(1) If approved by the director, a MHC may convert to a stock form holding company.
(2) The MHC shall adopt a plan of conversion which the director finds to be in accordance with the provisions of chapter
32.32 RCW and these rules.
(3) The conversion must include such provisions requiring the exchange of shares of the subsidiary savings bank(s) for shares of the resulting stock holding company as the director finds to be fair to members of the MHC who possess subscription rights and to stockholders of the subsidiary banks.
[Statutory Authority: RCW
30.04.030 and
43.320.040. WSR 00-17-141, amended and recodified as § 208-514-130, filed 8/22/00, effective 9/22/00. Statutory Authority: RCW
32.34.040 - [32.34].050 and chapters
32.08 and
34.05 RCW. WSR 93-13-142, § 50-14-130, filed 6/23/93, effective 7/24/93. Statutory Authority: RCW
32.34.040 - [32.34.]050. WSR 92-06-041, § 50-14-130, filed 2/28/92, effective 3/30/92.]