Attorney General Opinion No. 1988-166

Download or read book Attorney General Opinion No. 1988-166 written by Robert T. Stephan and published by . This book was released on 1988 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: K.S.A. 1987 Supp. 16-601i authorizes the investment of funds obtained from the sale of investment certificates in a majority-owned affiliate or subsidiary of the issuer as long as the affiliate/subsidiary is engaged in the same type of business as the issuer and does not itself issue investment certificates. Based on the historical background of the investment certificate act and the rules of statutory construction, it is our opinion that this provision would not preclude the acquisition of the majority stock of a savings and loan association with funds obtained from the sale of investment certificates. However, the Consumer Credit Commissioner has the discretion to prohibit such an investment if her determination is reasonably based on other provisions of the act. Cited herein: K.S.A. 1987 Supp. 9-1101, as amended by L. 1988, ch. 62, section 1; 16-601i; 16-630; 16a-1-301, as amended by L. 1988, ch. 85, section 2; 17-5501.