17-5101.Definitions.
The following words when used in articles 51 to 58, inclusive, of chapter
17 of the Kansas Statutes Annotated shall, for the purpose of this
act, have the meanings respectively ascribed to them in this section:
(a) "Association" shall mean a savings and loan association subject
to the provisions of this act.
(b) "Board" shall mean the savings and loan board.
(c) "Combination home and business structure" shall mean a building
or buildings, including residences for not more than four families,
which is used in part for business purposes. The residential use of such
a building must be substantial and permanent, not merely transitory. The
business use may predominate.
(d) "Commissioner" shall mean the savings and loan commissioner.
(e) "Direct reduction loan" shall mean a loan repayable in
consecutive installments, equal or unequal, beginning not later than six
months after the date of the advance of the loan, sufficient to retire
the debt, interest and principal, within 30 years. Any such loan is
an amortized loan.
(f) "Sinking fund loan or share retirement loan" shall mean a loan
to be repaid by maturing shares having an ultimate value equal to the
loan. The borrower shall pay dues on the shares periodically and shall
be credited with dividends from the earnings of the association as
provided by the bylaws. The dues paid on the shares plus the dividends
credited shall equal the loan at maturity.
(g) "Gross income" shall mean the sum for an accounting period of
the following: (1) Operating income; (2) real estate income; (3) all
profits actually received during such accounting period from the sale of
securities, real estate or other property, and (4) other nonrecurring
income.
(h) "Home" shall mean a dwelling or dwellings for not more than four
families. A property does not cease to be a home because of the
incidental use of it for minor business purposes so long as the
principal use of the property is for residence purposes. A home on a
farm is a home.
(i) "Home loan" shall mean a real estate loan when the security is
home property.
(j) "Home property" shall mean real estate on which there is
located, or will be located pursuant to a home loan, a home or a
combination home and business structure located in an urban area.
(k) "Impairment of capital" shall mean that the net worth accounts in
the aggregate of the association do not exceed 2 1/2% of withdrawable
capital. A determination of impairment of capital may be made by
the board of directors or the commissioner.
(l) "Improved real estate" shall mean real estate (other than land
in a state of nature or wild land) on which there is a structure or an
inclosure, which is cultivated, reclaimed, used for the purpose of
agriculture in any form, or otherwise occupied, made better, more useful
or of greater value by care so as to produce an enjoyment thereof.
(m) "Insured association" shall mean an association insured by
federal savings and loan insurance corporation created under the title
IV of the national housing act, or acts amendatory or supplemental
thereto.
(n) "Member" shall mean a borrower, obligor, contract purchaser
indebted to the association or an individual, and any other legal entity
who is the owner of shares of an association.
(o) "Net earnings" shall mean gross income for an accounting period
less than the aggregate of the following: (1) Operating expenses; (2)
real estate expenses; (3) all losses actually sustained during such
accounting period from the sale of securities, real estate or other
property, or such portion of such losses as shall not have been charged
to reserves, pursuant to the provisions of this act; (4) all interest
paid, or due but unpaid, on borrowed money; (5) other nonrecurring
charges; and (6) interest or dividends on withdrawable capital.
(p) "Operating expenses" shall mean all expenses actually paid, or
due but unpaid, by an association during an accounting period, excluding
the following: (1) Real estate expenses; (2) interest on borrowed money;
(3) other nonrecurring charges. That portion of prepaid expenses not
apportionable to the period may be excluded from operating expenses, in
which event operating expenses for future periods shall include that
portion of such prepaid expenses apportionable thereto.
(q) "Operating income" shall mean all income actually received by an
association during an accounting period, excluding the following: (1)
Real estate income; and (2) other nonrecurring income.
(r) "Other real estate loan" shall mean a real estate loan when the
security is improved real estate other than home property.
(s) "Participation value" shall mean the aggregate of payments by a
member on shares plus dividends credited to the shares, less redemption and
repurchase payments.
(t) "Real estate expenses" shall mean all expenses actually paid or
due but unpaid, in connection with the ownership, maintenance and sale
of real estate (other than office building or buildings) by an
association during an accounting period excluding capital expenditures
and losses on the sale of real estate.
(u) "Real estate income" shall mean all income actually received by
an association during an accounting period from real estate owned (other
than office building or buildings) excluding profit from sales of real
estate.
(v) "Real estate loan" shall mean a loan on the security of real
estate evidenced by any form of instrument whereby a lien is created
upon such real estate for the benefit of another person as security for
the payment of an obligation to such person or whereby title to real
estate is conveyed to another person as trustee for a third person, as
security for the payment of an obligation to such third person.
(w) "Capital" shall mean the aggregate of payments on shares by
members, plus dividends credited to such shares, less redemption and
repurchase payments.
(x) "Net worth accounts" shall mean the sum of all reserve accounts, paid
in surplus, retained earnings, guarantee stock, permanent stock and reserve
stock, of an association, excluding any specific or valuation reserves
established
by an association or at the direction of the commissioner to cover a potential
loss on a specific loan or transaction.
(y) "Withdrawable capital" shall mean the sum of all savings deposits,
shares or other authorized accounts of an association for fixed, minimum
or indefinite periods of time as are authorized by the bylaws of an association
and regulations of the commissioner, excluding net worth accounts.
(z) "Residential real property" or "residential real estate" shall mean
leaseholds, homes (including condominiums and cooperatives, except that
in connection with loans on individual cooperative units, such loans shall
be adequately secured as defined by the commissioner), combinations of homes
and business property, other dwelling units or combinations of dwelling
units including homes and business property involving only minor or incidental
business use, or property to be improved by construction of such structures.
(aa) "Loans" shall include obligations and extensions or advances of
credit; and any reference to a loan or investment includes an interest in
such a loan or investment.
(bb) "State" shall mean any state of the United States, the District of
Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, the Canal Zone,
Guam, American Samoa, and any territory or possession of the United States.
History: L. 1943, ch. 133, § 1; L. 1955, ch. 140, § 1; L.
1959, ch. 123, § 1; L. 1981, ch. 105, § 1; July 1.
17-5101.Definitions.
The following words when used in articles 51 to 58, inclusive, of chapter
17 of the Kansas Statutes Annotated shall, for the purpose of this
act, have the meanings respectively ascribed to them in this section:
(a) "Association" shall mean a savings and loan association subject
to the provisions of this act.
(b) "Board" shall mean the savings and loan board.
(c) "Combination home and business structure" shall mean a building
or buildings, including residences for not more than four families,
which is used in part for business purposes. The residential use of such
a building must be substantial and permanent, not merely transitory. The
business use may predominate.
(d) "Commissioner" shall mean the savings and loan commissioner.
(e) "Direct reduction loan" shall mean a loan repayable in
consecutive installments, equal or unequal, beginning not later than six
months after the date of the advance of the loan, sufficient to retire
the debt, interest and principal, within 30 years. Any such loan is
an amortized loan.
(f) "Sinking fund loan or share retirement loan" shall mean a loan
to be repaid by maturing shares having an ultimate value equal to the
loan. The borrower shall pay dues on the shares periodically and shall
be credited with dividends from the earnings of the association as
provided by the bylaws. The dues paid on the shares plus the dividends
credited shall equal the loan at maturity.
(g) "Gross income" shall mean the sum for an accounting period of
the following: (1) Operating income; (2) real estate income; (3) all
profits actually received during such accounting period from the sale of
securities, real estate or other property, and (4) other nonrecurring
income.
(h) "Home" shall mean a dwelling or dwellings for not more than four
families. A property does not cease to be a home because of the
incidental use of it for minor business purposes so long as the
principal use of the property is for residence purposes. A home on a
farm is a home.
(i) "Home loan" shall mean a real estate loan when the security is
home property.
(j) "Home property" shall mean real estate on which there is
located, or will be located pursuant to a home loan, a home or a
combination home and business structure located in an urban area.
(k) "Impairment of capital" shall mean that the net worth accounts in
the aggregate of the association do not exceed 2 1/2% of withdrawable
capital. A determination of impairment of capital may be made by
the board of directors or the commissioner.
(l) "Improved real estate" shall mean real estate (other than land
in a state of nature or wild land) on which there is a structure or an
inclosure, which is cultivated, reclaimed, used for the purpose of
agriculture in any form, or otherwise occupied, made better, more useful
or of greater value by care so as to produce an enjoyment thereof.
(m) "Insured association" shall mean an association insured by
federal savings and loan insurance corporation created under the title
IV of the national housing act, or acts amendatory or supplemental
thereto.
(n) "Member" shall mean a borrower, obligor, contract purchaser
indebted to the association or an individual, and any other legal entity
who is the owner of shares of an association.
(o) "Net earnings" shall mean gross income for an accounting period
less than the aggregate of the following: (1) Operating expenses; (2)
real estate expenses; (3) all losses actually sustained during such
accounting period from the sale of securities, real estate or other
property, or such portion of such losses as shall not have been charged
to reserves, pursuant to the provisions of this act; (4) all interest
paid, or due but unpaid, on borrowed money; (5) other nonrecurring
charges; and (6) interest or dividends on withdrawable capital.
(p) "Operating expenses" shall mean all expenses actually paid, or
due but unpaid, by an association during an accounting period, excluding
the following: (1) Real estate expenses; (2) interest on borrowed money;
(3) other nonrecurring charges. That portion of prepaid expenses not
apportionable to the period may be excluded from operating expenses, in
which event operating expenses for future periods shall include that
portion of such prepaid expenses apportionable thereto.
(q) "Operating income" shall mean all income actually received by an
association during an accounting period, excluding the following: (1)
Real estate income; and (2) other nonrecurring income.
(r) "Other real estate loan" shall mean a real estate loan when the
security is improved real estate other than home property.
(s) "Participation value" shall mean the aggregate of payments by a
member on shares plus dividends credited to the shares, less redemption and
repurchase payments.
(t) "Real estate expenses" shall mean all expenses actually paid or
due but unpaid, in connection with the ownership, maintenance and sale
of real estate (other than office building or buildings) by an
association during an accounting period excluding capital expenditures
and losses on the sale of real estate.
(u) "Real estate income" shall mean all income actually received by
an association during an accounting period from real estate owned (other
than office building or buildings) excluding profit from sales of real
estate.
(v) "Real estate loan" shall mean a loan on the security of real
estate evidenced by any form of instrument whereby a lien is created
upon such real estate for the benefit of another person as security for
the payment of an obligation to such person or whereby title to real
estate is conveyed to another person as trustee for a third person, as
security for the payment of an obligation to such third person.
(w) "Capital" shall mean the aggregate of payments on shares by
members, plus dividends credited to such shares, less redemption and
repurchase payments.
(x) "Net worth accounts" shall mean the sum of all reserve accounts, paid
in surplus, retained earnings, guarantee stock, permanent stock and reserve
stock, of an association, excluding any specific or valuation reserves
established
by an association or at the direction of the commissioner to cover a potential
loss on a specific loan or transaction.
(y) "Withdrawable capital" shall mean the sum of all savings deposits,
shares or other authorized accounts of an association for fixed, minimum
or indefinite periods of time as are authorized by the bylaws of an association
and regulations of the commissioner, excluding net worth accounts.
(z) "Residential real property" or "residential real estate" shall mean
leaseholds, homes (including condominiums and cooperatives, except that
in connection with loans on individual cooperative units, such loans shall
be adequately secured as defined by the commissioner), combinations of homes
and business property, other dwelling units or combinations of dwelling
units including homes and business property involving only minor or incidental
business use, or property to be improved by construction of such structures.
(aa) "Loans" shall include obligations and extensions or advances of
credit; and any reference to a loan or investment includes an interest in
such a loan or investment.
(bb) "State" shall mean any state of the United States, the District of
Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, the Canal Zone,
Guam, American Samoa, and any territory or possession of the United States.
History: L. 1943, ch. 133, § 1; L. 1955, ch. 140, § 1; L.
1959, ch. 123, § 1; L. 1981, ch. 105, § 1; July 1.
17-5101.Definitions.
The following words when used in articles 51 to 58, inclusive, of chapter
17 of the Kansas Statutes Annotated shall, for the purpose of this
act, have the meanings respectively ascribed to them in this section:
(a) "Association" shall mean a savings and loan association subject
to the provisions of this act.
(b) "Board" shall mean the savings and loan board.
(c) "Combination home and business structure" shall mean a building
or buildings, including residences for not more than four families,
which is used in part for business purposes. The residential use of such
a building must be substantial and permanent, not merely transitory. The
business use may predominate.
(d) "Commissioner" shall mean the savings and loan commissioner.
(e) "Direct reduction loan" shall mean a loan repayable in
consecutive installments, equal or unequal, beginning not later than six
months after the date of the advance of the loan, sufficient to retire
the debt, interest and principal, within 30 years. Any such loan is
an amortized loan.
(f) "Sinking fund loan or share retirement loan" shall mean a loan
to be repaid by maturing shares having an ultimate value equal to the
loan. The borrower shall pay dues on the shares periodically and shall
be credited with dividends from the earnings of the association as
provided by the bylaws. The dues paid on the shares plus the dividends
credited shall equal the loan at maturity.
(g) "Gross income" shall mean the sum for an accounting period of
the following: (1) Operating income; (2) real estate income; (3) all
profits actually received during such accounting period from the sale of
securities, real estate or other property, and (4) other nonrecurring
income.
(h) "Home" shall mean a dwelling or dwellings for not more than four
families. A property does not cease to be a home because of the
incidental use of it for minor business purposes so long as the
principal use of the property is for residence purposes. A home on a
farm is a home.
(i) "Home loan" shall mean a real estate loan when the security is
home property.
(j) "Home property" shall mean real estate on which there is
located, or will be located pursuant to a home loan, a home or a
combination home and business structure located in an urban area.
(k) "Impairment of capital" shall mean that the net worth accounts in
the aggregate of the association do not exceed 2 1/2% of withdrawable
capital. A determination of impairment of capital may be made by
the board of directors or the commissioner.
(l) "Improved real estate" shall mean real estate (other than land
in a state of nature or wild land) on which there is a structure or an
inclosure, which is cultivated, reclaimed, used for the purpose of
agriculture in any form, or otherwise occupied, made better, more useful
or of greater value by care so as to produce an enjoyment thereof.
(m) "Insured association" shall mean an association insured by
federal savings and loan insurance corporation created under the title
IV of the national housing act, or acts amendatory or supplemental
thereto.
(n) "Member" shall mean a borrower, obligor, contract purchaser
indebted to the association or an individual, and any other legal entity
who is the owner of shares of an association.
(o) "Net earnings" shall mean gross income for an accounting period
less than the aggregate of the following: (1) Operating expenses; (2)
real estate expenses; (3) all losses actually sustained during such
accounting period from the sale of securities, real estate or other
property, or such portion of such losses as shall not have been charged
to reserves, pursuant to the provisions of this act; (4) all interest
paid, or due but unpaid, on borrowed money; (5) other nonrecurring
charges; and (6) interest or dividends on withdrawable capital.
(p) "Operating expenses" shall mean all expenses actually paid, or
due but unpaid, by an association during an accounting period, excluding
the following: (1) Real estate expenses; (2) interest on borrowed money;
(3) other nonrecurring charges. That portion of prepaid expenses not
apportionable to the period may be excluded from operating expenses, in
which event operating expenses for future periods shall include that
portion of such prepaid expenses apportionable thereto.
(q) "Operating income" shall mean all income actually received by an
association during an accounting period, excluding the following: (1)
Real estate income; and (2) other nonrecurring income.
(r) "Other real estate loan" shall mean a real estate loan when the
security is improved real estate other than home property.
(s) "Participation value" shall mean the aggregate of payments by a
member on shares plus dividends credited to the shares, less redemption and
repurchase payments.
(t) "Real estate expenses" shall mean all expenses actually paid or
due but unpaid, in connection with the ownership, maintenance and sale
of real estate (other than office building or buildings) by an
association during an accounting period excluding capital expenditures
and losses on the sale of real estate.
(u) "Real estate income" shall mean all income actually received by
an association during an accounting period from real estate owned (other
than office building or buildings) excluding profit from sales of real
estate.
(v) "Real estate loan" shall mean a loan on the security of real
estate evidenced by any form of instrument whereby a lien is created
upon such real estate for the benefit of another person as security for
the payment of an obligation to such person or whereby title to real
estate is conveyed to another person as trustee for a third person, as
security for the payment of an obligation to such third person.
(w) "Capital" shall mean the aggregate of payments on shares by
members, plus dividends credited to such shares, less redemption and
repurchase payments.
(x) "Net worth accounts" shall mean the sum of all reserve accounts, paid
in surplus, retained earnings, guarantee stock, permanent stock and reserve
stock, of an association, excluding any specific or valuation reserves
established
by an association or at the direction of the commissioner to cover a potential
loss on a specific loan or transaction.
(y) "Withdrawable capital" shall mean the sum of all savings deposits,
shares or other authorized accounts of an association for fixed, minimum
or indefinite periods of time as are authorized by the bylaws of an association
and regulations of the commissioner, excluding net worth accounts.
(z) "Residential real property" or "residential real estate" shall mean
leaseholds, homes (including condominiums and cooperatives, except that
in connection with loans on individual cooperative units, such loans shall
be adequately secured as defined by the commissioner), combinations of homes
and business property, other dwelling units or combinations of dwelling
units including homes and business property involving only minor or incidental
business use, or property to be improved by construction of such structures.
(aa) "Loans" shall include obligations and extensions or advances of
credit; and any reference to a loan or investment includes an interest in
such a loan or investment.
(bb) "State" shall mean any state of the United States, the District of
Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, the Canal Zone,
Guam, American Samoa, and any territory or possession of the United States.
History: L. 1943, ch. 133, § 1; L. 1955, ch. 140, § 1; L.
1959, ch. 123, § 1; L. 1981, ch. 105, § 1; July 1.