Washington Code 32.32.180 – Amount of qualifying deposit of eligible account holder or supplemental eligible account holder
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(1) Unless otherwise provided in the plan of conversion, the amount of the qualifying deposit of an eligible account holder or supplemental eligible account holder shall be the total of the deposit balances in the eligible account holder’s or supplemental eligible account holder’s savings accounts in the converting savings bank as of the close of business on the eligibility record date or supplemental eligibility record date. However, the plan of conversion may provide that any savings accounts with total deposit balances of less than fifty dollars (or any lesser amount) shall not constitute a qualifying deposit.
Terms Used In Washington Code 32.32.180
- amount: when used in regard to securities, means the principal amount if relating to evidences of indebtedness, the number of shares if relating to shares, and the number of units if relating to any other kind of security. See Washington Code 32.32.025
- eligibility record date: means the record date for determining eligible account holders of a converting mutual savings bank. See Washington Code 32.32.025
- eligible account holder: means any person holding a qualifying deposit as determined in accordance with RCW 32. See Washington Code 32.32.025
- savings account: means deposits established in a mutual savings bank and includes certificates of deposit. See Washington Code 32.32.025
- supplemental eligibility record date: means the supplemental record date for determining supplemental eligible account holders of a converting savings bank required by RCW 32. See Washington Code 32.32.025
- supplemental eligible account holder: means any person holding a qualifying deposit, except officers, directors, and their associates, as of the supplemental eligibility record date. See Washington Code 32.32.025
(2) As used in this section, the term “savings account” includes a predecessor or successor account of a given savings account which is held only in the same right and capacity and on the same terms and conditions as the given savings account. However, the plan of conversion may provide for lesser requirements for consideration as a predecessor or successor account.
[ 1981 c 85 § 35.]