17-2244.Authority to operate in same activities as
other federally insured credit unions; powers of administrator; report to
legislature.
(a) In addition to any and all other powers granted to the
credit
union administrator, the administrator shall have the power to authorize any
credit union to
engage in any activity in which such credit union could engage were they
operating as a federally insured credit union at
the
time such authority
is granted, including but not by way of limitation because of
enumeration, the power to do any act, and own, possess and carry as
assets, property of such character including stocks, bonds or other
debentures which, at the time such authority is granted, are authorized
under applicable laws and regulations for transactions by
federally
insured credit
unions notwithstanding any restrictions elsewhere contained in the
statutes of the state of Kansas. Upon receipt of a written request from
any state chartered credit union, the administrator shall exercise such
power by the issuance of a special order therefor if the administrator
deems it
reasonably required to preserve and protect the welfare of such an
institution and promote the general economy of this state. The issuance
of such special orders shall not be subject to the provisions of article
4 of chapter 77 of the Kansas Statutes Annotated and amendments thereto.
(b) The administrator shall, at the time of issuing any special order
pursuant to this section, submit a written report thereof to the president
and the minority leader of the senate and to the speaker and the minority
leader of the house of representatives and the credit union council.
History: L. 1969, ch. 126, § 1; L. 1980, ch. 48, § 2; L. 1982,
ch. 103, § 5;
L. 1992, ch. 225, § 22;
L. 2005, ch. 36, § 3; July 1.
17-2244.Authority to operate in same activities as
other federally insured credit unions; powers of administrator; report to
legislature.
(a) In addition to any and all other powers granted to the
credit
union administrator, the administrator shall have the power to authorize any
credit union to
engage in any activity in which such credit union could engage were they
operating as a federally insured credit union at
the
time such authority
is granted, including but not by way of limitation because of
enumeration, the power to do any act, and own, possess and carry as
assets, property of such character including stocks, bonds or other
debentures which, at the time such authority is granted, are authorized
under applicable laws and regulations for transactions by
federally
insured credit
unions notwithstanding any restrictions elsewhere contained in the
statutes of the state of Kansas. Upon receipt of a written request from
any state chartered credit union, the administrator shall exercise such
power by the issuance of a special order therefor if the administrator
deems it
reasonably required to preserve and protect the welfare of such an
institution and promote the general economy of this state. The issuance
of such special orders shall not be subject to the provisions of article
4 of chapter 77 of the Kansas Statutes Annotated and amendments thereto.
(b) The administrator shall, at the time of issuing any special order
pursuant to this section, submit a written report thereof to the president
and the minority leader of the senate and to the speaker and the minority
leader of the house of representatives and the credit union council.
History: L. 1969, ch. 126, § 1; L. 1980, ch. 48, § 2; L. 1982,
ch. 103, § 5;
L. 1992, ch. 225, § 22;
L. 2005, ch. 36, § 3; July 1.
17-2244.Authority to operate in same activities as
other federally insured credit unions; powers of administrator; report to
legislature.
(a) In addition to any and all other powers granted to the
credit
union administrator, the administrator shall have the power to authorize any
credit union to
engage in any activity in which such credit union could engage were they
operating as a federally insured credit union at
the
time such authority
is granted, including but not by way of limitation because of
enumeration, the power to do any act, and own, possess and carry as
assets, property of such character including stocks, bonds or other
debentures which, at the time such authority is granted, are authorized
under applicable laws and regulations for transactions by
federally
insured credit
unions notwithstanding any restrictions elsewhere contained in the
statutes of the state of Kansas. Upon receipt of a written request from
any state chartered credit union, the administrator shall exercise such
power by the issuance of a special order therefor if the administrator
deems it
reasonably required to preserve and protect the welfare of such an
institution and promote the general economy of this state. The issuance
of such special orders shall not be subject to the provisions of article
4 of chapter 77 of the Kansas Statutes Annotated and amendments thereto.
(b) The administrator shall, at the time of issuing any special order
pursuant to this section, submit a written report thereof to the president
and the minority leader of the senate and to the speaker and the minority
leader of the house of representatives and the credit union council.
History: L. 1969, ch. 126, § 1; L. 1980, ch. 48, § 2; L. 1982,
ch. 103, § 5;
L. 1992, ch. 225, § 22;
L. 2005, ch. 36, § 3; July 1.