Washington Code 30A.42.060 – Conditions to be met before opening office in state
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An alien bank shall not hereafter open an office in this state until it has met the following conditions:
Terms Used In Washington Code 30A.42.060
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) It has filed with the director an application in such form and containing such information as shall be prescribed by the director.
(2) It has designated the director by a duly executed instrument in writing, its agent, upon whom process in any action or proceeding arising out of a transaction with the Washington office may be served. Such service shall have the same force and effect as if the alien bank were a Washington corporation and had been lawfully served with process within the state. The director shall forward by mail, postage prepaid, a copy of every process served upon him or her under the provisions of this subdivision, addressed to the manager or agent of such bank at its office in this state.
(3) It has allocated and assigned to its office within this state paid-in capital of not less than two hundred thousand dollars or such larger amounts as the director in his or her discretion may require.
(4) It has filed with the director a letter from its chief executive officer guaranteeing that the alien bank’s entire capital and surplus is and shall be available for all liabilities and obligations of its office doing business in this state.
(5) It has paid the fees required by law and established by the director pursuant to RCW 30A.04.070.
(6) It has received from the director his or her certificate authorizing the transaction of business in conformity with this chapter.