Revised Code of Washington
2023 Archive

Chapter 32.32 RCW
CONVERSION OF MUTUAL SAVINGS BANK TO CAPITAL STOCK SAVINGS BANK
PDF of Chapter Digest
PDF of Complete Chapter
Sections
32.32.010Chapter exclusive—Prohibition on conversion without approval—Waiver of requirements.
32.32.015Forms.
32.32.020Request of noncompliance—Requirements.
32.32.025Definitions.
32.32.030Prohibition on approval of certain applications for conversion.
32.32.035Requirements of plan of conversion.
32.32.040Issuance of capital stock—Price.
32.32.042Shares—Certificate not required.
32.32.045Stock purchase subscription rights—Eligible account holders.
32.32.050Stock purchase subscription rights received by officers, directors, and their associates—Subordination.
32.32.055Supplemental share purchase subscription rights—Supplemental eligible account holder—Conditions.
32.32.060Sale of shares not sold in subscription offering—Methods—Conditions.
32.32.065Limitation on subscription and purchase of shares by person with associate or group—Amount.
32.32.070Limitation on purchase of shares by officers, directors, and their associates—Amount.
32.32.075Prohibition on purchase of shares by officers, directors, and their associates—Exception.
32.32.080Uniform sales price of shares required—Application to specify arrangements on sale of shares not sold in subscription offering.
32.32.085Savings account holder to receive withdrawable savings account(s)—Amount.
32.32.090Liquidation account—Establishment and maintenance required.
32.32.095Establishment of eligibility record date required.
32.32.100Capital stock—Voting rights.
32.32.105Amendment and termination of plan of conversion.
32.32.110Restriction on sale of shares of stock by directors and officers.
32.32.115Conditions on shares of stock subject to restriction on sale.
32.32.120Registration of securities—Marketing of securities—Listing of shares on securities exchange or NASDAQ quotation system.
32.32.125Reasonable expenses required.
32.32.130Plan of conversion—Prohibited provisions.
32.32.135Plan of conversion—Permissible provisions.
32.32.140Purchase of certain shares of stock by directors, officers, and employees permitted—Conditions.
32.32.145Receipt of certain subscription rights by account holders permitted—Amount—Conditions.
32.32.150Permissible sales of insignificant residue of shares.
32.32.155Limitation on number of shares subscribed in subscription offering permitted.
32.32.160Minimum purchase requirement in exercise of subscription rights permitted.
32.32.165Stock option plan permitted—Reserved shares.
32.32.170Issuance of securities in lieu of capital stock permitted—References to capital stock.
32.32.175Approval of other equitable provisions.
32.32.180Amount of qualifying deposit of eligible account holder or supplemental eligible account holder.
32.32.185Liquidation account—Establishment required—Amount—Function.
32.32.190Liquidation account—Maintenance required—Subaccounts.
32.32.195Liquidation account—Distribution upon complete liquidation.
32.32.200Liquidation account—Determination of subaccount balances.
32.32.205Reduction of subaccount balance.
32.32.210Converted savings bank prohibited from repurchasing its stock without approval.
32.32.215Limitation on cash dividends.
32.32.220Limitation on certain cash dividends within ten years of conversion.
32.32.222Dividends on preferred stock.
32.32.225Prohibitions on offer, sale, or purchase of securities.
32.32.228Acquisition of control of a converted savings bank—State reciprocity—Definitions.
32.32.230Nonapproval of conversion unless acquisition of control within three years by certain companies prohibited.
32.32.235Plan of conversion—Charter restrictions permitted.
32.32.240Confidentiality of consideration to convert—Remedial measures for breach.
32.32.245Public statement authorized.
32.32.250Adoption of plan of conversion—Notice to and inspection by account holders—Statement and letter—Press release authorized.
32.32.255Statement, letter, and press release—Content permitted.
32.32.260Statement, letter, and press release—Contents prohibited—Inquiries.
32.32.265Notices of filing of application—Requests for subscription offering circular.
32.32.270Filing of notice and affidavit of publication required.
32.32.275Applications available for public inspection—Confidential information.
32.32.280Offers and sales of securities—Prohibitions.
32.32.285Distribution of offering circulars authorized.
32.32.290Preliminary offering circular for subscription offering—Estimated subscription price range required.
32.32.295Review of price information by director.
32.32.300Underwriting commissions.
32.32.305Consideration of pricing information by director—Guidelines.
32.32.310Submission of information by applicant.
32.32.315Subscription offering—Distribution of order forms for the purchase of shares.
32.32.320Order forms—Final offering circular and detailed instructions.
32.32.325Subscription price.
32.32.330Order form—Contents.
32.32.335Order form—Additional provision authorized—Payment by withdrawal.
32.32.340Time period for completion of sale of all shares of capital stock.
32.32.345Copies of application for approval to be filed.
32.32.350Nonacceptance and return of applications.
32.32.355Continuity of corporate existence.
32.32.360Form of application.
32.32.365Representations upon filing of application.
32.32.370Representations upon filing of application—Exception.
32.32.375Application to furnish information.
32.32.380Application—Additional information required.
32.32.385Omission of certain information permitted—Conditions.
32.32.390Offering circular—Certain manner of presentation of required information prohibited.
32.32.395Form and contents of filings.
32.32.400Conformance required to order prohibiting the use of any filing.
32.32.405Application—Certain named persons—Filing of written consent required.
32.32.410Offering circular—Certain named persons—Filing of written consent required.
32.32.415Date of receipt—Date of filing.
32.32.420Availability for conferences in advance of filing of application—Refusal of prefiling review.
32.32.425Appeal from refusal to approve application.
32.32.430Postconversion reports.
32.32.435Definitions.
32.32.440Certain agreement to transfer and transfers of ownership in rights or securities prohibited.
32.32.445Certain offers and announcements on securities prohibited.
32.32.450Certain offers and acquisitions prohibited.
32.32.455Nonapplicability of RCW 32.32.440 and 32.32.445.
32.32.460Nonapplicability of RCW 32.32.445 and 32.32.450.
32.32.465Nonapplicability of RCW 32.32.450.
32.32.470Approval of certain applications prohibited.
32.32.475Penalty for violations.
32.32.480Name of converted savings bank.
32.32.485Amendments to charter required in application—Articles of incorporation—Filing of certificate required—Contents—Issuance and filing of authorization certificate.
32.32.490Amendments to articles of incorporation.
32.32.495Directors—Election—Meetings—Quorum—Oath—Vacancies.
32.32.497Conversions incident to acquisition by savings bank holding company or merger or consolidation with savings bank holding company subsidiary—Application of RCW 32.32.110 and 32.32.115.
32.32.500Merger, consolidation, conversion, etc.—Approval—Concentration limits.
32.32.505Intent—References in the Revised Code of Washington.
32.32.515Guaranty fund.
32.32.520"Funds" defined.
32.32.525Prohibition on certain securities and purchases—Exception.