17-5401.Capital; shares; obligations; negotiable order of withdrawal
accounts; demand accounts.
(a) Except as otherwise provided in K.S.A. 17-5413 and 17-5501, and amendments
thereto, the capital accumulated
may be divided into units of equal value which shall be called shares.
Shares may be issued in installments, full paid, prepaid, optional,
reserve stock shares or other plans as may be prescribed in the bylaws.
(b) (1) An association may raise capital in the form of such
savings deposits, shares or other accounts, for fixed, minimum or
indefinite periods of time, all of which are referred to in this section
as savings accounts. An association may issue such passbooks, time certificates of
deposit or other evidence of savings accounts as are so authorized.
(2) An association may also accept demand accounts. Holders of savings and demand
accounts and obligors of an association shall, to
such extent as may be provided by its bylaws or by rules and regulations of the
commissioner, be members of the association, and shall have voting
rights and such other rights as are provided.
(3) Accounts may be subject to check or to withdrawal or
transfer on negotiable
or transferable or other order or authorization to the association, as the
commissioner may provide by rules and regulations.
(4) To such extent as the commissioner may authorize by
rules and regulations or advice in writing, an association may borrow,
may give security, may
be surety as defined by the commissioner and
may issue such notes, bonds, debentures or other obligations, or other
securities, including capital stock, as the commissioner may so authorize.
(5) (A) An association whose accounts are insured in accordance with
the provisions of K.S.A. 17-5824, and amendments thereto, may permit
the owner of a deposit or account on which interest or dividends are paid
to make withdrawals by negotiable or transferable instruments for
the purpose of making transfers to third parties.
(B) Such accounts shall be called negotiable order of withdrawal accounts.
(C) Such accounts shall be subject to such prohibitions, limitations and
conditions as the commissioner may prescribe by rules
and regulations.
(6) (A) Subject to the terms of its certificate of incorporation,
bylaws and rules and regulations of the commissioner, an association may:
(i) Raise funds through such deposit, share, or other accounts,
including demand deposit accounts referred to in this paragraph as accounts;
and
(ii) issue passbooks, certificates, or other evidence of accounts.
(B) An association may not:
(i) Pay interest on a demand account; or
(ii) permit any overdraft, including an intraday overdraft, on behalf
of an affiliate, or incur any such overdraft in such association's account
at a federal reserve bank or federal home loan bank on behalf of an affiliate.
All savings accounts and demand accounts shall have the same priority
upon liquidation. Holders of accounts and obligors of an association, to
such extent as may be provided by its certificate of incorporation, bylaws
or by rules and regulations of the commissioner, shall be members of the
association and shall have such voting rights and such other rights as are provided.
(C) An association may require not less than 14 days' notice prior to
payment of savings accounts if the certificate of incorporation or bylaws
of the association or the rules and regulations of the commissioner so provide.
(D) If an association does not pay all withdrawals in full, subject to
the right of the association, where applicable, to require notice, the
payment of withdrawals from accounts shall be subject to such rules and
procedures as may be prescribed by the association's certificate of
incorporation or bylaws or by rules and regulations of the commissioner.
Except as authorized in writing by the commissioner, any association that
fails to make full payment of any withdrawal when due shall be deemed to be
in an unsafe or unsound condition.
(E) Accounts may be subject to check or to withdrawal or transfer on
negotiable, transferable or other order or authorization to the association,
as the commissioner may by rules and regulations provide.
History: L. 1943, ch. 133, § 59; L. 1969, ch. 131, § 1; L. 1981,
ch. 105, § 2; L. 1983, ch. 86, § 2;
L. 1990, ch. 86, § 1; April 12.
17-5401.Capital; shares; obligations; negotiable order of withdrawal
accounts; demand accounts.
(a) Except as otherwise provided in K.S.A. 17-5413 and 17-5501, and amendments
thereto, the capital accumulated
may be divided into units of equal value which shall be called shares.
Shares may be issued in installments, full paid, prepaid, optional,
reserve stock shares or other plans as may be prescribed in the bylaws.
(b) (1) An association may raise capital in the form of such
savings deposits, shares or other accounts, for fixed, minimum or
indefinite periods of time, all of which are referred to in this section
as savings accounts. An association may issue such passbooks, time certificates of
deposit or other evidence of savings accounts as are so authorized.
(2) An association may also accept demand accounts. Holders of savings and demand
accounts and obligors of an association shall, to
such extent as may be provided by its bylaws or by rules and regulations of the
commissioner, be members of the association, and shall have voting
rights and such other rights as are provided.
(3) Accounts may be subject to check or to withdrawal or
transfer on negotiable
or transferable or other order or authorization to the association, as the
commissioner may provide by rules and regulations.
(4) To such extent as the commissioner may authorize by
rules and regulations or advice in writing, an association may borrow,
may give security, may
be surety as defined by the commissioner and
may issue such notes, bonds, debentures or other obligations, or other
securities, including capital stock, as the commissioner may so authorize.
(5) (A) An association whose accounts are insured in accordance with
the provisions of K.S.A. 17-5824, and amendments thereto, may permit
the owner of a deposit or account on which interest or dividends are paid
to make withdrawals by negotiable or transferable instruments for
the purpose of making transfers to third parties.
(B) Such accounts shall be called negotiable order of withdrawal accounts.
(C) Such accounts shall be subject to such prohibitions, limitations and
conditions as the commissioner may prescribe by rules
and regulations.
(6) (A) Subject to the terms of its certificate of incorporation,
bylaws and rules and regulations of the commissioner, an association may:
(i) Raise funds through such deposit, share, or other accounts,
including demand deposit accounts referred to in this paragraph as accounts;
and
(ii) issue passbooks, certificates, or other evidence of accounts.
(B) An association may not:
(i) Pay interest on a demand account; or
(ii) permit any overdraft, including an intraday overdraft, on behalf
of an affiliate, or incur any such overdraft in such association's account
at a federal reserve bank or federal home loan bank on behalf of an affiliate.
All savings accounts and demand accounts shall have the same priority
upon liquidation. Holders of accounts and obligors of an association, to
such extent as may be provided by its certificate of incorporation, bylaws
or by rules and regulations of the commissioner, shall be members of the
association and shall have such voting rights and such other rights as are provided.
(C) An association may require not less than 14 days' notice prior to
payment of savings accounts if the certificate of incorporation or bylaws
of the association or the rules and regulations of the commissioner so provide.
(D) If an association does not pay all withdrawals in full, subject to
the right of the association, where applicable, to require notice, the
payment of withdrawals from accounts shall be subject to such rules and
procedures as may be prescribed by the association's certificate of
incorporation or bylaws or by rules and regulations of the commissioner.
Except as authorized in writing by the commissioner, any association that
fails to make full payment of any withdrawal when due shall be deemed to be
in an unsafe or unsound condition.
(E) Accounts may be subject to check or to withdrawal or transfer on
negotiable, transferable or other order or authorization to the association,
as the commissioner may by rules and regulations provide.
History: L. 1943, ch. 133, § 59; L. 1969, ch. 131, § 1; L. 1981,
ch. 105, § 2; L. 1983, ch. 86, § 2;
L. 1990, ch. 86, § 1; April 12.
17-5401.Capital; shares; obligations; negotiable order of withdrawal
accounts; demand accounts.
(a) Except as otherwise provided in K.S.A. 17-5413 and 17-5501, and amendments
thereto, the capital accumulated
may be divided into units of equal value which shall be called shares.
Shares may be issued in installments, full paid, prepaid, optional,
reserve stock shares or other plans as may be prescribed in the bylaws.
(b) (1) An association may raise capital in the form of such
savings deposits, shares or other accounts, for fixed, minimum or
indefinite periods of time, all of which are referred to in this section
as savings accounts. An association may issue such passbooks, time certificates of
deposit or other evidence of savings accounts as are so authorized.
(2) An association may also accept demand accounts. Holders of savings and demand
accounts and obligors of an association shall, to
such extent as may be provided by its bylaws or by rules and regulations of the
commissioner, be members of the association, and shall have voting
rights and such other rights as are provided.
(3) Accounts may be subject to check or to withdrawal or
transfer on negotiable
or transferable or other order or authorization to the association, as the
commissioner may provide by rules and regulations.
(4) To such extent as the commissioner may authorize by
rules and regulations or advice in writing, an association may borrow,
may give security, may
be surety as defined by the commissioner and
may issue such notes, bonds, debentures or other obligations, or other
securities, including capital stock, as the commissioner may so authorize.
(5) (A) An association whose accounts are insured in accordance with
the provisions of K.S.A. 17-5824, and amendments thereto, may permit
the owner of a deposit or account on which interest or dividends are paid
to make withdrawals by negotiable or transferable instruments for
the purpose of making transfers to third parties.
(B) Such accounts shall be called negotiable order of withdrawal accounts.
(C) Such accounts shall be subject to such prohibitions, limitations and
conditions as the commissioner may prescribe by rules
and regulations.
(6) (A) Subject to the terms of its certificate of incorporation,
bylaws and rules and regulations of the commissioner, an association may:
(i) Raise funds through such deposit, share, or other accounts,
including demand deposit accounts referred to in this paragraph as accounts;
and
(ii) issue passbooks, certificates, or other evidence of accounts.
(B) An association may not:
(i) Pay interest on a demand account; or
(ii) permit any overdraft, including an intraday overdraft, on behalf
of an affiliate, or incur any such overdraft in such association's account
at a federal reserve bank or federal home loan bank on behalf of an affiliate.
All savings accounts and demand accounts shall have the same priority
upon liquidation. Holders of accounts and obligors of an association, to
such extent as may be provided by its certificate of incorporation, bylaws
or by rules and regulations of the commissioner, shall be members of the
association and shall have such voting rights and such other rights as are provided.
(C) An association may require not less than 14 days' notice prior to
payment of savings accounts if the certificate of incorporation or bylaws
of the association or the rules and regulations of the commissioner so provide.
(D) If an association does not pay all withdrawals in full, subject to
the right of the association, where applicable, to require notice, the
payment of withdrawals from accounts shall be subject to such rules and
procedures as may be prescribed by the association's certificate of
incorporation or bylaws or by rules and regulations of the commissioner.
Except as authorized in writing by the commissioner, any association that
fails to make full payment of any withdrawal when due shall be deemed to be
in an unsafe or unsound condition.
(E) Accounts may be subject to check or to withdrawal or transfer on
negotiable, transferable or other order or authorization to the association,
as the commissioner may by rules and regulations provide.
History: L. 1943, ch. 133, § 59; L. 1969, ch. 131, § 1; L. 1981,
ch. 105, § 2; L. 1983, ch. 86, § 2;
L. 1990, ch. 86, § 1; April 12.