Title 30B — Title 30B WASHINGTON TRUST INSTITUTIONS ACT
14 chapters · 156 sections in this title.
RCW 30B.53.002 Applicability of chapter.
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This chapter applies to any merger or change of control in which a state trust company is a party.[ 2019 c 389 s 92; 2014 c 37 s 387.]
RCW 30B.53.005 Definitions.
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.(1) "Acquiring person" means a person acquiring or seeking to acquire control of a state trust company, directly or indirectly.(2) "Control," "controls," "controlled," and…
RCW 30B.53.010 Approval by director—Required.
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Upon approval by the director consistent with this chapter, merging trust companies, one of which is a state trust company, may be merged to result in a resulting trust company.[ 2019 c 389 s 96; 2014 c 37 s 389.]
RCW 30B.53.020 Contents of merger agreement—Approval by each board of directors—Requirements for director's approval.
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(1) The board of directors of each merging trust company shall, by a majority of the entire board, approve a merger agreement that must contain:(a) The name of each merging trust company and location of each office;(b) With respect to the resulting trust company, (i) the name and…
RCW 30B.53.030 Approval by shareholders—Voting—Notice.
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(1) To be effective, a merger that is to result in a trust company must be approved by the shareholders of each merging trust company by a vote of two-thirds of the outstanding voting shares of each class at a meeting called to consider such action. This vote shall constitute the…
RCW 30B.53.040 Effective date of merger—Certificate of merger.
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(1) A merger that is to result in a trust company shall, unless a later date is specified in the agreement, become effective after the filing with and upon the approval of the director of the executed agreement together with copies of the resolutions of the shareholders of each m…
RCW 30B.53.050 Resulting trust company—Property, rights, powers, and duties.
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(1) A resulting trust company is the same business and corporate entity as each merging trust company with all property, rights, powers, and duties of each merging trust company, except as affected by state law and by the charter and bylaws of the resulting trust company. A resul…
RCW 30B.53.060 Dissenting shareholders—May receive value in cash—Appraisal.
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(1) The owner of shares of a trust company that were voted against a merger to result in a trust company shall be entitled to receive their value in cash, if and when the merger becomes effective, upon written demand made to the resulting trust company at any time within thirty d…
RCW 30B.53.070 Valuation of assets—Books of merging trust company.
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Without approval by the director, no asset shall be carried on the books of the resulting trust company at a valuation higher than that on the books of the merging trust company at the time of its last examination by a state trust examiner before the effective date of the merger …
RCW 30B.53.080 Sale of assets.
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(1) The board of a state trust company, with the director's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder or participant approval if the dir…
RCW 30B.53.090 Acquisition of control of state trust company—Notice and application—Registration statement—Violations—Penalties.
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(1) An acquiring person shall not acquire control of a state trust company until thirty days after filing with the director a written notice of and application for change of control containing the following information, plus any additional information that the director may prescr…
RCW 30B.53.100 Acquisition of control of state trust company—Disapproval by director—Change of officers.
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(1) The director may disapprove the acquisition of a state trust company within thirty days after the filing of a complete application pursuant to RCW 30B.53.090 or an extended period not exceeding an additional fifteen days if:(a) The poor financial condition of any acquiring pe…