A stock option plan may be adopted by the board of directors at the meeting at which the plan of conversion is voted upon. The number of shares reserved for the stock option plans should be limited to ten percent of the number of shares sold in the conversion.[ 1981 c 85 s 32.]
Stock option plan permitted—Reserved shares.
RCW 32.32.165 — under Chapter 32.32 Conversion of mutual savings bank to capital stock savings bank..
RCW 32.32.165