Washington Code 30A.12.230 – Immunity of shareholders of bank insured by the federal deposit insurance corporation
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The shareholders of a banking corporation organized under the laws of this state and the deposits of which are insured by the federal deposit insurance corporation shall not be liable for any debts or obligations of the bank.
[ 1986 c 279 § 50. Formerly RCW 30.12.230.]
Terms Used In Washington Code 30A.12.230
- 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.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC