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Can you summarize KSST Chapter 9, Article 8?
BANKS AND BANKING; TRUST COMPANIES > BANKING CODE; ORGANIZATION
Short Summary
The first document governs the powers and operations of mutual banks in relation to deposits, including raising funds through various types of accounts, prohibiting overdrafts on behalf of affiliates, and specifying voting rights and ownership interests of depositors. The second document governs the process for changing the place of business for banks and trust companies, requiring prior approval from the state bank commissioner and compliance with certain criteria. The third document applies to applicants making application under article 8 of chapter 9 of the Kansas Statutes Annotated, requiring the payment of a fee to cover the expenses of the state banking board, commissioner, or other designees. The fourth document governs the process of changing the name of a bank or trust company, requiring approval from the commissioner and compliance with restrictions on name similarity. The fifth document governs the process of converting state banks or state trust companies to national banks, federal savings and loan associations, or federal savings banks, requiring a vote of approval and notification to the commissioner. The sixth document governs the process of converting national banks, federal savings associations, and federal savings banks located in Kansas to state banks or state trust companies, requiring a vote of approval and authorization from the commissioner. The seventh document prohibits newly organized banks or trust companies from engaging in banking business or the business of a trust company without obtaining a certificate of authority. The eighth document allows banks or trust companies with lapsed articles of incorporation to renew and extend their corporate existence. The ninth document governs the organization and authorization of banks and trust companies in Kansas, including the examination and investigation conducted by the state banking board and commissioner. The tenth document specifies that the existence of a bank or trust company as a corporation begins when its articles of incorporation are filed with the Kansas secretary of state’s office. The eleventh document governs the incorporation and application for approval of banks and trust companies in Kansas, outlining the criteria for approval and allowing for exemptions.
Whom does it apply to?
Mutual banks, banks, trust companies, state banking board, state bank commissioner, state bankers' bank, applicants making application under article 8 of chapter 9 of the Kansas Statutes Annotated, financial institutions with deposits insured by the federal deposit insurance corporation, newly organized banks or trust companies, state banks or state trust companies, national banks, federal savings and loan associations, federal savings banks
What does it govern?
Powers and operations of mutual banks in relation to deposits, changing the place of business for banks and trust companies, application process for bank investigation fund, changing the name of a bank or trust company, converting state banks or state trust companies to national banks, federal savings and loan associations, or federal savings banks, converting national banks, federal savings associations, and federal savings banks located in Kansas to state banks or state trust companies, engaging in banking business or the business of a trust company without obtaining a certificate of authority, renewing and extending the corporate existence of a bank or trust company, organization and authorization of banks and trust companies in Kansas, commencement of business activities by a bank or trust company, incorporation and application for approval of banks and trust companies in Kansas
What are exemptions?
Exemptions may be granted by the commissioner for the selection of the bank or trust company's name.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Kansas