32.08.080 – Conditions precedent to reception of deposits.
RCW 32.08.080 Conditions precedent to reception of deposits. Before such corporation shall be authorized to receive deposits or transact business other than the completion of its organization, the director shall be satisfied that: (1) The incorporators have made the deposit of the initial guaranty fund required by this title; (2) The incorporators have made the […]
32.08.090 – Expense fund—Agreement to contribute further—Security.
RCW 32.08.090 Expense fund—Agreement to contribute further—Security. Before any mutual savings bank shall be authorized to do business, its incorporators shall create an expense fund from which the expense of organizing such bank and its operating expenses may be paid, until such time as its earnings are sufficient to pay its operating expenses in addition […]
32.08.100 – Guaranty fund.
RCW 32.08.100 Guaranty fund. Before any mutual savings bank shall be authorized to do business, its incorporators shall create a guaranty fund for the protection of its depositors against loss on its investments, whether arising from depreciation in the market value of its securities or otherwise: (1) Such guaranty fund shall consist of payments in […]
32.08.110 – Guaranty fund—Purpose.
RCW 32.08.110 Guaranty fund—Purpose. The contributions of the incorporators, or trustees of any such savings bank under the provisions of RCW 32.08.100, and the sums credited thereto from its net earnings under the provisions of RCW 32.08.120, shall constitute a guaranty fund for the security of its depositors, and shall be held to meet any […]
32.08.115 – Guaranty fund—Payment of interest and dividends—Legislative declaration.
RCW 32.08.115 Guaranty fund—Payment of interest and dividends—Legislative declaration. It is hereby recognized that the savings banks of the state of Washington are affected adversely by the uncertainties and ambiguities in the law relating to guaranty funds. It is the express purpose of the legislature in enacting RCW 32.08.116 to clarify that the law permits […]
32.08.116 – Guaranty fund—Payment of interest and dividends—When authorized.
RCW 32.08.116 Guaranty fund—Payment of interest and dividends—When authorized. A savings bank not having net earnings or undivided profits or other surplus may pay interest and dividends from its guaranty fund upon prior written approval of the director, which approval shall not be withheld unless the director has determined that such payments would place the […]
32.08.010 – Authority to organize—Incorporators—Certificate.
RCW 32.08.010 Authority to organize—Incorporators—Certificate. When authorized by the director, as hereinafter provided, not less than nine nor more than thirty persons may form a corporation to be known as a “mutual savings bank.” Such persons must be citizens of the United States; at least four-fifths of them must be residents of this state, and […]
32.08.020 – Notice of intention.
RCW 32.08.020 Notice of intention. At the time of executing the incorporation certificate, the proposed incorporators shall sign a notice of intention to organize the mutual savings bank, which shall specify their names, the name of the proposed corporation, and its location as set forth in the incorporation certificate. The original of such notice shall […]
32.08.025 – Limited liability company—Organization or conversion—Approval of director—Conditions—Application of chapter 25.15 RCW—Definitions.
RCW 32.08.025 Limited liability company—Organization or conversion—Approval of director—Conditions—Application of chapter 25.15 RCW—Definitions. (1) Notwithstanding any other provision of this title, if the conditions of this section are met, a savings bank, or a holding company of a savings bank, may be organized as, or convert to, a limited liability company under the Washington limited […]
32.08.030 – Submission of certificate—Proof of service of notice.
RCW 32.08.030 Submission of certificate—Proof of service of notice. After the lapse of at least twenty-eight days from the date of the first due publication of the notice of intention to incorporate, and within ten days after the date of the last publication thereof, the incorporation certificate executed in triplicate shall be submitted for examination […]