17-2253. Suspension or revocation of authority to guarantee shares; hearing. - Kansas Statutes

17-2253

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

      17-2253.   Suspension or revocation of authority to guarantee shares; hearing. If the administrator, at any time for good cause shown after a hearing or an opportunity for a hearing has been given to a guarantee corporation in accordance with the provisions of the Kansas administrative procedure act, shall determine that such guarantee corporation has violated any provisions of this act, is insolvent, its assets are less than its liabilities, it refuses to submit to an examination by the administrator or it is transacting business fraudulently, the administrator may thereupon revoke or suspend its authority to write contracts or give warning that such action will occur if the cause or causes of revocation or suspension are not corrected immediately.

      History:   L. 1975, ch. 136, § 12; L. 1981, ch. 103, § 4; L. 1988, ch. 356, § 53; July 1, 1989.