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Washington Statutes, Title 33

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Title 33, WASHINGTON SAVINGS ASSOCIATION ACT

15 chapters · 162 sections in this title.

All chapters in Title 33162 Ch 33.24, Loans and investments.27 Ch 33.48, Stock associations.26 Ch 33.04, General provisions.18 Ch 33.40, Insolvency, liquidation, merger.13 Ch 33.08, Organization—Articles—Bylaws.12 Ch 33.16, Directors, officers, and employees.12 Ch 33.46, Conversion of savings bank or commer…12 Ch 33.20, Members—Savings.10 Ch 33.12, Powers and restrictions.9 Ch 33.32, Foreign associations.6 Ch 33.36, Prohibited acts—Penalties.6 Ch 33.44, Conversion to mutual savings bank.5 Ch 33.28, Fees and taxes.3 Ch 33.43, Conversion to and from federal assoc…3

162 sections·Filtered byTitle 33✕

RCW 33.36.040 Falsification of books—Exhibiting false document—Making false statement of assets or liabilities.
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Every person who subscribes to or knowingly makes or causes to be made any false statement or false entry in the books of any association, or knowingly subscribes to or exhibits any false or fictitious security, document, or paper, with intent to deceive any person authorized to …
RCW 33.36.050 False statement affecting financial standing.
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Any person who wilfully instigates, makes, circulates, or transmits to another or others any statement which the person knows to be false concerning the financial condition or affecting the financial standing of any association doing business in this state, or who wilfully counse…
RCW 33.36.060 Suppressing, secreting, or destroying evidence or records.
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Any person who, for the purpose of concealing any material fact, suppresses any evidence or abstract, removes, mutilates, destroys, or secretes any book, paper or record of an association, or of the director, or of anyone connected with the association or the office of the direct…
RCW 33.40.010 Voluntary liquidation, merger, etc., authorized—Procedure.
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Any domestic association may determine to enter upon voluntary liquidation, to transfer its assets and liabilities to another association, to merge with another association, to segregate its assets into classes, to charge off its losses in excess of its reserves. Any such liquida…

RCW 33.40.020 Director may take possession of domestic association on notice for delinquency.

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Whenever it appears to the director that any domestic association is in an unsound condition or is conducting its business in an unsafe manner or is refusing to submit its books, papers, or concerns to lawful inspection, or that any director or officer thereof refuses to submit t…

RCW 33.40.030 Possession without notice.

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Whenever it shall appear to the director that any association is in an unsound or unsafe condition to continue business or is insolvent, the director may take possession thereof without notice. [ 1994 c 92 s 456; 1945 c 235 s 104; Rem. Supp. 1945 s 3717-223. Prior: 1933 c 183 ss …

RCW 33.40.040 Procedure on taking possession.

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Upon the director taking possession of any domestic association, the director shall proceed to liquidate the association unless, in the director's discretion, the director shall determine to call a meeting of the members to consider either a proportionate charge-off against the d…

RCW 33.40.050 Involuntary liquidation—Procedure—Federal insurance corporation as liquidator.

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Whenever the director determines to liquidate the affairs of a domestic association, the director shall cause the attorney general to present to the superior court of the county in which the association has its principal place of business a written petition setting forth the date…

RCW 33.40.060 Procedure to be as in receivership.

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In any such liquidation proceeding, the court, except as otherwise in this title expressly provided, shall have the powers and proceed as in receivership proceedings. [ 1945 c 235 s 107; Rem. Supp. 1945 s 3717-226. Prior: 1935 c 171 s 4; 1933 c 183 ss 70, 72, 73, 75, 76, 77, 78; …

RCW 33.40.070 Liquidator's powers.

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The liquidator, upon the approval of the court, may sell, discount, or compromise debts of the association and claims against its debtors. The liquidator, with the approval of the court, may lease, operate, repair, exchange, or sell, either for cash or upon terms, the real and pe…

RCW 33.40.075 Investment of liquidation funds—Use of income.

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All funds received by the director from liquidations may be invested by the director. The earnings from the moneys so held may be applied toward defraying the expenses incurred in the liquidations. [ 1994 c 92 s 460; 1982 c 3 s 70; 1951 c 105 s 1.] Notes: Severability—1982 c 3: S…

RCW 33.40.080 Disposition of records.

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Upon the termination of any liquidation proceeding, any files, records, documents, books of account, or other papers in the possession of the liquidator shall be surrendered into the possession of the director, who, in his or her discretion at any time after the expiration of one…

RCW 33.40.110 Voluntary liquidation—Disposition of unclaimed dividends and records.

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In a voluntary liquidation of a domestic association, checks issued in the liquidation or funds representing liquidating dividends or otherwise which remain undelivered for six months following the final liquidating dividend, shall be deposited with the director, together with an…

RCW 33.40.120 Removal of liquidator—Appellate review.

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The court, upon notice and hearing, may remove the liquidator for cause. Appellate review of the order of removal may be sought as in other civil cases. During the pendency of any appeal, the director of financial institutions shall act as liquidator of the association, without g…

RCW 33.40.130 Payment of deposits accepted during economic emergency, preference.

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Savings deposits received by an association, during a period or periods of postponement of payment of withdrawals or of acute business depression, panic or economic emergency under authorization or declaration of the director as hereinbefore provided, shall be repaid to the depos…

RCW 33.40.150 Appointment of provisional officers and directors.

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(1) The director of financial institutions, after exercising the authority granted in RCW 33.16.040, may appoint provisional officers and directors, in whole or in part, of an association. (2) Notice of the appointment shall be served upon the association, and the appointment sha…

RCW 33.43.010 Conversion of domestic association to federal association.

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Any domestic association may convert itself into a federal mutual or stock savings and loan association. Any such conversion shall be effected by the vote of a majority in amount of the members present, in person or by proxy, at any regular or special meeting of the members calle…

RCW 33.43.020 Federal association—Powers.

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Every federal savings and loan association, the home office of which is located in this state, and the savings accounts therein shall have all the rights, powers and privileges and be entitled to the same immunities and exemptions as pertain to savings and loan associations organ…

RCW 33.43.030 Conversion of federal association to domestic association.

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Any federal savings and loan association the home office of which is located in this state may convert itself into a domestic savings and loan association of this state. For any such conversion, such federal association shall proceed as provided in this title for the conversion o…

RCW 33.44.020 Conversion to a savings bank or commercial bank—Procedure.

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Any association organized under the laws of this state, or under the laws of the United States, may, if it has obtained the approval, required by law or regulation, of any federal agencies, including the federal home loan bank board and the federal savings and loan insurance corp…

RCW 33.44.080 Depositor's interest upon conversion.

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Upon the conversion of any association into a savings bank or commercial bank, every person who was a depositor of the association at the time of the conversion shall become and be deemed to be a depositor of the bank in a sum equal to the value of the deposit of the depositor as…

RCW 33.44.090 Transfer of securities upon conversion.

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All mortgages, notes and other securities of any association that has been converted into a savings bank or commercial bank, shall on request of the bank, be delivered to it by the director of financial institutions or under the director's direction by any depositary having posse…

RCW 33.44.125 Waiver of chapter requirements.

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If, in the opinion of the director of financial institutions, it is necessary for any of the requirements of this chapter to be waived in order to permit an association which is in danger of failing to convert its charter to that of a commercial bank or a savings bank so that the…

RCW 33.44.130 Rules implementing chapter—Standard.

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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. [ …

RCW 33.46.010 Definitions.

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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…

RCW 33.46.020 Conversion of bank to association—Procedure.

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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, specify…

RCW 33.46.030 Cash contributions to expense fund if becoming domestic mutual association.

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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 to…

RCW 33.46.040 Appeal from denial of application.

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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 provision…

RCW 33.46.050 Certificate of reincorporation—Required—Filing—Contents.

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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 rein…

RCW 33.46.060 Issuance of authorization certificate—Filing—Completion of conversion—Effect.

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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 stat…

RCW 33.46.070 Depositor's interest upon conversion.

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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 in the bank as of the day on …

RCW 33.46.080 Transfer of securities—Conformance to state association laws, when.

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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 there…

RCW 33.46.090 Assets, liabilities, etc., vested in association upon conversion.

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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 can be …

RCW 33.46.100 Initial meeting of shareholders of domestic association—Notice—Proxy voting.

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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 b…

RCW 33.46.110 Conversion to federal association—Procedure.

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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 ac…

RCW 33.46.130 Rules implementing chapter—Standard.

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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. [ …

RCW 33.48.025 Applicability of chapter 23B.06 RCW.

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Except to the extent provided otherwise in this title, stock associations are subject to the provisions of chapter 23B.06 RCW. [ 1991 c 72 s 51; 1982 c 3 s 91; 1981 c 84 s 4.] Notes: Severability—1982 c 3: See note following RCW 33.04.002.

RCW 33.48.030 Minimum amount of permanent stock required—Preferred or special classes of shares authorized.

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Stock associations shall have permanent stock which may be issued with or without par value but with a statement of value of nonpar stock in accordance with Title 23B RCW. The minimum amount of such stock shall be twenty-five thousand dollars in the case of associations outside o…

RCW 33.48.040 Stock dividends, when.

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No dividends shall be declared on stock until the association has met the net worth and federal insurance requirements of the federal savings and loan insurance corporation. Subject to the provisions of this chapter, stock shall be entitled to such rate of dividend, if earned, as…

RCW 33.48.080 Member's proprietary interest—Subordinate to claims of creditors.

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Each member in a stock association shall have a proportionate proprietary interest in its assets and net earnings subordinate to the claims of its creditors with priorities as established by this chapter. [ 1982 c 3 s 94; 1969 c 107 s 8; 1967 c 49 s 6; 1955 c 122 s 9.] Notes: Sev…

RCW 33.48.090 Dividends only if interest paid on deposits.

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No dividend shall be paid or credited upon shares of stock for any period in which the association has not declared and paid interest on deposits eligible to receive interest. [ 1982 c 3 s 95; 1955 c 122 s 10.] Notes: Severability—1982 c 3: See note following RCW 33.04.002.

RCW 33.48.100 Conversion procedure—Domestic stock to domestic mutual association.

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A domestic stock association may convert to a domestic mutual association under the provisions of applicable statutes and regulations of proper federal and state supervisory authorities. In the event of compliance with such statutes and regulations an appraisal of the stock shall…

RCW 33.48.110 Conversion procedure—Mutual association to domestic stock association—Rules implementing section—Standard.

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Any mutual association, either domestic or federal, operating in the state of Washington may convert itself into a domestic stock association. The conversion shall be effected by the vote of two-thirds of the members present and voting in person or by proxy at any regular or spec…

RCW 33.48.120 Conversion procedure—Creation of permanent loss reserve—Disposition of reserve upon liquidation.

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The accumulated surplus and unallocated reserves of an association at the time of conversion to a stock association shall be designated as a permanent loss reserve against which any losses incurred on assets may be charged. In case of liquidation the remaining sum in said permane…

RCW 33.48.130 Withdrawal of charter amendment or conversion application.

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The directors of an association which has voted to amend its charter or convert to another type of institution, may withdraw the application at any time prior to the issuance of the amended charter, by adopting a proper resolution and forwarding a copy to the director. [ 1994 c 9…

RCW 33.48.140 Legislative intent—Chapter to control over conflicting provisions.

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It is the intention of the legislature to grant, by this chapter, authority to create stock associations in this state, by either organization or conversion under its provisions, and in the event of conflict between the provisions of this chapter and other provisions of Title 33 …

RCW 33.48.150 Organizing permit—Required.

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No subscriptions or funds from proposed stockholders of any proposed association, prior to its incorporation and prior to a decision by the director on its application for approval of its articles of incorporation, may be solicited or taken until a verified application for an org…

RCW 33.48.160 Organizing permit—Application.

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The application for an organizing permit under RCW 33.48.150 shall be in writing, verified as provided by law for the verification of pleadings and shall be filed in the office of the director. Such application shall be signed by the proposed incorporators and shall include the f…

RCW 33.48.170 Organizing permit—Conditions.

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The director may impose conditions in the director's organizing permit issued under RCW 33.48.150 concerning the deposit in escrow of funds collected pursuant to said permit, the manner of expenditure of such funds and such other conditions as he or she deems reasonable and neces…

RCW 33.48.180 Permit authorizing sale of stock—Applicability.

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No association shall sell, take subscriptions for, or issue any stock until the association applies for and secures from the director a permit authorizing it to sell stock. This section does not apply to an offering involving less than five hundred thousand dollars nor to an offe…