Kan. Admin. Regs. § 121-4-9

Current through Register Vol. 43, No. 49, December 5, 2024

Section 121-4-9 - Custody of investments

(a) Each corporate credit union shall keep the investments of each account separate from the assets of the corporate credit union, and shall place the investments in the joint custody or control of not less than two of the officers or employees of the corporate credit union designated for that purpose by the board of directors.

(b) Any corporate credit union may permit the investments of an account to be deposited elsewhere. In such cases, the corporate credit union shall obtain a written agreement from all depositories, other than the federal reserve bank.

(c) Each corporate credit union shall either:

(1) keep the investments of each account separate from those of all other accounts, except as provided in K.A.R. 121-4-10 and amendments thereto; or

(2) identify each investment as the property of the relevant account.

Kan. Admin. Regs. § 121-4-9

Authorized by and implementing K.S.A. 17-2214; effective Jan. 31, 1997.