Washington Code 30A.04.400 – Bank acquisition or control — Definitions
Current as of: 2023 | Check for updates
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As used in RCW 30A.04.400 through 30A.04.410, the following words shall have the following meanings:
Terms Used In Washington Code 30A.04.400
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(1) “Control” means directly or indirectly alone or in concert with others to own, control, or hold the power to vote twenty-five percent or more of the outstanding stock or voting power of the “controlled” entity;
(2) “Acquiring party” means the person acquiring control of a bank through the purchase of stock; and
(3) “Person” means any individual, corporation, partnership, association, business trust, or other organization.
[ 2014 c 37 § 133; 1977 ex.s. c 246 § 1. Formerly RCW 30.04.400.]