Kansas Administrative Regulations
Agency 121 - DEPARTMENT OF CREDIT UNIONS
Article 4 - TRUST SUPERVISION
Section 121-4-2 - Authorization
Universal Citation: KS Admin Regs 121-4-2
Current through Register Vol. 43, No. 39, September 26, 2024
(a) Upon application to and approval by the administrator, any corporate credit union may exercise fiduciary powers with respect to any trust established by or for the benefit of one or more shareholders of the corporate credit union.
(b) A trust may be and remain a member of a corporate credit union if:
(1) The persons eligible for membership in the corporate credit union include trusts for which the corporate credit union exercises fiduciary powers;
(2) the corporate credit union is the trustee for the trust;
(3) the instrument creating the trust irrevocably waives the right of the trust, as a member of the corporate credit union, to vote at any meeting of members and irrevocably instructs the trustee to not vote for or on behalf of the trust at any meeting of members; and
(4) the trust is admitted into membership by and complies with any membership requirements of the corporate credit union.
Disclaimer: These regulations may not be the most recent version. Kansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
