17-2250. Guarantee corporations; definitions. - Kansas Statutes

17-2250

Chapter 17.--CORPORATIONS Article 22.--CREDIT UNIONS

      17-2250.   Guarantee corporations; definitions. As used in K.S.A. 17-2251 through 17-2260, and amendments thereto, the following words and phrases shall have the meanings respectively ascribed to them herein:

      (a)   "Guarantee corporation" shall mean any person other than an insurance company, approved by the administrator, who contracts with credit unions to guarantee the shares of its members.

      (b)   "Contract" shall mean any agreement between a guarantee corporation and a credit union in which the guarantee corporation guarantees the shares of the credit union's members in return for investments in and fees paid to the guarantee corporation by the credit union.

      (c)   "Certificate" shall mean a written document issued by the administrator which authorizes a guarantee corporation to guarantee the shares of credit union members.

      (d)   "Administrator" shall mean the state credit union administrator.

      History:   L. 1975, ch. 136, § 9; L. 1981, ch. 103, § 2; July 1.