State of Kansas
State Bank Commissioner
Special Order 1987-1
This Order issued this 26th day of January, 1987, by the State Bank Commissioner with the prior approval of the State Banking Board.
Whereas, under K.S.A. 9-1101(22), state bank investments in investment companies are limited to certain types of money market mutual funds; and,
Whereas, under Banking Circular 220 adopted by the office of the Comptroller of the Currency ("OCC") November 21, 1986, a national bank is permitted to purchase investment company shares subject to certain restrictions and requirements; and,
Whereas, K.S.A. 9-1715(b) provides that the State Bank Commissioner may, with prior approval of the State Banking Board, authorize state banks to engage in any activity in which such banks could engage in were they operating as national banks; and
Whereas, the Commissioner and the State Banking Board deem it reasonably required to preserve and protect the welfare of state banks and to promote competitive equality of state and national banks.
Now therefore, notwithstanding any restrictions contained in the Kansas statutes and regulations, it is hereby ordered that any state bank may purchase investment company shares pursuant to the general provisions setforth in the OCC's Banking Circular 220 dated November 21, 1986.
This Special Order shall take effect January 26, 1987.
It is so ordered.
State Bank Commissioner
Eugene T. Barrett. Jr.
Chairman, State Banking Board
Robert V. McGrath
