17-2255. Investment of funds; funds property of credit unions making payments; withdrawal of funds by credit union, conditions.
17-2255
17-2255. Investment of funds; funds property of credit unions making payments; withdrawal of funds by credit union, conditions. All funds invested in a guarantee corporation may be invested in bonds or securities of the United States or any other investment authorized by the administrator. All funds collected and any interest paid thereon by a guarantee corporation shall belong to the credit union which pays in such funds, except that such funds and interest shall not be withdrawn from the corporation unless: (a) A credit union shall obtain similar guarantees from another source; (b) the credit union enters voluntary liquidation; or (c) the credit union no longer is subject to supervision of the credit union administrator of Kansas. Any funds returned to a credit union, the shares of whose members are guaranteed by a guarantee corporation, shall be returned in such a manner as not to endanger the guarantees given to other credit unions by such guarantee corporations. Any funds returned to a credit union shall first be subject to reduction incurred as a result of guaranteeing the shares of credit unions.
History: L. 1975, ch. 136, § 14; L. 1981, ch. 103, § 5; July 1.