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Washington Statutes, Title 32

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Title 32, WASHINGTON SAVINGS BANK ACT

14 chapters · 295 sections in this title.

All chapters in Title 32295 Ch 32.32, Conversion of mutual savings bank to…107 Ch 32.20, Investments.48 Ch 32.04, General provisions.33 Ch 32.08, Organization and powers.33 Ch 32.16, Officers and employees.19 Ch 32.24, Insolvency and liquidation.11 Ch 32.35, Stock savings banks.10 Ch 32.50, Supervisory direction by the directo…10 Ch 32.12, Deposits—Earnings—Dividends—Interest.8 Ch 32.34, Merger, consolidation, conversion, etc.7 Ch 32.98, Construction.5 Ch 32.40, Community credit needs.4

295 sections·Filtered byTitle 32✕

RCW 32.32.485 Amendments to charter required in application—Articles of incorporation—Filing of certificate required—Contents—Issuance and filing of authorization certificate.
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(1) An application for conversion under this chapter shall include amendments to the charter of the converting savings bank. The charter of the converted savings bank, as amended, shall be known after the conversion as the articles of incorporation of the converted savings bank. …
RCW 32.32.490 Amendments to articles of incorporation.
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(1) Amendments to the articles of incorporation of the converted savings bank shall be made only with the approvals of the director, of two-thirds of the directors of the savings bank, and of the holders of a majority of each class of the outstanding shares of capital stock or su…
RCW 32.32.495 Directors—Election—Meetings—Quorum—Oath—Vacancies.
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(1) Every converted savings bank shall be managed by not less than five directors, except that a bank having a capital of fifty thousand dollars or less may have only three directors. Directors shall be elected by the stockholders and hold office for one year and until their succ…
RCW 32.32.497 Conversions incident to acquisition by savings bank holding company or merger or consolidation with savings bank holding company subsidiary—Application of RCW 32.32.110 and 32.32.115.

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(1) In a conversion of an unconverted mutual savings bank that is in the process of acquisition by a savings bank holding company or in the process of merger or consolidation with a subsidiary of a savings bank holding company, the restrictions imposed by RCW 32.32.110 on resale …

RCW 32.32.500 Merger, consolidation, conversion, etc.—Approval—Concentration limits.

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(1) A savings bank may merge with, consolidate with, convert into, acquire a branch or branches of, or sell its branch or branches to any depository institution as defined in 12 U.S.C. Sec. 461, any financial institution chartered or authorized to do business under the laws of an…

RCW 32.32.505 Intent—References in the Revised Code of Washington.

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(1) It is the intention of the legislature to grant, by this chapter, authority to permit conversions by mutual savings banks to capital stock form, and the rights, powers, restrictions, limitations, and requirements of Title 32 RCW shall apply to a converted mutual savings bank …

RCW 32.32.515 Guaranty fund.

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The guaranty fund of a mutual savings bank converted under this chapter shall become surplus of the converted savings bank, but shall not be available after conversion for purposes other than those purposes for which a guaranty fund may be used by a mutual savings bank under Titl…

RCW 32.32.520 "Funds" defined.

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The "funds" of a converted savings bank, as the term is used in Title 32 RCW, shall mean deposits, sums credited to the liquidation account, capital stock, the principal balance of any outstanding capital notes, capital debentures, borrowings, undivided profits and income derived…

RCW 32.32.525 Prohibition on certain securities and purchases—Exception.

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After July 26, 1981, no converted savings bank may make any loan or discount on the security of its own capital stock, nor be the purchaser or holder of any such shares, unless the security or purchase is necessary to prevent loss upon a debt previously contracted in good faith, …

RCW 32.34.010 Conversion of domestic savings bank—Rights, powers, etc., of successor institution.

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(1) A domestic savings bank formed or converted under this title may convert itself into a state or federal credit union or a federal mutual or stock savings bank, national bank or, within the meaning of *chapter 30.49 RCW, a resulting state bank. The conversion shall be effected…

RCW 32.34.020 Conversion of federal savings bank, national bank, or state commercial bank to domestic savings bank.

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(1) A federal savings bank, the home office of which is located in this state, a national bank, the head office of which is located in this state, or a state commercial bank incorporated under *chapter 30.08 RCW or resulting under **chapter 30.49 RCW may convert itself into a dom…

RCW 32.34.025 Conversion of stock savings bank to savings bank without capital stock.

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(1) The conversion of a stock savings bank to a savings bank without capital stock requires the affirmative vote or written consent of two-thirds of the directors of the savings bank and requires the affirmative vote of two-thirds of the outstanding stock of the savings bank. The…

RCW 32.34.030 Savings banks converted to stock form—Voluntary liquidation, transfer of assets, merger, consolidation, etc.—Approval of directors and shareholders.

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(1) The voluntary liquidation of a mutual savings bank converted to the stock form requires the affirmative vote or written consent of two-thirds of the directors of the converted savings bank, requires the affirmative vote of two-thirds of the outstanding stock of the savings ba…

RCW 32.34.040 Savings bank holding companies—Savings bank subsidiaries.

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(1) No savings bank having capital stock may establish a holding company to own all its stock without the approval of the director. Upon tender of their shares of the converted savings bank, the shareholders of the savings bank shall receive all the shares of the holding company …

RCW 32.34.050 Business trusts for the benefit of depositors.

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A savings bank not having capital stock may establish a business trust for the benefit of its depositors, with the approval of the director and subject to such rules as the director may adopt. The director may permit this business trust to become a mutual holding company owning a…

RCW 32.34.060 Voluntary liquidation, conversion, acquisition, merger, and consolidation—Right of dissenting shareholder to receive value of shares—Determination.

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(1) Any holder of shares of a savings bank shall be entitled to receive the value of these shares, as specified in subsection (2) of this section, if (a) the savings bank is voluntarily liquidating, converting to a savings bank without capital stock, being acquired, merging, or c…

RCW 32.35.010 Incorporators—Paid-in capital stock, surplus, and undivided profits—Requirements.

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When authorized by the director, one or more natural persons, citizens of the United States, may incorporate a stock savings bank in the manner prescribed under this chapter. No stock savings bank may incorporate for less amount nor commence business unless it has a paid-in capit…

RCW 32.35.020 Notice of intention to organize—Proposed articles of incorporation—Contents.

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Persons desiring to incorporate a stock savings bank shall file with the director a notice of their intention to organize a stock savings bank in such form and containing such information as the director shall require, together with proposed articles of incorporation, which shall…

RCW 32.35.030 Investigation.

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When the notice of intention to organize and proposed articles of incorporation complying with RCW 32.35.020 have been received by the director, together with the fees required by law, the director shall ascertain from the best source of information at his or her command and by s…

RCW 32.35.040 Notice to file articles—Articles approved or refused—Hearing.

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After the director is satisfied of the *above facts, and, within six months of the date the notice of intention to organize has been received in his or her office, the director shall notify the incorporators to file executed articles of incorporation with the director in triplica…

RCW 32.35.050 Approved articles to be filed and recorded—Organization complete.

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In case of approval the director shall immediately give notice to the proposed incorporators and file one of the copies of the articles of incorporation in his or her own office, and shall transmit another copy to the secretary of state, and the last to the incorporators. Upon re…

RCW 32.35.055 Amending articles—Filing with director—Contents.

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A stock savings bank amending its articles of incorporation shall deliver articles of amendment to the director for filing as required for articles of incorporation. The articles of amendment shall set forth: (1) The name of the stock savings bank; (2) The text of each amendment …

RCW 32.35.060 Certificate of authority—Issuance—Contents.

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Before any stock savings bank is authorized to do business, and within ninety days after approval of the articles of incorporation or such other time as the director may allow, it shall furnish proof satisfactory to the director that such corporation has a paid-in capital in the …

RCW 32.35.070 Failure to commence business—Effect—Extension of time.

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Every corporation authorized by the laws of this state to do business as a stock savings bank, which corporation shall have failed to organize and commence business within six months after certificate of authority to commence business has been issued by the director, shall forfei…

RCW 32.35.080 Extension of existence—Application—Investigation—Certificate—Appeal—Winding up for failure to continue existence.

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At any time not less than one year prior to the expiration of the time of the existence of any mutual savings bank or stock savings bank, it may by written application to the director, signed and verified by a majority of its directors and approved in writing by the owners of not…

RCW 32.35.090 Shares—Certificates not required.

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(1) Shares of a stock savings bank may, but need not be, represented by certificates. Unless this title expressly provides otherwise, the rights and obligations of shareholders are identical whether or not their shares are represented by certificates. At a minimum, each share cer…

RCW 32.40.010 Examinations—Investigation and assessment of performance record in meeting community credit needs.

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(1) In conducting an examination of a savings bank chartered under Title 32 RCW, the director shall investigate and assess the record of performance of the savings bank in meeting the credit needs of the savings bank's entire community, including low and moderate-income neighborh…

RCW 32.40.020 Approval and disapproval of applications—Consideration of performance record in meeting community credit needs.

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Whenever the director must approve or disapprove of an application for a new branch or satellite facility; for a purchase of assets, a merger, an acquisition or a conversion not required for solvency reasons; or for authority to engage in a business activity, the director shall c…

RCW 32.40.030 Adoption of rules.

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The director shall adopt all rules necessary to implement RCW 32.40.010 and 32.40.020 by January 1, 1986. [ 1994 c 92 s 412; 1985 c 329 s 10.] Notes: Legislative intent—1985 c 329: See note following RCW 30A.60.010.

RCW 32.40.901 Effective date—1985 c 329.

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See RCW 30A.60.901.

RCW 32.50.005 Definitions.

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The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1) "Unsafe condition" means and includes, but is not limited to, any one or more of the following circumstances: (a) If a savings bank is less than well-capitalized; (b) …

RCW 32.50.010 Determination of unsafe condition—Notice—List of director's requirements—Conservator.

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If upon examination or at any other time it appears to the director that any savings bank is in an unsafe condition and its condition is such as to render the continuance thereof hazardous to the public or to its depositors or trust beneficiaries and creditors, or if such savings…

RCW 32.50.020 Director may appoint representative—Restrictions placed on savings bank.

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During the period of supervisory direction the director may appoint a representative to supervise such savings bank and may provide that the savings bank may not do any of the following during the period of supervisory direction, without the prior approval of the director or the …

RCW 32.50.030 Failure of savings bank to comply—Appointment of conservator—Powers and duties of conservator, immunity.

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(1) After the period of supervisory direction specified by the director for compliance, if he or she determines that such savings bank has failed to comply with the lawful requirements imposed, upon due notice and hearing by the department or by consent of the savings bank, the d…

RCW 32.50.040 Costs of supervisory direction and conservatorship.

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All costs incident to supervisory direction and the conservatorship shall be fixed and determined by the director and shall be a charge against the assets of the savings bank to be allowed and paid as the director may determine. [ 2010 c 88 s 69.]

RCW 32.50.050 Request for review of actions taken by representative or conservator.

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During the period of the supervisory direction and during the period of conservatorship, the savings bank may request the director to review an action taken or proposed to be taken by the representative or conservator; specifying wherein the action complained of is believed not t…

RCW 32.50.060 Suit filed after savings bank in conservatorship.

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Any suit filed against a savings bank, or its conservator, after the entrance of an order by the director placing such savings bank in conservatorship and while such order is in effect, shall be brought in the superior court of the county of its principal place of business and no…

RCW 32.50.070 Duration of conservatorship.

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The conservator shall serve for such time as is necessary to accomplish the purposes of the conservatorship as intended by this chapter. If rehabilitated, the rehabilitated savings bank shall be returned to management or new managements under such conditions as are reasonable and…

RCW 32.50.080 Authority of director to act—Administrative discretion.

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If the director determines to act under authority of this chapter, the sequence of his or her acts and proceedings shall be as set forth in this chapter. However, it is the purpose and substance of this chapter to authorize administrative discretion, to allow the director adminis…

RCW 32.50.900 Effective date—2010 c 88.

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This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [March 17, 2010]. [ 2010 c 88 s 76.]

RCW 32.98.010 Continuation of existing law.

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The provisions of this title insofar as they are substantially the same as statutory provisions repealed by this chapter and relating to the same subject matter, shall be construed as restatements and continuations, and not as new enactments. [ 1955 c 13 s 32.98.010.]

RCW 32.98.020 Title, chapter, section headings not part of law.

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Title headings, chapter headings, and section or subsection headings, as used in this title do not constitute any part of the law. [ 1955 c 13 s 32.98.020.]

RCW 32.98.030 Invalidity of part of title not to affect remainder.

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If any provision of this title, or its application to any person or circumstance is held invalid, the remainder of the title, or the application of the provision to other persons or circumstances is not affected. [ 1955 c 13 s 32.98.030.]

RCW 32.98.050 Repeals and saving.

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See 1955 c 13 s 32.98.050.

RCW 32.98.060 Emergency—1955 c 13.

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This act is necessary for the immediate preservation of the public peace, health and safety, the support of the state government and its existing public institutions, and shall take effect immediately. [ 1955 c 13 s 32.98.060.]