Kan. Admin. Regs. § 121-4-2 - Authorization
Current through Register Vol. 40, No. 39, September 30, 2021
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121-4-2. Authorization. (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. (Authorized by and implementing K.S.A. 17-2214; effective Jan. 31, 1997.)