Wash. Rev. Code § 32.32.030

Current through Chapter 376 of the 2024 Regular Session
Section 32.32.030 - Prohibition on approval of certain applications for conversion

No application for conversion may be approved by the director if:

(1) The plan of conversion adopted by the applicant's board of directors is not in accordance with this chapter;
(2) The conversion would result in a reduction of the applicant's net worth below requirements established by the director;
(3) The conversion may result in a taxable reorganization of the applicant under the United States Internal Revenue Code of 1954, as amended; or
(4) The converted savings bank does not meet the insurance requirements as established by the director.

RCW 32.32.030

1994 c 92 § 353; 1981 c 85 § 5.