40-2503.Same; conditions on authority; deposits.(a) A person shall not render or agree to render automobile club servicein this state until the following deposit has been made with, andmaintained with the commissioner.
(1) Automobile clubs that were authorized to operate in Kansas as ofJanuary 1, 1967, shall be required to maintain a deposit in the amount oftwo dollars ($2) per Kansas member or ten thousand dollars ($10,000),whichever is greater, subject to a maximum of fifty thousand dollars($50,000).
(2) Automobile clubs that are authorized to operate in Kansas subsequentto January 1, 1967, shall be required to maintain a deposit in the amountof two dollars ($2) per member or fifteen thousand dollars ($15,000),whichever is greater, subject to a maximum of fifty thousand dollars($50,000). Such deposit must be in one of the following forms:
(A) Securities as stipulated in K.S.A. 40-227 having a market valueequal to the required deposit amount.
(B) A surety bond in principal sum equal to the required deposit amountissued by a surety authorized to transact surety business in this state.
(b) Such deposit shall be for the protection, use and benefit of allpersons whose application for Kansas membership in an automobile club hasbeen accepted by such club or its representative. Such deposit shall besubject to the following conditions and, if a bond, shall be so expresslyconditioned:
(1) The club will faithfully furnish and render to such persons any andall of the automobile club services sold or offered for sale by it.
(2) The club will pay any fines, fees or penalties imposed upon it underor pursuant to this act.
(c) If such bond is filed, any Kansas member defrauded or injured by anywrongful act, misrepresentation or failure on the part of an automobileclub with respect to the selling or rendering of any of its services maybring suit on such bond in his own name.
(d) A deposit of securities, in lieu of such bond, shall be subject tothe conditions applying to the bond and is also subject to execution onjudgments against the club.
(e) The name of the automobile club shall be submitted to thecommissioner for approval before the commencement of business under theprovisions of this act. The commissioner may reject any name so submittedwhen the proposed name would interfere with the transactions of anautomobile club already doing business in this state or is so similar toone already approved as to confuse or is likely to mislead the public inany respect. In such case a name not liable to such objections shall bechosen.
40-2503.Same; conditions on authority; deposits.(a) A person shall not render or agree to render automobile club servicein this state until the following deposit has been made with, andmaintained with the commissioner.
(1) Automobile clubs that were authorized to operate in Kansas as ofJanuary 1, 1967, shall be required to maintain a deposit in the amount oftwo dollars ($2) per Kansas member or ten thousand dollars ($10,000),whichever is greater, subject to a maximum of fifty thousand dollars($50,000).
(2) Automobile clubs that are authorized to operate in Kansas subsequentto January 1, 1967, shall be required to maintain a deposit in the amountof two dollars ($2) per member or fifteen thousand dollars ($15,000),whichever is greater, subject to a maximum of fifty thousand dollars($50,000). Such deposit must be in one of the following forms:
(A) Securities as stipulated in K.S.A. 40-227 having a market valueequal to the required deposit amount.
(B) A surety bond in principal sum equal to the required deposit amountissued by a surety authorized to transact surety business in this state.
(b) Such deposit shall be for the protection, use and benefit of allpersons whose application for Kansas membership in an automobile club hasbeen accepted by such club or its representative. Such deposit shall besubject to the following conditions and, if a bond, shall be so expresslyconditioned:
(1) The club will faithfully furnish and render to such persons any andall of the automobile club services sold or offered for sale by it.
(2) The club will pay any fines, fees or penalties imposed upon it underor pursuant to this act.
(c) If such bond is filed, any Kansas member defrauded or injured by anywrongful act, misrepresentation or failure on the part of an automobileclub with respect to the selling or rendering of any of its services maybring suit on such bond in his own name.
(d) A deposit of securities, in lieu of such bond, shall be subject tothe conditions applying to the bond and is also subject to execution onjudgments against the club.
(e) The name of the automobile club shall be submitted to thecommissioner for approval before the commencement of business under theprovisions of this act. The commissioner may reject any name so submittedwhen the proposed name would interfere with the transactions of anautomobile club already doing business in this state or is so similar toone already approved as to confuse or is likely to mislead the public inany respect. In such case a name not liable to such objections shall bechosen.
40-2503.Same; conditions on authority; deposits.(a) A person shall not render or agree to render automobile club servicein this state until the following deposit has been made with, andmaintained with the commissioner.
(1) Automobile clubs that were authorized to operate in Kansas as ofJanuary 1, 1967, shall be required to maintain a deposit in the amount oftwo dollars ($2) per Kansas member or ten thousand dollars ($10,000),whichever is greater, subject to a maximum of fifty thousand dollars($50,000).
(2) Automobile clubs that are authorized to operate in Kansas subsequentto January 1, 1967, shall be required to maintain a deposit in the amountof two dollars ($2) per member or fifteen thousand dollars ($15,000),whichever is greater, subject to a maximum of fifty thousand dollars($50,000). Such deposit must be in one of the following forms:
(A) Securities as stipulated in K.S.A. 40-227 having a market valueequal to the required deposit amount.
(B) A surety bond in principal sum equal to the required deposit amountissued by a surety authorized to transact surety business in this state.
(b) Such deposit shall be for the protection, use and benefit of allpersons whose application for Kansas membership in an automobile club hasbeen accepted by such club or its representative. Such deposit shall besubject to the following conditions and, if a bond, shall be so expresslyconditioned:
(1) The club will faithfully furnish and render to such persons any andall of the automobile club services sold or offered for sale by it.
(2) The club will pay any fines, fees or penalties imposed upon it underor pursuant to this act.
(c) If such bond is filed, any Kansas member defrauded or injured by anywrongful act, misrepresentation or failure on the part of an automobileclub with respect to the selling or rendering of any of its services maybring suit on such bond in his own name.
(d) A deposit of securities, in lieu of such bond, shall be subject tothe conditions applying to the bond and is also subject to execution onjudgments against the club.
(e) The name of the automobile club shall be submitted to thecommissioner for approval before the commencement of business under theprovisions of this act. The commissioner may reject any name so submittedwhen the proposed name would interfere with the transactions of anautomobile club already doing business in this state or is so similar toone already approved as to confuse or is likely to mislead the public inany respect. In such case a name not liable to such objections shall bechosen.
