Washington Code 30A.49.020 – State bank to resulting national bank — Laws applicable — Vote required — Termination of franchise
Current as of: 2023 | Check for updates
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This section is applicable where there is to be a resulting national bank.
Terms Used In Washington Code 30A.49.020
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Merger: includes consolidation;
Washington Code 30A.49.010National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
Nothing in the law of this state shall restrict the right of a state bank to merge with or convert into a resulting national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed at the time of the action for national banks merging with or converting into a resulting state bank by the law of the United States, and not by the law of this state, except that a vote of the holders of two-thirds of each class of voting stock of a state bank shall be required for the merger or conversion, and that on conversion by a state into a national bank the rights of dissenting stockholders shall be those specified in RCW 30A.49.090.
Upon the completion of the merger or conversion, the franchise of any merging or converting state bank shall automatically terminate.