Washington Code 32.32.030 – Prohibition on approval of certain applications for conversion
Current as of: 2023 | Check for updates
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No application for conversion may be approved by the director if:
Terms Used In Washington Code 32.32.030
- applicant: is a mutual savings bank which has applied to convert pursuant to this chapter. See Washington Code 32.32.025
- director: means any director of a corporation, any trustee of a mutual savings bank, or any person performing similar functions with respect to any organization whether incorporated or unincorporated. See Washington Code 32.32.025
(1) The plan of conversion adopted by the applicant‘s board of directors is not in accordance with this chapter;
(2) The conversion would result in a reduction of the applicant’s net worth below requirements established by the director;
(3) The conversion may result in a taxable reorganization of the applicant under the United States Internal Revenue Code of 1954, as amended; or
(4) The converted savings bank does not meet the insurance requirements as established by the director.