17-2226.Purchase of real estate, material, equipment or improvements;
restrictions; lease and disposition of property.
(a) Credit unions may purchase, lease, hold or rent real estate and
improvements thereon for
their current or future use and occupancy. Without the written approval
of the administrator,
such
expenditure shall not exceed 5% of total shareholdings, reserves and undivided
earnings.
(b) A credit union may purchase, rent, hold, contract for, acquire or
lease any material, equipment or service which may be necessary or
incidental to its operation. The aggregate of all such purchases, rentals,
holdings, contracts, acquisitions or leases when required by generally
accepted accounting principles to be entered as an asset or a liability
shall not exceed, when aggregated with amounts expended pursuant to
subsection (a) of K.S.A. 17-2226, and amendments thereto, 5% of the credit
union's shares, reserves and undivided
earnings without the written approval of the administrator.
(c) A credit union may rent or lease a portion of its building,
fixed assets or property
and may acquire, lease, hold, assign, pledge, sell or otherwise
dispose of property or other assets, either in whole or in part,
necessary or incidental
to its operations and purposes.
History: L. 1963, ch. 140, § 7; L. 1965, ch. 153, §
8; L. 1968, ch. 160, § 12; L. 1982, ch. 103, § 4;
L. 1987, ch. 86, § 2;
L. 1992, ch. 225, § 10; July 1.
17-2226.Purchase of real estate, material, equipment or improvements;
restrictions; lease and disposition of property.
(a) Credit unions may purchase, lease, hold or rent real estate and
improvements thereon for
their current or future use and occupancy. Without the written approval
of the administrator,
such
expenditure shall not exceed 5% of total shareholdings, reserves and undivided
earnings.
(b) A credit union may purchase, rent, hold, contract for, acquire or
lease any material, equipment or service which may be necessary or
incidental to its operation. The aggregate of all such purchases, rentals,
holdings, contracts, acquisitions or leases when required by generally
accepted accounting principles to be entered as an asset or a liability
shall not exceed, when aggregated with amounts expended pursuant to
subsection (a) of K.S.A. 17-2226, and amendments thereto, 5% of the credit
union's shares, reserves and undivided
earnings without the written approval of the administrator.
(c) A credit union may rent or lease a portion of its building,
fixed assets or property
and may acquire, lease, hold, assign, pledge, sell or otherwise
dispose of property or other assets, either in whole or in part,
necessary or incidental
to its operations and purposes.
History: L. 1963, ch. 140, § 7; L. 1965, ch. 153, §
8; L. 1968, ch. 160, § 12; L. 1982, ch. 103, § 4;
L. 1987, ch. 86, § 2;
L. 1992, ch. 225, § 10; July 1.
17-2226.Purchase of real estate, material, equipment or improvements;
restrictions; lease and disposition of property.
(a) Credit unions may purchase, lease, hold or rent real estate and
improvements thereon for
their current or future use and occupancy. Without the written approval
of the administrator,
such
expenditure shall not exceed 5% of total shareholdings, reserves and undivided
earnings.
(b) A credit union may purchase, rent, hold, contract for, acquire or
lease any material, equipment or service which may be necessary or
incidental to its operation. The aggregate of all such purchases, rentals,
holdings, contracts, acquisitions or leases when required by generally
accepted accounting principles to be entered as an asset or a liability
shall not exceed, when aggregated with amounts expended pursuant to
subsection (a) of K.S.A. 17-2226, and amendments thereto, 5% of the credit
union's shares, reserves and undivided
earnings without the written approval of the administrator.
(c) A credit union may rent or lease a portion of its building,
fixed assets or property
and may acquire, lease, hold, assign, pledge, sell or otherwise
dispose of property or other assets, either in whole or in part,
necessary or incidental
to its operations and purposes.
History: L. 1963, ch. 140, § 7; L. 1965, ch. 153, §
8; L. 1968, ch. 160, § 12; L. 1982, ch. 103, § 4;
L. 1987, ch. 86, § 2;
L. 1992, ch. 225, § 10; July 1.
