Kan. Admin. Regs. § 93-8-1

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

Section 93-8-1 - Definitions

(a) "Bona fide transaction" shall mean a purchase, sale, or lease of telecommunications machinery and equipment or railroad machinery and equipment that is made in good faith and without fraud or deceit.

(b) "Fair and valuable consideration" shall mean an amount of consideration that is not disproportionately small in comparison with the value of the telecommunications machinery and equipment or railroad machinery and equipment acquired. This term shall not be considered synonymous with "fair market value," as defined in K.S.A. 79-503a and amendments thereto, but shall mean an amount that is more than nominal consideration.

Authorized by and implementing L. 2006, Ch. 205, §3; effective Jan. 19, 2007.