Title 30A — Title 30A WASHINGTON COMMERCIAL BANK ACT
18 chapters · 298 sections in this title.
RCW 30A.36.010 Definitions.
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Capital notes or debentures, where used in this chapter, shall mean notes or other obligations issued by a bank or mutual savings bank, for money obtained and used as additional capital or to replace impaired capital stock: PROVIDED, Such notes or other obligations are subordinat…
RCW 30A.36.020 Issuance and sale—Status—Conversion rights.
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With the approval of the director, any bank or mutual savings bank may at any time, through action of its board of directors or trustees, issue and sell its capital notes or debentures. Such capital notes or debentures shall be subordinate to the claims of depositors and other cr…
RCW 30A.36.030 Stock at less than par—Impairment.
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Where any bank or mutual savings bank has issued and has outstanding capital notes or debentures, it may carry its capital stock on its books at a sum less than par, and it shall not be considered impaired so long as the amount of such capital notes or debentures equals or exceed…
RCW 30A.36.040 Impairment to be corrected before retirement of notes or debentures.
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Before such capital notes or debentures are retired or paid by the bank or mutual savings bank, any existing impairment of its capital stock must be overcome or corrected to the satisfaction of the director.[ 2014 c 37 s 207; 1994 c 92 s 78; 1955 c 33 s 30.36.040. Prior: 1935 c 4…
RCW 30A.36.050 Not subject to assessments—Liability of holders.
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Such capital notes or debentures shall in no case be subject to any assessment. The holders of such capital notes or debentures shall not be held individually responsible, as such holders, for any debts, contracts or engagements of such institution, and as such holders, shall not…