As used in this article: (a) "contract" means a financial futures contract; and

1. (b) "hedging" means a purchase or sale made as protection against a known risk and not primarily for income or profit.

(Authorized by K.S.A. 9-1713; implementing K.S.A. 1995 Supp. 9-1101; effective, T-85-20, July 2, 1984; amended, T-85-32, Dec. 19, 1984; effective May 1, 1985; amended Aug. 9, 1996.)