Title 32 — Title 32 WASHINGTON SAVINGS BANK ACT
14 chapters · 295 sections in this title.
RCW 32.08.140 Powers of bank.
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Every savings bank incorporated under this title shall have, subject to the restrictions and limitations contained in this title, the following powers:(1) To receive deposits of money, to invest the same in the property and securities prescribed in this title, to declare dividend…
RCW 32.08.142 Additional powers of savings bank—Powers of federal mutual savings bank—Definition—Restrictions.
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(1) Notwithstanding any restrictions, limitations, and requirements of law, in addition to all powers, express or implied, that a savings bank has under the laws of this state, a savings bank shall have the powers and authorities that any federal mutual savings bank had on July 2…
RCW 32.08.145 Safe deposit companies.
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See chapter 22.28 RCW.
RCW 32.08.148 Operation of branch outside Washington—Powers and authorities.
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In addition to all powers and authorities, express or implied, that a mutual savings bank has under the laws of this state, a mutual savings bank chartered under this title may exercise any powers and authorities at any branch outside Washington that are permissible for a savings…
RCW 32.08.150 Certificates of deposit.
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A mutual savings bank may issue savings certificates of deposit in such form and upon such terms as the bank may determine.[ 1981 c 86 s 3; 1979 c 51 s 1; 1975 c 15 s 1; 1969 c 55 s 1; 1959 c 41 s 1; 1959 c 14 s 1; 1957 c 80 s 3; 1955 c 13 s 32.08.150. Prior: 1915 c 175 s 13; RRS…
RCW 32.08.153 Additional powers of savings bank—Powers and authorities of national banks on July 28, 1985, or a subsequent date not later than July 28, 2013—Definition—Restrictions.
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(1) Notwithstanding any restrictions, limitations, and requirements of law, in addition to all powers, express or implied, that a savings bank has under the laws of this state, a savings bank shall have the powers and authorities that any national bank had on July 28, 1985, or as…
RCW 32.08.157 Additional powers—Powers and authorities of banks.
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Notwithstanding any restrictions, limitations, and requirements of law, in addition to all powers, express or implied, that a mutual savings bank has under this title, a mutual savings bank has the powers and authorities that a bank has under *Title 30 RCW. As used in this sectio…
RCW 32.08.160 Writing of fire insurance restricted.
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When a savings bank is itself acting as an insurance agent, a trustee, officer, or employee of the bank shall not act as an insurance agent to write fire insurance on property in which the bank has an insurable interest, and no part of a room used by a savings bank in the transac…
RCW 32.08.170 Effect of failure to organize or commence business.
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See RCW 30A.08.070.
RCW 32.08.180 Extension of existence.
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See RCW 30A.08.080.
RCW 32.08.190 May borrow from home loan bank.
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See RCW 30A.32.030.
RCW 32.08.210 Power to act as trustee—Authorized trusts—Limitations—Application to act as trustee, fee—Approval or refusal of application—Right of appeal—Use of word "trust."
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(1) A savings bank has the powers and authorities to engage in trust business that a state commercial bank authorized under RCW 30A.08.150 and subject also to the requirements and conditions for engaging in trust business set forth in this section.(2) A mutual savings bank shall …
RCW 32.08.215 Power to act as trustee for common trust funds under multiple trust agreements—Conditions.
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No mutual savings bank or wholly owned subsidiary thereof shall act as trustee for common trust funds established for the benefit of more than one beneficiary under more than one trust agreement, unless the savings bank or subsidiary trust company shall first give written notice …
RCW 32.08.220 Findings—Purpose.
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The legislature finds that [the] state of Washington needs investment of funds from out of state and from investors in the state of Washington to keep money for real estate and other forms of financing reasonably available for the needs of Washington citizens. Many innovations ha…
RCW 32.08.225 Sale, purchase, etc., of interest rate exchange agreements, loans, or interests therein.
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Any mutual savings bank may through any device sell, purchase, exchange, issue evidence of a sale or exchange of, or in any manner deal in any form of sale or exchange of interest rate exchange agreements, loans, or any interest therein including but not being limited to mortgage…
RCW 32.08.230 Restrictions and requirements by director.
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Any mutual savings bank engaging in any activity contemplated in RCW 32.08.225, whereby it holds or purchases subordinated securities, issues letters of credit to secure a portion of any sale or issue of loans sold or exchanged, or in any manner acts as a partial guarantor or ins…
RCW 32.12.010 Deposits by individuals governed by chapter 30.22 RCW—Other deposits which a savings bank may establish—Limitations.
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Deposits made by individuals in a mutual savings bank under this chapter are governed by *chapter 30.22 RCW. In addition, other deposits which a savings bank may establish include but are not limited to the following:(1) Deposits in the name of, or on behalf of, a partnership or …
RCW 32.12.020 Repayment of deposits and dividends.
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The sums deposited with any savings bank, together with any dividends or interest credited thereto, shall be repaid to the depositors thereof respectively, or to their legal representatives, after demand in such manner, and at such times, and under such regulations, as the board …
RCW 32.12.025 Withdrawals by savings bank's drafts in accordance with depositor's instructions authorized.
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Subject to the provisions of RCW 32.12.020(1), a savings bank may, on instructions from a depositor, effect withdrawals from a savings account by the savings bank's drafts payable to parties and on terms as so instructed; to the extent of the subjection of accounts to such withdr…
RCW 32.12.050 Accounting—Entry of assets, real estate, securities, etc.
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(1) No savings bank shall by any system of accounting, or any device of bookkeeping, directly or indirectly, enter any of its assets upon its books in the name of any other individual, partnership, unincorporated association, or corporation, or under any title or designation that…
RCW 32.12.070 Computation of earnings.
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(1) Gross current operating earnings. Every savings bank shall close its books, for the purpose of computing its net earnings, at the end of any period for which a dividend is to be paid, and in no event less frequently than semiannually. To determine the amount of gross earnings…
RCW 32.12.080 Misleading advertisement of surplus or guaranty fund.
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No savings bank shall put forth any sign or notice or publish or circulate any advertisement or advertising literature upon which or in which it is stated that such savings bank has a surplus or guaranty fund other than as determined in the manner prescribed by law.[ 1955 c 13 s …
RCW 32.12.090 Interest—Rate—Notice of changed rate.
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(1) Every savings bank shall regulate the rate of interest upon the amounts to the credit of depositors therewith, in such manner that depositors shall receive as nearly as may be all the earnings of the bank after transferring the amount required by RCW 32.08.120 and such furthe…
RCW 32.12.120 Adverse claim to a deposit to be accompanied by court order or bond—Exceptions.
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Notice to any mutual savings bank doing business in this state of an adverse claim to a deposit standing on its books to the credit of any person shall not be effectual to cause said bank to recognize said adverse claimant unless said adverse claimant shall also either procure a …
RCW 32.16.010 Board of trustees—Number—Qualifications.
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(1) There shall be a board of trustees who shall have the entire management and control of the affairs of the savings bank. The persons named in the certificate of authorization shall be the first trustees. The board shall consist of not less than nine nor more than thirty member…
RCW 32.16.012 Age requirements.
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The bylaws of a savings bank may prescribe a maximum age beyond which no person shall be eligible for election to the board of trustees and may prescribe a mandatory retirement age of seventy-five years or less for trustees subject to the following limitations:(1) No person shall…
RCW 32.16.020 Oath of trustees—Declaration of incumbency—Not applicable to directors of stock savings banks.
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(1) Each trustee, whether named in the certificate of authorization or elected to fill a vacancy, shall, when such certificate of authorization has been issued, or when notified of such election, take an oath that he or she will, so far as it devolves on him or her, diligently an…
RCW 32.16.030 Vacancies, when to be filled.
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A vacancy in the board of trustees shall be filled by the board as soon as practicable, at a regular meeting thereof.[ 1955 c 13 s 32.16.030. Prior: 1915 c 175 s 36; RRS s 3365.]
RCW 32.16.040 Quorum—Meetings.
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A quorum at any regular or special or adjourned meeting of the board of trustees shall consist of not less than five of whom the chief executive officer shall be one, except when he or she is prevented from attending by sickness or other unavoidable detention, when he or she may …
RCW 32.16.050 Compensation of trustees.
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(1) A trustee of a savings bank shall not directly or indirectly receive any pay or emolument for services as trustee, except as provided in this section.(2) A trustee may receive, by affirmative vote of a majority of all the trustees, reasonable compensation for (a) attendance a…
RCW 32.16.060 Change in number of trustees.
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The board of trustees of every savings bank may, by resolution incorporated in its bylaws, increase or reduce the number of trustees named in the original charter or certificate of authorization.(1) The number may be increased to a number designated in the resolution not exceedin…
RCW 32.16.070 Restrictions on trustees.
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(1) A trustee of a savings bank shall not, except to the extent permitted for a director of a federal mutual savings bank:(a) Have any interest, direct or indirect, in the gains or profits of the savings bank, except to receive dividends (i) upon the amounts contributed by him or…
RCW 32.16.080 Removal of trustees—Vacancies—Eligibility to reelection.
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(1) Whenever, in the judgment of three-fourths of the trustees, the conduct and habits of a trustee of any savings bank are of such character as to be injurious to such bank, or he or she has been guilty of acts that are detrimental or hostile to the interests of the bank, he or …
RCW 32.16.090 Removal of a board director, officer, or employee—Prohibition from participation in conduct of affairs—Grounds—Notice.
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The director may issue and serve a board director, officer, or employee of a savings bank with written notice of intent to remove the person from office or employment or to prohibit the person from participating in the conduct of the affairs of the savings bank or any other depos…
RCW 32.16.0901 Written notice of charges under RCW 32.16.090.
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The director may serve written notice of charges under RCW 32.16.090 to suspend a person from further participation in any manner in the conduct of the affairs of a savings bank or holding company, if the director determines that such an action is necessary for the protection of …
RCW 32.16.093 Notice of intention to remove or prohibit participation in conduct of affairs—Hearing—Order of removal and/or prohibition.
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(1) A notice of an intention to remove a board trustee or director, officer, or employee from office or to prohibit his or her participation in the conduct of the affairs of a savings bank or holding company shall contain a statement of the facts which constitute grounds therefor…
RCW 32.16.095 Removal of one or more trustees or directors—Lack of quorum—Temporary trustees.
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If at any time because of the removal of one or more trustees or directors under this chapter there shall be on the board of trustees or board of directors of a savings bank less than a quorum of trustees or directors, all powers and functions vested in, or exercisable by the boa…
RCW 32.16.097 Penalty for violation of order issued under RCW 32.16.093.
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Any present or former trustee, board director, officer, or employee of a savings bank or holding company or any other person against whom there is outstanding an effective final order issued under RCW 32.16.093, which order has been served upon the person, and who, in violation o…
RCW 32.16.100 Examination by trustees' committee—Report.
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The trustees of every savings bank, by a committee of not less than three of their number, shall at least annually fully examine the records and affairs of such savings bank for the purpose of determining its financial condition. The trustees may employ such assistants as they de…
RCW 32.16.110 Officers.
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The board of trustees shall elect from their number, or otherwise, a president and two vice presidents and such other officers as they may deem fit.[ 1955 c 13 s 32.16.110. Prior: 1915 c 175 s 30; RRS s 3359.]
RCW 32.16.120 Fidelity bonds.
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The trustees of every savings bank shall have power to require from the officers, clerks, and agents thereof such security for their fidelity and the faithful performance of their duties as the trustees deem necessary. Such security may be accepted from any company authorized to …
RCW 32.16.130 Conversion of savings and loan association to mutual savings bank—Director may serve as trustee.
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In the event a savings and loan association is converted to a mutual savings bank, any person, who at the time of such conversion was a director of the savings and loan association, may serve as a trustee of the mutual savings bank until he or she reaches the age of seventy-five …
RCW 32.16.140 Violations—Trustees' or directors' liability.
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If the trustees or directors of any savings bank or holding company shall knowingly violate, or knowingly permit any of the officers, agents, or employees of the savings bank or holding company to violate any of the provisions of this title or any lawful regulation or directive o…
RCW 32.20.010 Definitions.
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The words "mutual savings bank" and "savings bank," whenever used in this chapter, shall mean a mutual savings bank organized and existing under the laws of the state of Washington.The words "its funds," whenever used in this chapter, shall mean and include moneys deposited with …
RCW 32.20.020 Power to invest funds—Restrictions.
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A mutual savings bank shall have the power to invest its funds in the manner set forth in chapter 32.08 RCW and in this chapter and not otherwise.[ 1999 c 14 s 25; 1955 c 13 s 32.20.020. Prior: 1929 c 74 s 2; RRS s 3381-2.]
RCW 32.20.030 Bonds or obligations of United States and Canada.
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A mutual savings bank may invest its funds in the bonds or obligations of the United States or the Dominion of Canada or those for which the faith of the United States or the Dominion of Canada is pledged to provide for the payment of the interest and principal, including bonds o…
RCW 32.20.035 Investment trusts or companies.
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Except as may be limited by the director by rule, a mutual savings bank may invest its funds in obligations of the United States, as authorized by RCW 32.20.030, either directly or in the form of securities of, or other interests in, an open-end or closed-end management type inve…
RCW 32.20.040 Federally insured or secured loans, securities, etc.
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A mutual savings bank may invest its funds:(1) In such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance by the Federal Housing Administrator, and may obtain such insurance.(2) In such loans secured b…
RCW 32.20.045 Obligations of corporations created as federal agency or instrumentality.
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A mutual savings bank may invest its funds in capital stock, notes, bonds, debentures, or other such obligations of any corporation which is or hereafter may be created by the United States as a governmental agency or instrumentality: PROVIDED, That the total amount a mutual savi…
RCW 32.20.047 Stock of small business investment companies regulated by United States.
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A savings bank may purchase and hold for its own investment account stock in small business investment companies licensed and regulated by the United States, as authorized by the Small Business Act, Public Law 85-536, 72 Statutes at Large 384, in an amount not to exceed one perce…