30A.56.080 – Failure to pay in excess of plan, effect.
RCW 30A.56.080 Failure to pay in excess of plan, effect. The failure of a bank operating under such a plan to pay to a creditor at any time a sum greater than the plan then requires, shall not constitute a default nor authorize or require the director to take charge of or liquidate the bank […]
30A.56.090 – New bank may be authorized.
RCW 30A.56.090 New bank may be authorized. If the net assets of a bank operating under such a plan are sufficient to provide the capital and surplus of a newly organized bank in the same place, the director, under such reasonable conditions as he or she shall prescribe, may approve the incorporation of a new […]
30A.56.100 – Chapter designated “bank stabilization act.”
RCW 30A.56.100 Chapter designated “bank stabilization act.” This chapter shall be known as the bank stabilization act. [ 1955 c 33 § 30.56.100. Prior: 1933 c 49 § 1; RRS § 3293-1. Formerly RCW 30.56.100.]
30A.56.010 – “Bank” and “directors” defined.
RCW 30A.56.010 “Bank” and “directors” defined. In this chapter the word “bank” includes savings banks, mutual savings banks, and trust companies, and “directors” shall include trustees. [ 1955 c 33 § 30.56.010. Prior: 1933 c 49 § 2; RRS § 3293-2. Formerly RCW 30.56.010.]
30A.56.020 – Postponement of payments on deposits—Order—Posting.
RCW 30A.56.020 Postponement of payments on deposits—Order—Posting. The director is hereby empowered, upon the written application of the directors of a bank, if in his or her judgment the circumstances warrant it, to authorize a bank to postpone, for a period of ninety days and for such further period or periods as he or she […]
30A.56.030 – Business during postponement.
RCW 30A.56.030 Business during postponement. During postponement of payments the bank shall remain open for business and be in charge of its officers, but shall not make any loans, investments or expenditures except such as the director will approve as necessary to conserve its assets and pay the cost of operation. The bank’s failure during […]
30A.56.040 – Deposits received during postponement.
RCW 30A.56.040 Deposits received during postponement. Deposits received during a period of postponement and for sixty days thereafter shall be kept separate from other assets of the bank, shall not draw interest, shall not be loaned or invested except by depositing with reserve banks or investing in liquid securities approved by the director, and shall […]
30A.56.050 – Plan for reorganization—Conditions.
RCW 30A.56.050 Plan for reorganization—Conditions. At the request of the directors of a bank, the director may propose a plan for its reorganization, if in his or her judgment it would be for the best interests of the bank’s creditors and of the community which the bank serves. The plan may contemplate such temporary ratable […]
30A.56.060 – Approval of plan—Unsecured claims.
RCW 30A.56.060 Approval of plan—Unsecured claims. If, within ninety days after the filing of the plan, creditors having unsecured demands against the bank aggregating not less than three-fourths of the amount of the unsecured demands of all its creditors, approved the plan, the director shall have power to declare the plan to be in effect. […]
30A.56.070 – No dividends until reductions paid.
RCW 30A.56.070 No dividends until reductions paid. A bank for which such a plan has been put into effect shall not declare or pay a dividend or distribute any of its assets among stockholders until there shall have been set aside for and credited ratably to the creditors whose demands were reduced an amount equal […]