RCW 33.46.010 Definitions. As used in this chapter, unless the context indicates otherwise: (1) “Association” means any association organized under the laws of this state or the laws of the United States of America; (2) “Director” means a member of the board of directors of an association, savings bank, or commercial bank, as applicable; (3) […]
RCW 33.46.020 Conversion of bank to association—Procedure. Any bank may be converted into an association in the following manner: (1) The trustees or directors of the bank shall pass, by at least a two-thirds favorable vote of all trustees or directors, a resolution declaring its intention to convert the bank into an association, specifying in […]
RCW 33.46.030 Cash contributions to expense fund if becoming domestic mutual association. If the application to become a domestic mutual association is granted, the director of financial institutions shall require the applicant to enter into an agreement or undertaking with the director, as trustee for the members of the association, to make such cash contributions […]
RCW 33.46.040 Appeal from denial of application. If the application is denied by the director of financial institutions, the bank, acting by a two-thirds majority of its trustees or directors, may, within thirty days after receiving notice of such denial, appeal to the superior court of Thurston county pursuant to the provisions of the administrative […]
RCW 33.46.050 Certificate of reincorporation—Required—Filing—Contents. If the application is granted by the director of financial institutions, or by the court, the trustees or directors of the bank shall, within thirty days thereafter, subscribe, acknowledge, and file with the director of financial institutions, in triplicate, a certificate of reincorporation stating: (1) The name by which the […]
RCW 33.46.060 Issuance of authorization certificate—Filing—Completion of conversion—Effect. Upon filing the certificate in triplicate as provided in RCW 33.46.050, the director of financial institutions shall, within thirty days thereafter, if satisfied that all the provisions of this chapter have been complied with, issue in triplicate an authorization certificate stating that the association has complied with […]
RCW 33.46.070 Depositor’s interest upon conversion. Upon the conversion of a bank into an association, every person who was a depositor of the bank at the time of the conversion shall become and be deemed to be a depositor of the association in a sum equal to the value of the deposits of the depositor […]
RCW 33.46.080 Transfer of securities—Conformance to state association laws, when. All mortgages, notes, and other securities of any bank that has been converted into an association shall, on request of the association, be delivered to it by the director of financial institutions or, under the direction of the director, by any depository having possession thereof. […]
RCW 33.46.090 Assets, liabilities, etc., vested in association upon conversion. Upon a conversion being consummated all assets, rights and properties of the bank shall vest in and be the property of the association and all liabilities, debts, and obligations of the bank shall be the liabilities, debts, and obligations of the association and any right […]
RCW 33.46.100 Initial meeting of shareholders of domestic association—Notice—Proxy voting. Within twelve months following consummation of the conversion, the directors of a domestic association shall call a meeting of the members for the purpose of electing directors and conducting such other business of the association as is appropriate. Notice of such meeting shall be mailed […]
RCW 33.46.110 Conversion to federal association—Procedure. If the bank specifies in the resolution that it intends to become a federal association, it shall proceed to make all filings and do all things which are required by federal laws and regulations to qualify as and become a federal association, and when all such things have been […]
RCW 33.46.130 Rules implementing chapter—Standard. The director of financial institutions shall adopt such rules under the administrative procedure act, chapter 34.05 RCW, as are necessary to implement this chapter in a manner which protects the relative interests of members, depositors, borrowers, stockholders, and creditors. [ 1994 c 92 § 477; 1982 c 3 § 90.] […]
