A converted mutual savings bank may pay dividends on preferred stock at the rate or rates agreed in connection with the issuance of preferred stock if such issuance has been approved by the director.

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Terms Used In Washington Code 32.32.222

  • 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
  • mutual savings bank: means a mutual savings bank organized and operating under Title 32 RCW. See Washington Code 32.32.025