Kansas Statutes 74-8124. Same; transfer of powers and duties to department of commerce and secretary of commerce; transfer of fund balances to department of commerce; transfer of employees to department of commerce
Terms Used In Kansas Statutes 74-8124
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- secretary: means the secretary of commerce. See Kansas Statutes 74-8132
Except as otherwise provided in Kan. Stat. Ann. §§ 74-8127 through 74-8129, and amendments thereto, on the effective date of this act:
(a) All of the powers, duties and functions of the Kansas technology enterprise corporation are hereby transferred to and conferred and imposed upon the department of commerce and the secretary of commerce.
(b) The director of accounts and reports shall transfer all balances for all funds or accounts thereof appropriated or reappropriated for the Kansas technology enterprise corporation to the department of commerce.
(c) All liabilities of the Kansas technology enterprise corporation, including accrued compensation or salaries of officers and employees who are transferred to the department of commerce under this section shall be assumed and paid by the department of commerce.