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                                                   SENATE BILL NO. 3225

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                                                            AS AMENDED BY THE HOUSE

                                                                            C 301 L 85

State of Washington                              49th Legislature                              1985 Regular Session

By Senators Fleming and McDermott

Read first time 1/22/85 and referred to Committee on Financial Institutions.

AN ACT Relating to the African Development Bank; adding a new section to chapter 30.04 RCW; adding a new section to chapter 32.20 RCW; and adding a new section to chapter 33.24 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 32.20 RCW to read as follows:

          A mutual savings bank may invest not to exceed five percent of its funds in obligations issued or guaranteed by the African Development Bank or in obligations issued or guaranteed by any multilateral development bank in which the United States government formally participates.

NEW SECTION. Sec. 2.  A new section is added to chapter 30.04 RCW to read as follows:

          Any bank or trust company may invest in obligations issued or guaranteed by any multilateral development bank in which the United States government formally participates.  Such investment in any one multilateral development bank shall not exceed five percent of the bank's or trust company's paid-in capital and surplus.

NEW SECTION. Sec. 3.  A new section is added to chapter 33.24 RCW to read as follows:

          An association may invest in obligations issued or guaranteed by any multilateral development bank in which the United States government formally participates.  Such investment in any one multilateral development bank shall not exceed five percent of the association's assets.