meetings, the
number of members
constituting a quorum and regulations as to voting.
(2) The number of directors, which shall not be less than
five,
all of whom must be members, their powers and duties, together with the
duties of officers elected by the board of directors.
(3) The qualifications for membership.
(4) The number of members of the credit committee and of the
supervisory committee, which shall not be less than three
each,
together with their respective powers and duties.
(5) The conditions under which shares may be issued.
(c) The administrator shall approve the articles of incorporation
if they are in conformity with this act and the bylaws, if satisfied
that the proposed field of operation is favorable to the success of such
credit union, and that the standing of the proposed organizers is such
as to give assurance that its affairs will be properly administered.
If the administrator approves the articles of incorporation, the
administrator shall issue to the proposed organizers a
certificate of
approval annexed to the duplicate of the articles of incorporation and
of the bylaws. The articles of incorporation, with the certificate of
approval annexed, shall be executed and filed and
become effective in the manner prescribed in the general corporation
code. The copy of the articles of incorporation filed with the secretary
of state shall be accompanied by the fee prescribed by K.S.A.
17-7502 and amendments thereto. The articles of incorporation of any
credit union approved as provided in this section by
the secretary of state in the same
manner as other domestic
corporations are approved whether or not acted upon by the
charter board.
History: L. 1929, ch. 141, § 1;
L. 1959, ch. 117, § 1;
L. 1968, ch. 160, § 1;
L. 1972, ch. 57, § 1;
L. 1973, ch. 92, § 1;
L. 1982, ch. 102, § 1;
L. 1999, ch. 39, § 5;
L. 2000, ch. 39, § 8; July 1.
17-2201.Organization of credit unions; articles of incorporation
and bylaws; approval of administrator; application of corporation code;
filing fees.
(a) Any seven persons, residents of the state of Kansas, may apply
to the administrator of the credit union department for permission to
organize a credit union by signing in duplicate a
certificate of organization and entering into articles of incorporation,
in which they shall bind themselves to comply with its requirements and
with all the laws, rules and regulations applicable to credit unions.
The articles of incorporation shall set forth:
(1) The name of the proposed credit union which shall contain the
words "credit union" and shall not be the same as that of any other credit
union in this state.
(2) The names and addresses of the subscribers to the articles of
incorporation, and the number of shares subscribed by each.
(3) A statement that organization as a credit union is desired under
this particular law, the par value of the shares and the manner in which
the par value of shares may be changed from time to time.
(4) The address, which shall include the street, number, city and
county of the corporation's registered office in this state and the
name of its resident agent at such address.
(b) At the time of filing the articles of incorporation with the
administrator,
the organizers shall submit, in duplicate, sets of
bylaws which
shall provide:
(1) The date of the first annual meeting, the manner in which subsequent
annual meeting dates shall be determined, the manner of
notification of meetings and conducting the meetings, the
number of members
constituting a quorum and regulations as to voting.
(2) The number of directors, which shall not be less than
five,
all of whom must be members, their powers and duties, together with the
duties of officers elected by the board of directors.
(3) The qualifications for membership.
(4) The number of members of the credit committee and of the
supervisory committee, which shall not be less than three
each,
together with their respective powers and duties.
(5) The conditions under which shares may be issued.
(c) The administrator shall approve the articles of incorporation
if they are in conformity with this act and the bylaws, if satisfied
that the proposed field of operation is favorable to the success of such
credit union, and that the standing of the proposed organizers is such
as to give assurance that its affairs will be properly administered.
If the administrator approves the articles of incorporation, the
administrator shall issue to the proposed organizers a
certificate of
approval annexed to the duplicate of the articles of incorporation and
of the bylaws. The articles of incorporation, with the certificate of
approval annexed, shall be executed and filed and
become effective in the manner prescribed in the general corporation
code. The copy of the articles of incorporation filed with the secretary
of state shall be accompanied by the fee prescribed by K.S.A.
17-7502 and amendments thereto. The articles of incorporation of any
credit union approved as provided in this section by
the secretary of state in the same
manner as other domestic
corporations are approved whether or not acted upon by the
charter board.
History: L. 1929, ch. 141, § 1;
L. 1959, ch. 117, § 1;
L. 1968, ch. 160, § 1;
L. 1972, ch. 57, § 1;
L. 1973, ch. 92, § 1;
L. 1982, ch. 102, § 1;
L. 1999, ch. 39, § 5;
L. 2000, ch. 39, § 8; July 1.
17-2201.Organization of credit unions; articles of incorporation
and bylaws; approval of administrator; application of corporation code;
filing fees.
(a) Any seven persons, residents of the state of Kansas, may apply
to the administrator of the credit union department for permission to
organize a credit union by signing in duplicate a
certificate of organization and entering into articles of incorporation,
in which they shall bind themselves to comply with its requirements and
with all the laws, rules and regulations applicable to credit unions.
The articles of incorporation shall set forth:
(1) The name of the proposed credit union which shall contain the
words "credit union" and shall not be the same as that of any other credit
union in this state.
(2) The names and addresses of the subscribers to the articles of
incorporation, and the number of shares subscribed by each.
(3) A statement that organization as a credit union is desired under
this particular law, the par value of the shares and the manner in which
the par value of shares may be changed from time to time.
(4) The address, which shall include the street, number, city and
county of the corporation's registered office in this state and the
name of its resident agent at such address.
(b) At the time of filing the articles of incorporation with the
administrator,
the organizers shall submit, in duplicate, sets of
bylaws which
shall provide:
(1) The date of the first annual meeting, the manner in which subsequent
annual meeting dates shall be determined, the manner of
notification of meetings and conducting the meetings, the
number of members
constituting a quorum and regulations as to voting.
(2) The number of directors, which shall not be less than
five,
all of whom must be members, their powers and duties, together with the
duties of officers elected by the board of directors.
(3) The qualifications for membership.
(4) The number of members of the credit committee and of the
supervisory committee, which shall not be less than three
each,
together with their respective powers and duties.
(5) The conditions under which shares may be issued.
(c) The administrator shall approve the articles of incorporation
if they are in conformity with this act and the bylaws, if satisfied
that the proposed field of operation is favorable to the success of such
credit union, and that the standing of the proposed organizers is such
as to give assurance that its affairs will be properly administered.
If the administrator approves the articles of incorporation, the
administrator shall issue to the proposed organizers a
certificate of
approval annexed to the duplicate of the articles of incorporation and
of the bylaws. The articles of incorporation, with the certificate of
approval annexed, shall be executed and filed and
become effective in the manner prescribed in the general corporation
code. The copy of the articles of incorporation filed with the secretary
of state shall be accompanied by the fee prescribed by K.S.A.
17-7502 and amendments thereto. The articles of incorporation of any
credit union approved as provided in this section by
the secretary of state in the same
manner as other domestic
corporations are approved whether or not acted upon by the
charter board.
History: L. 1929, ch. 141, § 1;
L. 1959, ch. 117, § 1;
L. 1968, ch. 160, § 1;
L. 1972, ch. 57, § 1;
L. 1973, ch. 92, § 1;
L. 1982, ch. 102, § 1;
L. 1999, ch. 39, § 5;
L. 2000, ch. 39, § 8; July 1.