Author : Robert T. Stephan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (857 download)
Book Synopsis Attorney General Opinion No. 1984-087 by : Robert T. Stephan
Download or read book Attorney General Opinion No. 1984-087 written by Robert T. Stephan and published by . This book was released on 1984 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: K.S.A. 17-5226 provides that a state-chartered savings and loan association may change its name, with such change subject to the approval of the commissioner pursuant to K.S.A. 17-5227. Requirements for the name of a state-chartered association are set out at K.S.A. 17-5222, and include provisions that the words "savings" and "association" must be used, together with an "appropriate descriptive word or words." In view of K.S.A. 9-2011, which makes it unlawful for any corporation to advertise that is engaged in the banking business without being subject to the banking code, the word "bank" is not an appropriate descriptive word for use in the name of a savings and loan association chartered by the State of Kansas. While the commissioner has broad authority under K.S.A. 17-5601 to authorize state savings and loan associations to engage in activities permitted to federal associations, this authority does not extend to the creation of an entire new entity such as savings banks which do not exist under state law. Accordingly, the commissioner may not, through the issuance of a special order, modify K.S.A. 17-5222 to authorize a state-chartered savings and loan association to change its name to include the words "savings bank." Cited herein: K.S.A. 9-162 (repealed L. 1947, ch. 102), 9-702, 9-1715, 9-2011, 9-2016, 17-2244, 17-5101, 17-5222, 17-5226, 17-5227, 17-5601, 17-5606, 12 C.F.R. 547.1, P.L. 97-320.