17-2204a.Investments; limitations; definition of
credit union
services corporation.
(a) Notwithstanding any other provision contained in the laws of this state
providing for investments by credit unions, such credit unions may invest,
through their board of directors and under written investment policies
established by the board, in the bonds, debentures or other
similar obligations issued under the authority of and pursuant to the act
of congress known as the farm credit act of 1971, as amended. The total
amount of such bonds, debentures or other similar
obligations of any one obligor or maker shall at no time exceed 15%
of the shares, undivided
earnings and reserves of the credit union.
(b) Subject to rules and regulations of the administrator, credit unions
may invest in a credit union services organization, through their board
of directors and
under written investment policies established by the board, if the credit
union services organization
is structured as a corporation, limited liability company or limited
partnership. Subject to rules and regulations of the administrator, credit
unions may make loans to such credit union services organization, except
that
any such investment in or loans to such credit union services
organization shall not exceed, in
the aggregate, 2% of the credit union's unimpaired shares, reserves and
undivided earnings.
"Credit union
services organization" means an organization established to provide
operational and financial services primarily to credit unions.
(c) Subject to written guidelines issued by the administrator, a
credit union may invest its funds, through its board of directors and under
written investment policies established by the board, in investment
securities defined by the administrator. Except for obligations of wholly
owned government corporations, or obligations which provide a return of
principal and
interest which is guaranteed by an agency of the federal government, the
total amount of such investment securities of any one obligor or maker held
by the credit union shall at no time exceed 15% of the shares, undivided
earnings and reserves of the credit union.
(d) Except as provided in subsection (g) of K.S.A. 17-2204, and
amendments thereto, a credit union is prohibited from participating
directly or indirectly in: (1) The purchase or sale of a standby
commitment; (2) a futures contract; (3) in adjusted trading; or (4) in a short
sale of a security. A credit union's directors, officials, committee
members and employees, and immediate family members of such individuals, may
not receive pecuniary consideration in connection with the making of an
investment or deposit by the credit union.
(e) Nothing contained in this section
shall be construed to prohibit any funds of a credit union from being
invested as now provided by law.
History: L. 1957, ch. 153, § 1;
L. 1971, ch. 76, § 1;
L. 1973, ch. 93, § 1;
L. 1987, ch. 85, § 2;
L. 1995, ch. 128, § 1;
L. 1996, ch. 72, § 1;
L. 2007, ch. 71, § 1; July 1.
17-2204a.Investments; limitations; definition of
credit union
services corporation.
(a) Notwithstanding any other provision contained in the laws of this state
providing for investments by credit unions, such credit unions may invest,
through their board of directors and under written investment policies
established by the board, in the bonds, debentures or other
similar obligations issued under the authority of and pursuant to the act
of congress known as the farm credit act of 1971, as amended. The total
amount of such bonds, debentures or other similar
obligations of any one obligor or maker shall at no time exceed 15%
of the shares, undivided
earnings and reserves of the credit union.
(b) Subject to rules and regulations of the administrator, credit unions
may invest in a credit union services organization, through their board
of directors and
under written investment policies established by the board, if the credit
union services organization
is structured as a corporation, limited liability company or limited
partnership. Subject to rules and regulations of the administrator, credit
unions may make loans to such credit union services organization, except
that
any such investment in or loans to such credit union services
organization shall not exceed, in
the aggregate, 2% of the credit union's unimpaired shares, reserves and
undivided earnings.
"Credit union
services organization" means an organization established to provide
operational and financial services primarily to credit unions.
(c) Subject to written guidelines issued by the administrator, a
credit union may invest its funds, through its board of directors and under
written investment policies established by the board, in investment
securities defined by the administrator. Except for obligations of wholly
owned government corporations, or obligations which provide a return of
principal and
interest which is guaranteed by an agency of the federal government, the
total amount of such investment securities of any one obligor or maker held
by the credit union shall at no time exceed 15% of the shares, undivided
earnings and reserves of the credit union.
(d) Except as provided in subsection (g) of K.S.A. 17-2204, and
amendments thereto, a credit union is prohibited from participating
directly or indirectly in: (1) The purchase or sale of a standby
commitment; (2) a futures contract; (3) in adjusted trading; or (4) in a short
sale of a security. A credit union's directors, officials, committee
members and employees, and immediate family members of such individuals, may
not receive pecuniary consideration in connection with the making of an
investment or deposit by the credit union.
(e) Nothing contained in this section
shall be construed to prohibit any funds of a credit union from being
invested as now provided by law.
History: L. 1957, ch. 153, § 1;
L. 1971, ch. 76, § 1;
L. 1973, ch. 93, § 1;
L. 1987, ch. 85, § 2;
L. 1995, ch. 128, § 1;
L. 1996, ch. 72, § 1;
L. 2007, ch. 71, § 1; July 1.
17-2204a.Investments; limitations; definition of
credit union
services corporation.
(a) Notwithstanding any other provision contained in the laws of this state
providing for investments by credit unions, such credit unions may invest,
through their board of directors and under written investment policies
established by the board, in the bonds, debentures or other
similar obligations issued under the authority of and pursuant to the act
of congress known as the farm credit act of 1971, as amended. The total
amount of such bonds, debentures or other similar
obligations of any one obligor or maker shall at no time exceed 15%
of the shares, undivided
earnings and reserves of the credit union.
(b) Subject to rules and regulations of the administrator, credit unions
may invest in a credit union services organization, through their board
of directors and
under written investment policies established by the board, if the credit
union services organization
is structured as a corporation, limited liability company or limited
partnership. Subject to rules and regulations of the administrator, credit
unions may make loans to such credit union services organization, except
that
any such investment in or loans to such credit union services
organization shall not exceed, in
the aggregate, 2% of the credit union's unimpaired shares, reserves and
undivided earnings.
"Credit union
services organization" means an organization established to provide
operational and financial services primarily to credit unions.
(c) Subject to written guidelines issued by the administrator, a
credit union may invest its funds, through its board of directors and under
written investment policies established by the board, in investment
securities defined by the administrator. Except for obligations of wholly
owned government corporations, or obligations which provide a return of
principal and
interest which is guaranteed by an agency of the federal government, the
total amount of such investment securities of any one obligor or maker held
by the credit union shall at no time exceed 15% of the shares, undivided
earnings and reserves of the credit union.
(d) Except as provided in subsection (g) of K.S.A. 17-2204, and
amendments thereto, a credit union is prohibited from participating
directly or indirectly in: (1) The purchase or sale of a standby
commitment; (2) a futures contract; (3) in adjusted trading; or (4) in a short
sale of a security. A credit union's directors, officials, committee
members and employees, and immediate family members of such individuals, may
not receive pecuniary consideration in connection with the making of an
investment or deposit by the credit union.
(e) Nothing contained in this section
shall be construed to prohibit any funds of a credit union from being
invested as now provided by law.
History: L. 1957, ch. 153, § 1;
L. 1971, ch. 76, § 1;
L. 1973, ch. 93, § 1;
L. 1987, ch. 85, § 2;
L. 1995, ch. 128, § 1;
L. 1996, ch. 72, § 1;
L. 2007, ch. 71, § 1; July 1.