Kansas Statutes 17-1289. Issuing public corporation, defined
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Terms Used In Kansas Statutes 17-1289
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Residence: means the place which is adopted by a person as the person's place of habitation and to which, whenever the person is absent, the person has the intention of returning. See Kansas Statutes 77-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) An “issuing public corporation” means a corporation organized under the laws of the state of Kansas that has:
(1) One hundred or more shareholders;
(2) its principal place of business or its principal office in Kansas, or that owns or controls assets within Kansas having a fair market value of more than $1,000,000; and
(3) either:
(A) More than 10% of its shareholders resident in Kansas;
(B) more than 10% of its shares owned of record or beneficially by Kansas residents; or
(C) one thousand shareholders resident in Kansas.
(b) The residence of a shareholder is presumed to be the address appearing in the records of the corporation.