Kansas Statutes 72-7115. Same; compliance with act or forfeiture
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Terms Used In Kansas Statutes 72-7115
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board of education: means the board of education of a school district and the governing authority of any accredited nonpublic school. See Kansas Statutes 72-7117
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
Any association or corporation referred to in Kan. Stat. Ann. § 72-7114, and amendments thereto, which shall fail or refuse to comply with the provisions of this act, as amended, shall forfeit its right to do business and it shall be the duty of the attorney general to institute a proper proceeding to enforce such forfeiture and to have a receiver appointed to liquidate the affairs of such association or corporation. Any assets of such association or corporation remaining after such liquidation shall be paid over to the state board of education to be equitably distributed to the member schools.