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Kansas Statutes

Article 55

Savings and Loan Code; Powers

17-5501Powers of association generally 17-5501cAuthority to accept and pledge security for U.S. treasury tax and loan accounts 17-5502Powers of board of directors 17-5502aClosing one business day a week 17-5503Loan plans upon which real-estate loans may be made 17-5504Appraisal and approval of real estate securing a loan 17-5505Application of payments 17-5506Loan contract to be embodied in note 17-5508Association payments for protection of loans; addition to unpaid balance of loan 17-5509Association may accept assignment of life insurance on mortgagor; premium payments, addition to the unpaid balance of the loan 17-5510Advance installment payment of taxes and insurance 17-5511Record of charges on real estate securing loans 17-5512Prepayment of home loans 17-5512aAgreements prohibiting or restricting prepayment of loans other than home loans 17-5513Modification of real-estate loan or note 17-5514Loan expenses which association may require borrower to pay; statement 17-5515Collection and payment of loan expenses 17-5516Fees for procuring loan may not be paid to directors, officers or employees of association 17-5517Lien on shares to secure loan 17-5519Sale of property 17-5520Directors, officers and employees purchases from or sales to association 17-5521Bulk sale of assets 17-5522Same; commissioner's approval required 17-5523Same; distribution of proceeds 17-5524Same; dissolution results 17-5525Conversion of state association into federal savings and loan association; vote requirements 17-5526Same; minutes of meeting to be filed with commissioner 17-5527Same; action required by federal law must be taken within three months 17-5528Same; copy of charter or certificate to be filed with commissioner and secretary of state 17-5529Same; failure to file; penalty 17-5530Same; cessation of commissioner's jurisdiction 17-5531Same; continuation of state association; succession to property and other interests 17-5532Same; continuation of judicial proceedings 17-5533Same; recognition by state 17-5534Same; obligations continued and vesting of property title 17-5535Conversion from federal to state association; majority vote of members required 17-5536Same; minutes of meeting to be filed with the federal home loan bank board 17-5537Same; vote on directors of converted association required 17-5538Certificate of incorporation may state it is converted association 17-5539Same; petition for certificate of incorporation and bylaws; directors' signatures 17-5540Same; procedure; continuation of federal association 17-5541Merger; procedure; merger agreement 17-5542Same; approval or disapproval of merger agreement 17-5543Same; approval by federal home loan bank board, when 17-5544Same; appeal in case of failure of commissioner to approve proposed merger 17-5545Merger binding and effective upon commissioner's approval; recordation; duties of commissioner 17-5546Same; remaining association deemed to be continuation of all preceding associations; property of preceding associations deemed to pass by operation of law 17-5547Same; continuation of judicial proceedings 17-5548Reorganization; procedure; recordation of instruments 17-5549Same; effective date 17-5550Same; reorganization plan 17-5551Same; rights and obligations of reorganizing association inure to benefit of reorganized association 17-5552Same; applications for repurchase canceled when members approve proposed plan of reorganization 17-5553Dissolution 17-5554Same; execution of documents 17-5555Same; filing of copies with commissioner; examination of association 17-5556Same; recordation of documents 17-5557Same; continuation for winding up affairs 17-5558Same; directors to act as liquidating trustees 17-5559Same; powers 17-5560Same; association subject to commissioner during liquidation 17-5561Same; final report and accounting; discharge of directors 17-5562Same; vested rights not disturbed during dissolution 17-5563Credit to borrowers 17-5564Undelivered funds due creditors, depositors and shareholders of defunct associations; duties of commissioner and state treasurer; undistributed assets of defunct associations fund 17-5565Remote service units 17-5566Same; conditions to operation and use of; exceptions 17-5567Same; extensions of credit through; withdrawal limitations 17-5568Same; security measures as a condition for operation 17-5569Same; unauthorized transactions; liability 17-5570Same; definitions 17-5571Prohibitions; injunctive relief; damages; definitions 17-5572Finance subsidiary corporation; utilization by certain savings and loan associations; rules and regulations