title: RCW 33.04.110

text:
(1) Except as otherwise provided in this section, all examination reports and all information obtained by the director and the director's staff in conducting examinations of associations are confidential and privileged information and shall not be made public or otherwise disclosed to any person, firm, corporation, agency, association, governmental body, or other entity.
(2) Subsection (1) of this section notwithstanding, the director may furnish in whole or in part examination reports prepared by the director's office to federal agencies empowered to examine state associations, to savings and loan supervisory agencies of other states which have authority to examine associations doing business in this state, to the attorney general in his or her role as legal advisor to the director, to the examined association as provided in subsection (4) of this section, and to officials empowered to investigate criminal charges. If the director furnishes any examination report to officials empowered to investigate criminal charges, the director may only furnish that part of the report which is necessary and pertinent to the investigation, and the director may do this only after notifying the affected savings and loan association and any customer of the savings and loan association who is named in that part of the report of the order to furnish the part of the examination report unless the officials requesting the report first obtain a waiver of the notice requirement from a court of competent jurisdiction for good cause. The director may also furnish in whole or in part examination reports concerning any association in danger of insolvency to the directors or officers of a potential acquiring party when, in the director's opinion, it is necessary to do so in order to protect the interests of members, depositors, or borrowers of the examined association.
(3) All examination reports furnished under subsection (2) of this section shall remain the property of the department of financial institutions and, except as provided in subsection (4) of this section, no person, agency, or authority to whom reports are furnished or any officer, director, or employee thereof shall disclose or make public any of the reports or any information contained therein except in published statistical material that does not disclose the affairs of any individual or corporation: PROVIDED, That nothing herein shall prevent the use in a criminal prosecution of reports furnished under subsection (2) of this section.
(4) The examination report made by the department of financial institutions is designed for use in the supervision of the association, and the director may furnish a copy of the report to the savings and loan association examined. The report shall remain the property of the director and will be furnished to the association solely for its confidential use. Neither the association nor any of its directors, officers, or employees may disclose or make public in any manner the report or any portion thereof without permission of the board of directors of the examined association. The permission shall be entered in the minutes of the board.
(5) Examination reports and information obtained by the director and the director's staff in conducting examinations shall not be subject to public disclosure under chapter 42.56 RCW.
(6) In any civil action in which the reports are sought to be discovered or used as evidence, any party may, upon notice to the director, petition the court for an in camera review of the report. The court may permit discovery and introduction of only those portions of the report which are relevant and otherwise unobtainable by the requesting party. This subsection shall not apply to an action brought or defended by the director.
(7) This section shall not apply to investigation reports prepared by the director and the director's staff concerning an application for a new association or an application for a branch of an association. The director may adopt rules making confidential portions of such reports if in the director's opinion the public disclosure of the portions of the report would impair the ability to obtain the information which the director considers necessary to fully evaluate the application.
(8) Every person who intentionally violates any provision of this section is guilty of a gross misdemeanor.
[ 2005 c 274 s 261; 1994 c 92 s 425; 1982 c 3 s 6; 1977 ex.s. c 245 s 3.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1977 ex.s. c 245: See note following RCW 30A.04.075.
Examination reports and information from financial institutions exempt: RCW 42.56.400.

catchline: Examination reports and information—Confidential and privileged—Exceptions, limitations and procedure—Penalty.


doc_type: statute

jurisdiction: wa

title: RCW 33.04.120

text:
Chapter 19.174 RCW applies to automated teller machines and night depositories regulated under this title.
[ 1993 c 324 s 13.]
Notes:
Effective date—1993 c 324: See RCW 19.174.900.

license: public-domain-government-work

rule_set: Revised Code of Washington

catchline: Automated teller machines and night depositories security.

code: rcw

unit: section

court: Washington State Legislature


title: RCW 33.08.010

text:
No person, firm, company, association, fiduciary, co-partnership, or corporation, either foreign or domestic, shall organize as, carry on or conduct the business of an association except in conformity with the terms and provisions of this title or unless incorporated as a savings and loan association under the laws of the United States or use in name or advertising any of the following:
Any collocation employing either or both of the words "building" or "loan" with one or more of the words "saving", "savings", "thrift", or words of similar import except in conformity with this title;
Any collocation employing one or more of the words "saving", "savings", "thrift" or words of similar import, with one or more of the words "association", "institution", "society", "company", "corporation", or words of similar import, or abbreviations thereof except in conformity with this title or unless authorized to do business under the laws of this state or of the United States relating to savings and loan associations, banks, or mutual savings banks; nor shall the word "federal" be used as a part of such name unless the user is incorporated as a savings and loan association under the laws of the United States.
Neither shall the words "saving", or "savings", be used in any name or advertising or to represent in any manner to indicate that the business is of the character or kind of business carried on or transacted by an association or which is calculated to lead any person to believe that the business is that of an association unless authorized to do business under the laws of this state or of the United States relating to savings and loan associations, banks, or mutual savings banks.
Every person who, and every director and officer of every corporation which, to the knowledge of such director or officer, violates any provision of this section, shall be guilty of a gross misdemeanor. Such conduct shall also be deemed a nuisance and subject to abatement in the manner prescribed by law at the instance of the director of financial institutions or any other public body or officer authorized to do so.
The provisions of this section shall have no application to use of any word or collocation of words or to any representation or advertising which had been adopted and lawfully used by any person, firm, company, association, fiduciary, co-partnership or corporation lawfully engaged in business on March 24, 1959.
[ 1994 c 92 s 426; 1959 c 280 s 1; 1945 c 235 s 2; Rem. Supp. 1945 s 3717-121. Prior: 1933 c 183 ss 84, 100; 1919 c 169 s 1; 1913 c 110 ss 2, 25; 1890 p 56 ss 2, 22, 37.]

catchline: Compliance required—Use of words in name or advertising—Penalty—Saving.


title: RCW 33.08.020

text:
Any individuals desiring to transact a business of an association may, by complying with this chapter, become a body corporate for that purpose.
[ 1982 c 3 s 13; 1945 c 235 s 3; Rem. Supp. 1945 s 3717-122. Prior: 1933 c 183 s 3; 1925 ex.s. c 144 s 1; 1913 c 110 s 1; 1903 c 116 s 1; 1890 p 56 s 1.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Who may form association.


title: RCW 33.08.030

text:
A domestic association shall be incorporated either as a stock or a mutual association. The articles of incorporation shall specifically state:
(1) The name of the association, which shall include the words:
(a) "Savings association";
(b) "Savings and loan association"; or
(c) "Savings bank";
(2) The city or town and county in which it is to have its principal place of business;
(3) The name, occupation, and place of residence of all incorporators, the majority of whom shall be Washington residents;
(4) Its purposes;
(5) Its duration, which may be for a stated number of years or perpetual;
(6) The amount of paid-in savings with which the association will commence business;
(7) The names, occupations, and addresses of the first directors;
(8) Whether the association is organized as a stock or mutual association and who has membership rights and the relative rights of different classes of members of the association; and
(9) Any provision the incorporators elect to so set forth which is permitted by RCW 23B.17.030.
The articles of incorporation may contain any other provisions consistent with the laws of this state and the provisions of this title pertaining to the association's business or the conduct of its affairs.
[ 1994 c 256 s 117; 1983 c 42 s 1; 1982 c 3 s 14; 1949 c 20 s 1; 1945 c 235 s 4; Rem. Supp. 1949 s 3717-123. Prior: 1933 c 183 s 4; 1925 ex.s. c 144 s 1; 1919 c 169 s 5; 1913 c 110 ss 1, 6; 1903 c 116 s 1; 1890 p 56 s 1.]
Notes:
Findings—Construction—1994 c 256: See RCW 43.320.007.
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Domestic association as stock or mutual association—Articles of incorporation.


title: RCW 33.08.040

text:
The incorporators shall prepare bylaws for the government of the association, which shall include:
(1) The offices of the association and the respective duties assigned to them;
(2) Policies and procedures for the conduct of the business of the association;
(3) Any other matters deemed necessary or expedient.
Such bylaws must conform in all respects to the provisions of this title and the laws of this state.
[ 1982 c 3 s 15; 1945 c 235 s 5; Rem. Supp. 1945 s 3717-124. Prior: 1933 c 183 s 5; 1919 c 169 s 1; 1913 c 110 s 2; 1890 p 56 s 3.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Bylaws.


title: RCW 33.08.050

text:
The incorporators shall deliver to the director triplicate originals of the articles of incorporation and duplicate copies of its proposed bylaws.
[ 1994 c 92 s 427; 1982 c 3 s 16; 1981 c 302 s 30; 1945 c 235 s 6; Rem. Supp. 1945 s 3717-125. Prior: 1933 c 183 s 6; 1890 p 56 s 3.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1981 c 302: See note following RCW 19.76.100.

catchline: Articles and bylaws to director.


title: RCW 33.08.055

text:
When the incorporators of a domestic association deliver the articles of incorporation and bylaws to the director, the incorporators shall submit an application for a certificate of incorporation, signed and verified by the incorporators, together with the filing fee. The application shall set forth:
(1) The names and addresses of the incorporators and proposed directors and officers of the association;
(2) A statement of the character, financial responsibility, experience, and fitness of the directors and officers to engage in the association business;
(3) Statements of estimated receipts, expenditures, earnings, and financial condition of the association for the first two years or such longer period as the director may require;
(4) A showing that the association will have a reasonable chance to succeed in the market area in which it proposes to operate;
(5) A showing that the public convenience and advantage will be promoted by the formation of the proposed association; and
(6) Any other matters the director may require.
[ 1994 c 92 s 428; 1982 c 3 s 17.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Certificate of incorporation—Application, contents—Filing fee.


title: RCW 33.08.060

text:
Upon receipt of the articles of incorporation and bylaws, the director shall proceed to determine, from all sources of information and by such investigation as he or she may deem necessary, whether:
(1) The proposed articles and bylaws comply with all requirements of law;
(2) The incorporators and directors possess the qualifications required by this title;
(3) The incorporators have available for the operation of the business at the specified location sufficient cash assets;
(4) The general fitness of the persons named in the articles of incorporation are such as to command confidence and warrant belief that the business of the proposed association will be honestly and efficiently conducted in accordance with the intent and purposes of this title;
(5) The public convenience and advantage will be promoted by allowing such association to be incorporated and engage in business in the market area indicated; and
(6) The population and industry of the market area afford reasonable promise of adequate support for the proposed association.
For the purpose of this investigation and determination, the incorporators, when delivering the articles and bylaws to the director, shall pay to the director an investigation fee, the amount of which shall be established by rule of the director.
[ 1994 c 92 s 429; 1982 c 3 s 18; 1969 c 107 s 1; 1963 c 246 s 1; 1945 c 235 s 7; Rem. Supp. 1945 s 3717-126. Prior: 1933 c 183 s 6; 1925 ex.s. c 144 s 2; 1919 c 169 s 2; 1913 c 110 s 3; 1890 p 56 s 3.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Investigation—Fee.


title: RCW 33.08.070

text:
The director, not later than six months after receipt of the proposed articles and bylaws shall endorse upon each copy thereof the word "approved" or "refused" and the date thereof. In case of refusal, he or she shall forthwith return one copy of the articles and bylaws to the incorporators, and the refusal shall be final unless the incorporators, or a majority of them, within thirty days after the refusal, appeal to the superior court of Thurston county. The appeal may be accomplished by the incorporators preparing a notice of appeal, serving a copy of it upon the director, and filing the notice with the clerk of the court, whereupon the clerk, under the direction of the judge, shall give notice to the appellants and to the director of a date for the hearing of the appeal. The appeal shall be tried de novo by the court. At the hearing a record shall be kept of the evidence adduced, and the decision of the court shall be final unless appellate review is sought as in other cases.
[ 1994 c 92 s 430; 1988 c 202 s 33; 1971 c 81 s 85; 1953 c 71 s 1; 1945 c 235 s 8; Rem. Supp. 1945 s 3717-127. Prior: 1933 c 183 s 7; 1925 ex.s. c 144 s 2; 1919 c 169 s 2; 1913 c 110 s 3; 1890 p 56 s 3.]
Notes:
Severability—1988 c 202: See note following RCW 2.24.050.

catchline: Approval or refusal—Appellate review.


title: RCW 33.08.080

text:
If the director approves the incorporation of the proposed association, the director shall forthwith return two copies of the articles of incorporation and one copy of the bylaws to the incorporators, retaining the others as a part of the files of the director's office. The incorporators, thereupon, shall file one set of the articles with the secretary of state and retain the other set of the articles of incorporation and the bylaws as a part of its minute records, paying to the secretary of state such fees and charges as are required by law. Upon receiving an original set of the approved articles of incorporation, duly endorsed by the director as herein provided, together with the required fees, the secretary of state shall issue the secretary of state's certificate of incorporation and deliver the same to the incorporators, whereupon the corporate existence of the association shall begin. Unless an association whose articles of incorporation and bylaws have been approved by the director shall engage in business within two years from the date of such approval, its right to engage in business shall be deemed revoked and of no effect. In the director's discretion, the two-year period in which the association must commence business may be extended for a reasonable period of time, which shall not exceed one additional year.
[ 1994 c 92 s 431; 1982 c 3 s 19; 1981 c 302 s 31; 1945 c 235 s 9; Rem. Supp. 1945 s 3717-128. Prior: 1933 c 183 s 8; 1925 ex.s. c 144 s 2; 1919 c 169 s 2; 1913 c 110 s 3; 1890 p 56 s 1.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1981 c 302: See note following RCW 19.76.100.

catchline: Articles and bylaws filed—Certificate of incorporation issued—Revocation of right to engage in business, when.


title: RCW 33.08.090

text:
The members, at any meeting called for the purpose, may amend the articles of incorporation of the association by a majority vote of the members present, in person or in proxy. The amended articles shall be filed with the director and be subject to the same procedure of approval, refusal, appeal, and filing with the secretary of state as provided for the original articles of incorporation. Proposed amendments of the articles of incorporation shall be submitted to the director at least thirty days prior to the meeting of the members.
If the amendments include a change in the association's corporate name, the association shall give notice by mail to each association doing business within this state at its principal place of business of the filing of the amended articles. Persons interested in protesting an amendment changing the association's corporate name may contact the director in person or by writing prior to a date which shall be given in the notice.
[ 1994 c 92 s 432; 1982 c 3 s 20; 1981 c 302 s 32; 1979 c 113 s 2; 1945 c 235 s 10; Rem. Supp. 1945 s 3717-129. Prior: 1933 c 183 ss 9, 10; 1925 ex.s. c 144 s 1; 1913 c 110 s 1; 1903 c 116 s 1; 1890 p 56 ss 16, 17.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1981 c 302: See note following RCW 19.76.100.
Severability—1979 c 113: See note following RCW 33.04.020.

catchline: Amendment of articles.


title: RCW 33.08.100

text:
The bylaws adopted by the incorporators and approved by the director shall be the bylaws of the association. The members, at any meeting called for the purpose, may amend the bylaws of the association on a majority vote of the members present, in person or by proxy, or the directors at any regular or special meeting called under the provisions of RCW 33.16.090 may amend the bylaws of the association on a two-thirds majority vote of the directors. Amendments of the bylaws shall become effective after being adopted by the board or the members.
[ 1994 c 256 s 118; 1994 c 92 s 433; 1967 c 49 s 1; 1945 c 235 s 11; Rem. Supp. 1945 s 3717-130. Prior: 1933 c 183 ss 9, 10; 1890 p 56 s 3.]
Notes:
Reviser's note: This section was amended by 1994 c 92 s 433 and by 1994 c 256 s 118, each without reference to the other. Both amendments are incorporated in the publication of this section pursuant to RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).
Findings—Construction—1994 c 256: See RCW 43.320.007.

catchline: Amendment of bylaws.


title: RCW 33.08.110

text:
An association with the written approval of the director, may establish and operate branches in any place within the state.
An association desiring to establish a branch shall file a written application therefor with the director, who shall approve or disapprove the application within four months after receipt.
The director's approval shall be conditioned on a finding that the resources in the market area of the proposed location offer a reasonable promise of adequate support for the proposed branch and that the proposed branch is not being formed for other than the legitimate purposes under this title. A branch shall not be established or permitted if the contingent fund, loss reserves and guaranty stock are less than the aggregate paid-in capital which would be required by law as a prerequisite to the establishment and operation of an equal number of branches in like locations by a commercial bank. If the application for a branch is not approved, the association shall have the right to appeal in the same manner and within the same time as provided by RCW 33.08.070 as now or hereafter amended. The association when delivering the application to the director shall transmit to the director a check in an amount established by rule to cover the expense of the investigation. An association shall not move any office more than two miles from its existing location without prior approval of the director.
The board of directors of an association, after notice to the director, may discontinue the operation of a branch. The association shall keep the director informed in the matter and shall notify the director of the date operation of the branch is discontinued.
[ 1994 c 92 s 434; 1982 c 3 s 21; 1974 ex.s. c 98 s 1; 1969 c 107 s 2; 1959 c 280 s 7.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Branch association—Authorized—Procedure—Limitations—Discontinuance of branch, procedure.


title: RCW 33.12.010

text:
An association shall have the same capacity to act as possessed by natural persons. An association has authority to perform such acts as are necessary or proper to accomplish its purposes.
In addition to any other power an association may have, an association has authority:
(1) To have and alter a corporate seal;
(2) To continue as an association for the time limited in its articles of incorporation or, if no such time limit is specified, then perpetually;
(3) To sue or be sued in its corporate name;
(4) To acquire, hold, sell, dispose of, pledge, mortgage, or encumber property, as its interests and purposes may require;
(5) To conduct business in this state and elsewhere as may be permitted by law and, to this end, to comply with any law, regulation, or other requirements incident thereto;
(6) To acquire capital in the form of deposits, shares, or other accounts for fixed, minimum or indefinite periods of time as are authorized by its bylaws, and may issue such passbooks, statements, time certificates of deposit, or other evidence of accounts;
(7) To pay interest;
(8) To charge reasonable service fees for services provided as part of its business;
(9) To borrow money and to pledge, mortgage, or hypothecate its properties and securities in connection therewith;
(10) To collect or protest promissory notes or bills of exchange owned or held as collateral by the association;
(11) To let vaults, safes, boxes, or other receptacles for the safekeeping or storage of personal property, subject to the laws and regulations applicable to and with the powers possessed by safe deposit companies; and to act as escrow holder;
(12) To act as fiscal agent for the United States of America; to purchase, own, vote, or sell stock in, or act as fiscal agent for any federal home loan bank, the federal housing administration, home owners' loan corporation, or other state or federal agency, organized under the authority of the United States or of the state of Washington and authorized to loan to or act as fiscal agent for associations or to insure savings accounts or mortgages; and in the exercise of these powers, to comply with any requirements of law or rules or orders promulgated by such federal or state agency and to execute any contracts and pay any charges in connection therewith;
(13) To procure insurance of its mortgages and of its accounts from any state or federal corporation or agency authorized to write such insurance and, in the exercise of these powers, to comply with any requirements of law or rules or orders promulgated and to execute any contracts and pay any premiums required in connection therewith;
(14) To loan money and to sell any of its notes or other evidences of indebtedness, together with the collateral securing the same;
(15) To make, adopt, and amend bylaws for the management of its property and the conduct of its business;
(16) To deposit moneys and securities in any other association or any bank or savings bank or other like depository;
(17) To dissolve and wind up its business;
(18) To collect or compromise debts due to it and, in so doing, to apply to the indebtedness the accounts of the debtors, and to receive, as collateral or otherwise, other securities, property or property rights of any kind or nature;
(19) To become a member of, deal with, or make reasonable payments or contribution to any organization to the extent that such organization assists in furthering or facilitating the association's purposes, powers or community responsibilities, and to comply with any reasonable conditions of eligibility;
(20) To sell money orders, travelers checks and similar instruments as agent for any organization empowered to sell such instruments through agents within this state and to receive money for transmission through a federal home loan bank;
(21) To service loans and investments for others;
(22) To sell and to purchase mortgages or other loans, including participating interests therein;
(23) To use abbreviations, words or symbols in connection with any document of any nature and on checks, proxies, notices and other instruments which abbreviations, words, or symbols shall have the same force and legal effect as though the respective words and phrases for which they stand were set forth in full for the purposes of all statutes of the state and all other purposes;
(24) To conduct a trust business under rules adopted by the director pursuant to chapter 34.05 RCW;
(25) To exercise the powers and authorities of a state commercial bank to engage in trust business under RCW 30A.08.150 upon application to and approval by the director and subject to requirements and conditions that the director may establish by rule; and
(26) To exercise, by and through its board of directors and duly authorized officers and agents, all such incidental powers as may be necessary to carry on the business of the association.
The powers granted in this section shall not be construed as limiting or enlarging any grant of authority made elsewhere by this title.
[ 2014 c 37 s 602; 1994 c 92 s 435; 1982 c 3 s 22; 1969 c 107 s 3; 1963 c 246 s 2; 1945 c 235 s 29; Rem. Supp. 1945 s 3717-148. Prior: 1939 c 98 ss 6, 7; 1935 c 171 s 1; 1933 c 183 ss 47, 48, 55, 59.]
Notes:
Legislative declarations—Effective date—2014 c 37: See RCW 30A.04.005 and 30A.04.902.
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Powers in general.


title: RCW 33.12.012

text:
(1) Notwithstanding any other provision of law, in addition to all powers and authorities, express or implied, that an association has under this title, an association may exercise any of the powers and authorities that a federal savings and loan association had on December 31, 1993, or as of a subsequent date not later than July 28, 2013. As used in this section, "powers and authorities" include without limitation powers and authorities in corporate governance and operational matters.
(2) Notwithstanding any other provisions of law, a savings association has the powers and authorities that an out-of-state state savings association operating a branch in Washington has if the director finds that the exercise of such powers and authorities serves the convenience and advantage of depositors and borrowers, or the general public, and maintains the fairness of competition and parity between savings associations and out-of-state state savings associations.
(3) The restrictions, limitations and requirements applicable to specific powers and authorities of federal savings and loan associations or out-of-state state savings associations, as applicable, shall apply to savings associations exercising those powers and authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to exercising the powers and authorities granted savings associations solely by this section.
[ 2013 c 76 s 29; 1994 c 256 s 119; 1982 c 3 s 23; 1981 c 87 s 1.]
Notes:
Findings—Construction—1994 c 256: See RCW 43.320.007.
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Additional powers of an association—Powers conferred upon federal savings and loan association as of December 31, 1993, or a subsequent date not later than July 28, 2013—Powers of an out-of-state state savings association.


title: RCW 33.12.014

text:
Notwithstanding any other provision of law, in addition to all powers and authorities, express or implied, that an association has under this title, the director may make reasonable rules authorizing an association to exercise any of the powers and authorities conferred at the time of the adoption of the rules upon a federal savings and loan association doing business in this state, or may modify or reduce reserve or other requirements if an association is insured by the federal savings and loan insurance corporation, if the director finds that the exercise of the power or authorities:
(1) Serves the convenience and advantage of depositors and borrowers; and
(2) Maintains the fairness of competition and parity between state-chartered savings and loan associations and federally-chartered savings and loan associations.
As used in this section, "powers and authorities" include without limitation powers and authorities in corporate governance matters.
The restrictions, limitations and requirements applicable to specific powers or authorities of federal savings and loan associations shall apply to associations exercising those powers or authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to exercising the powers or authorities granted associations solely by this section.
[ 1994 c 256 s 120; 1994 c 92 s 436; 1982 c 3 s 24; 1981 c 87 s 2.]
Notes:
Reviser's note: This section was amended by 1994 c 92 s 436 and by 1994 c 256 s 120, each without reference to the other. Both amendments are incorporated in the publication of this section pursuant to RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).
Findings—Construction—1994 c 256: See RCW 43.320.007.
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Powers conferred upon federal savings and loan association—Reserve or other requirements—Authority of director to adopt by rule—Conditions.


title: RCW 33.12.015

text: See chapter 22.28 RCW.

catchline: Safe deposit companies.


title: RCW 33.12.060

text:
An association shall make no loan to or sell to or purchase any real property or securities from any director, officer, agent, or employee of an association except to the extent permitted to or from a director, officer, agent, or employee of a federal savings association.
[ 1994 c 256 s 121; 1994 c 92 s 437; 1985 c 239 s 1; 1982 c 3 s 25; 1979 c 113 s 3; 1953 c 71 s 2; 1947 c 257 s 3; 1945 c 235 s 35; Rem. Supp. 1947 s 3717-154. Prior: 1939 c 98 s 10; 1933 c 183 ss 51, 53.]
Notes:
Reviser's note: This section was amended by 1994 c 92 s 437 and by 1994 c 256 s 121, each without reference to the other. Both amendments are incorporated in the publication of this section pursuant to RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).
Findings—Construction—1994 c 256: See RCW 43.320.007.
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1979 c 113: See note following RCW 33.04.020.

catchline: Dealings with directors, officers, agents, employees prohibited—Exception.


title: RCW 33.12.140

text:
Before any association is authorized to receive deposits or transact any business, its incorporators shall create an expense fund, in such amount as the director may determine, from which the expense of organizing the association and its operating expenses may be paid until such time as its earnings are sufficient to pay its operating expenses, and the incorporators shall enter into an undertaking with the director to make such further contributions to the expense fund as may be necessary to pay its operating expenses until such time as it can pay them from its earnings.
Before any mutual association is authorized to receive deposits or transact any business, its incorporators shall create a contingent fund for the protection of its members against investment losses, in an amount to be determined by the director.
The contingent fund shall consist of payments in cash made by the incorporators as provided in this section and of all sums credited thereto from the earnings of the association as hereinafter required.
Prior to the liquidation of any mutual association the contingent fund shall not be encroached upon in any manner except for losses and for the repayment of contributions made by the incorporators.
No repayment of the contribution of incorporators to the contingent fund shall be made until the net balance credited to the contingent fund from earnings of the association, after such repayment, equals five percent of the amount due members.
The incorporators may receive interest upon the amount of their contributions to the contingent fund at the same rate as is paid, from time to time, to savings members.
The amounts contributed to the contingent fund by the incorporators shall not constitute a liability of the association except as hereinafter provided, and any loss sustained by the association in excess of that portion of the contingent fund created from earnings may be charged against such contributions pro rata.
[ 1994 c 92 s 438; 1982 c 3 s 26; 1945 c 235 s 13; Rem. Supp. 1945 s 3717-132. Prior: 1933 c 183 s 77; 1925 ex.s. c 144 s 7; 1919 c 169 s 8; 1913 c 110 ss 13, 14; 1903 c 106 ss 3, 5; 1890 p 56 ss 6, 15, 31.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Expense and contingent funds.


title: RCW 33.12.150

text:
The contingent fund shall constitute a reserve for the absorption of losses of a mutual association.
Members do not have, individually or collectively, any right or claim to the contingent fund except upon dissolution of the association.
[ 1982 c 3 s 27; 1981 c 84 s 3; 1963 c 246 s 4; 1961 c 222 s 2; 1945 c 235 s 51; Rem. Supp. 1945 s 3717-170. Prior: 1933 c 183 ss 63, 67; 1925 ex.s. c 144 s 7; 1919 c 169 s 8; 1913 c 110 ss 13, 14; 1903 c 116 s 5; 1890 p 56 s 31.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Contingent fund as reserve—Members' rights to fund limited.


title: RCW 33.12.170

text:
See RCW 30A.32.030.
Notes:
Home loan bank as depositary: RCW 30A.32.040.
Investment in federal home loan bank stock or bonds authorized: RCW 30A.32.020.

catchline: May borrow from home loan bank.


title: RCW 33.12.180

text:
A savings and loan association shall have the power to act as trustee under:
A retirement plan established pursuant to the provisions of the act of congress entitled "Self-Employed Individuals Tax Retirement Act of 1962" (76 Stat. 809, 26 U.S.C. Sec. 37), as now constituted or hereafter amended. If a retirement plan, which in the judgment of the savings and loan association, constituted a qualified plan under the provisions of that act at the time accepted by the savings and loan association, is subsequently determined not to be a qualified plan or subsequently ceases to be a qualified plan in whole or in part, the savings and loan association may, nevertheless, continue to act as trustee of any deposits theretofore made under the plan and to dispose of the same in accordance with the directions of the trustor and the beneficiaries thereof.
[ 1973 1st ex.s. c 93 s 1.]

catchline: Trustee of retirement plan established under federal act entitled "Self-Employed Individuals Tax Retirement Act of 1962."


title: RCW 33.16.010

text:
The business and affairs of every association shall be managed and controlled by a board of not less than seven nor more than fifteen directors, a majority of which shall not be officers or employees of the association. The persons designated in the articles of incorporation shall be the first directors.
Vacancies in the board of directors shall be filled by vote of the members at the annual meetings or at a special meeting called for the purpose. The board of directors may fill vacancies occurring on the board, such appointees to serve until the next annual meeting of the members.
[ 1947 c 257 s 1; 1945 c 235 s 14; Rem. Supp. 1947 s 3717-133. Prior: 1933 c 183 s 11; 1925 ex.s. c 144 s 3; 1919 c 169 s 3; 1913 c 110 s 4; 1890 p 56 s 32.]

catchline: Directors—Number—Vacancies.


title: RCW 33.16.020

text:
The board of directors shall be elected at the annual meeting, unless the bylaws of the association otherwise provide.
A person shall not be a director of an association if the person has been adjudicated bankrupt or has taken the benefit of any assignment for the benefit of creditors or has suffered a judgment recovered against him or her for a sum of money to remain unsatisfied of record or unsuperseded on appeal for a period of more than three months.
To be eligible to hold the position of director of an association, a person must have savings or stock or a combination thereof in the sum or the aggregate sum of at least one thousand dollars. Such minimum amount shall not be reduced either by withdrawal or by pledge for a loan or in any other manner, so long as he or she remains a director of the association.
[ 2011 c 336 s 757; 1982 c 3 s 28; 1963 c 246 s 5; 1945 c 235 s 15; Rem. Supp. 1945 s 3717-134. Prior: 1933 c 183 ss 12, 14; 1925 ex.s. c 144 s 3; 1919 c 169 s 3; 1913 c 110 s 4.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Directors—Qualifications—Eligibility.


title: RCW 33.16.030

text:
A director of a savings and loan association shall not, except to the extent permitted for a director of a federal savings and loan association:
(1) Have any interest, direct or indirect, in the gains or profits of the association, except to receive dividends, or interest upon his or her contribution to the contingent fund or upon his or her deposit accounts. However, nothing in this subsection shall prevent an officer from receiving his or her authorized compensation nor from participating in a benefit program under RCW 33.16.150, nor prevent a director from receiving an authorized director's fee;
Receive and retain, directly or indirectly, for his or her own use any commission on any loan, or purchase of real property or securities, made by the association;
(2) Become an endorser, surety, or guarantor, or in any manner an obligor, for any loan made by the association;
(3) For himself or herself or as agent, partner, stockholder, or officer of another, directly or indirectly, borrow from the association, except as hereinafter provided.
[ 1994 c 256 s 122; 1982 c 3 s 29; 1945 c 235 s 16; Rem. Supp. 1945 s 3717-135. Prior: 1933 c 183 ss 21, 62.]
Notes:
Findings—Construction—1994 c 256: See RCW 43.320.007.
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Directors—Prohibited acts.


title: RCW 33.16.040

text:
If the director shall notify the board of directors of any association in writing, that he or she has information that any director, officer, or employee of such association is dishonest, reckless, or incompetent or is failing to perform any duty of his or her office, the board shall meet and consider such matter forthwith and the director shall have notice of the time and place of such meeting. If the board shall find the director's objection to be well-founded, such director, officer, or employee shall be removed immediately. If the board does not remove the director, officer, or employee against whom the objections have been filed, or if the board fails to meet, consider or act upon the objections within twenty days after receiving the same, the director may forthwith or within twenty days thereafter, remove such individual by complying with the administrative procedure act, chapter 34.05 RCW. If the director feels that the public interest or safety of the association requires the immediate removal of such individual, the director may petition the superior court for a temporary injunction suspending the performance of the individual as a director pending the administrative procedure hearing.
[ 1994 c 92 s 439; 1982 c 3 s 30; 1973 c 130 s 21; 1945 c 235 s 17; Rem. Supp. 1945 s 3717-136. Prior: 1933 c 183 s 18.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1973 c 130: See note following RCW 33.24.350.
Appointment of provisional officers and directors: RCW 33.40.150.

catchline: Removal of director, officer or employee on objection of director of financial institutions—Procedure.


title: RCW 33.16.050

text:
If a director becomes ineligible or if the director's conduct or habits are such as to reflect discredit upon the association or if other good cause exists, the director may be removed from office by an affirmative vote of two-thirds of the members of the board of directors at any regular meeting of the board or at any special meeting called for that purpose. No such vote upon removal of a director shall be taken until the director has been advised of the reasons therefor and has had opportunity to submit to the board of directors a statement relative thereto, either oral or written. If the director affected is present at the meeting, he or she shall leave the place where the meeting is being held after his or her statement has been submitted and prior to the vote upon the matter of his or her removal.
[ 2011 c 336 s 758; 1982 c 3 s 31; 1945 c 235 s 19; Rem. Supp. 1945 s 3717-138. Prior: 1933 c 183 s 17; 1925 ex.s. c 144 s 3; 1919 c 169 s 3; 1913 c 110 s 4.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Removal of director for cause—When—Procedure.


title: RCW 33.16.060

text:
Directors and officers of an association shall be deemed to stand in a fiduciary relation to the association and shall discharge the duties of their respective positions in good faith and with that diligence, care, and skill which ordinary, prudent persons would exercise under similar circumstances in like position.
[ 1982 c 3 s 32; 1945 c 235 s 20; Rem. Supp. 1945 s 3717-139. Prior: 1933 c 183 s 15; 1925 ex.s. c 144 s 3; 1919 c 169 s 3; 1913 c 110 s 4.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Fiduciary relationship of directors and officers.


title: RCW 33.16.080

text:
The board of directors of the association shall elect the officers named in the bylaws of the association, which officers shall serve at the pleasure of the board.
[ 1982 c 3 s 33; 1945 c 235 s 22; Rem. Supp. 1945 s 3717-141. Prior: 1939 c 98 s 2; 1933 c 183 ss 19, 20.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Officers—Election—Service.


title: RCW 33.16.090

text:
The board of directors of each association shall hold a regular meeting at least once each quarter and whenever required by the director, at a time to be designated by it. Special meetings of the board of directors may be held upon notice to each director sufficient to permit his or her attendance.
At any meeting of the board of directors, a majority of the members shall constitute a quorum for the transaction of business.
The president of the association or chair of the board or any three members of the board may call a meeting of the board by giving notice to all of the directors.
[ 2011 c 336 s 759; 1994 c 256 s 123; 1982 c 3 s 34; 1945 c 235 s 23; Rem. Supp. 1945 s 3717-142. Prior: 1933 c 183 s 19.]
Notes:
Findings—Construction—1994 c 256: See RCW 43.320.007.
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Board meetings—Notice—Quorum.


title: RCW 33.16.120

text:
The board of directors shall cause to be prepared, from the books of the association, a statement of assets and of liabilities, at the end of the association's fiscal year.
The board shall also cause to be prepared, certified, and filed with the director, upon blanks to be furnished by the director, such reports and statements as the director, from time to time, may require.
[ 1994 c 92 s 440; 1982 c 3 s 35; 1973 c 130 s 23; 1945 c 235 s 27; Rem. Supp. 1945 s 3717-146. Prior: 1933 c 183 s 79; 1919 c 169 ss 11, 12; 1913 c 110 ss 18, 19; 1890 p 56 ss 18, 36.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1973 c 130: See note following RCW 33.24.350.

catchline: Statement of assets and liabilities—Reports.


title: RCW 33.16.130

text:
The board of directors of every association shall procure a bond or bonds, covering all of its active officers, agents, and employees, whether or not they draw salary or compensation, with duly qualified corporate surety authorized to do business in the state of Washington, conditioned that the surety will indemnify and save harmless the association against any and all loss or losses arising through the larceny, theft, embezzlement, or other fraudulent or dishonest act or acts of any such officer, agent, or employee. Such bond coverage may provide for a deductible amount from any loss which otherwise would be recoverable from the corporate surety. A deductible amount may be applied separately to one or more bonding agreements. The bond shall not provide for more than one deductible amount from all losses caused by the same person or caused by the same persons acting in collusion or combination in cases in which such losses result from dishonesty of employees (as defined in the bond).
Such bond or bonds shall be in such amount, as to each of said officers or employees, as the directors shall deem advisable, and said bond or bonds shall be subject to the approval of the director and shall be filed with him or her. The board shall review such bond, or bonds, at its regular meeting in January of each year, and by resolution determine such bond coverage for the ensuing year.
[ 1994 c 92 s 441; 1979 c 113 s 4; 1945 c 235 s 28; Rem. Supp. 1945 s 3717-147. Prior: 1939 c 98 s 2; 1933 c 183 s 20; 1925 ex.s. c 144 s 3; 1919 c 169 s 3; 1913 c 110 s 4; 1890 p 56 s 21.]
Notes:
Severability—1979 c 113: See note following RCW 33.04.020.

catchline: Bonds of officers and employees.


title: RCW 33.16.150

text:
An association may provide for pensions, retirement plans and other benefits for its officers and employees, and may contribute to the cost thereof in accordance with the plan adopted by its board of directors. Any officer or employee of the association who is also a director or any director who has been an officer or employee is eligible for and may receive such pension, retirement plan, or other benefit to the extent that the officer or employee regularly participates or the director while an officer or employee regularly participated in the operation of the association.
[ 1982 c 3 s 36; 1945 c 235 s 38; Rem. Supp. 1945 s 3717-157.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Pensions, retirement plans and other benefits.


title: RCW 33.16.170

text:
See RCW 30A.32.040.
Notes:

catchline: Federal home loan bank as depositary.


title: RCW 33.20.005

text:
Deposits made by individuals in an association are governed by *chapter 30.22 RCW.
[ 1981 c 192 s 29.]
Notes:
*Reviser's note: Chapter 30.22 RCW was recodified as chapter 30A.22 RCW pursuant to 2014 c 37 s 4, effective January 5, 2015.
Effective date—1981 c 192: See RCW 30A.22.900.

catchline: Deposits by individuals governed by chapter 30.22 RCW.


title: RCW 33.20.010

text:
Each member having deposits in a mutual association shall have a proportionate proprietary interest in its assets or net earnings subordinate to the claims of its other creditors. At any meeting of the members of a mutual association, each member shall be entitled to at least one vote. A mutual association, by its bylaws, may provide that each member shall be entitled to one vote for each one hundred dollars of the member's deposit account. At any meeting of the members, voting may be in person or by proxy. Proxies shall be in writing and signed by the member and, when filed with the secretary, shall continue in force until revoked or superseded by subsequent proxies. Written notice of the time and place of the holding of special meetings (other than the regular annual meeting) shall be mailed to each member at his or her last known address not more than thirty days, nor less than ten days prior to the meeting. The regular annual meeting of the mutual association shall be announced by publication of a notice thereof in a newspaper published in the city or town, or, if the association is not in a city or town, in the county in which the association is located at least ten days prior to the date of such meeting, or by ten days' written notice to the members mailed to the last known address of each member.
[ 2011 c 336 s 760; 1982 c 3 s 37; 1969 c 107 s 4; 1949 c 20 s 2; 1945 c 235 s 12; Rem. Supp. 1949 s 3717-131. Prior: 1933 c 183 ss 13, 39; 1919 c 169 s 4; 1913 c 110 s 5; 1903 c 116 s 6; 1890 p 56 s 39.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Mutual association member's interest in assets—Meetings—Voting—Proxies.


title: RCW 33.20.040

text:
Subject to *chapter 30.22 RCW, minors may become depositors or members of an association and all contracts entered into between a minor and an association, with respect to his or her membership or his or her deposits therein, shall be valid and enforceable, and a minor may not disaffirm, because of his or her minority, any such membership or agreement in connection therewith.
[ 2011 c 336 s 761; 1982 c 3 s 38; 1981 c 192 s 30; 1945 c 235 s 41; Rem. Supp. 1945 s 3717-160. Prior: 1933 c 183 ss 24, 40; 1919 c 169 s 5; 1913 c 110 s 6.]
Notes:
*Reviser's note: Chapter 30.22 RCW was recodified as chapter 30A.22 RCW pursuant to 2014 c 37 s 4, effective January 5, 2015.
Severability—1982 c 3: See note following RCW 33.04.002.
Effective date—1981 c 192: See RCW 30A.22.900.

catchline: Minors as members.


title: RCW 33.20.060

text:
The state of Washington and the political subdivisions thereof, and trustees, administrators, executors, guardians, and other fiduciaries, either individual or corporate, in their fiduciary capacity, may be depositors in associations.
[ 1982 c 3 s 39; 1945 c 235 s 44; Rem. Supp. 1945 s 3717-163.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: State, political subdivisions, fiduciaries as depositors.


title: RCW 33.20.125

text:
An association shall maintain a record of all deposits received from its members. The issuance of a passbook, statement, or certificate may be omitted for any account if a record thereof is maintained in lieu of a passbook, statement, or certificate of deposit, on which shall be entered deposits, withdrawals, and interest credited.
[ 1982 c 3 s 40.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Record of member deposits—As in lieu of passbook, statement, or certificate of deposit.


title: RCW 33.20.130

text:
When any savings member shall have neither paid in nor withdrawn any funds from his or her savings account in the association for seven consecutive years, and his or her whereabouts is unknown to the association and he or she shall not respond to a letter from the association inquiring as to his or her whereabouts, sent by registered mail to his or her last known address, the association may transfer his or her account to a "Dormant Accounts" fund. Any savings account in the "Dormant Accounts" fund shall not participate in the earnings of the association except by permissive action of the directors of the association. The member, or his or her or its executor, administrator, successors or assigns, may claim the amount so transferred from his or her account to the dormant accounts fund at any time after such transfer. Should the association be placed in liquidation while any savings account shall remain credited in the dormant accounts fund and before any valid claim shall have been made thereto, as hereinabove provided, such savings account so credited, upon order of the director and without any other escheat proceedings, shall escheat to the state of Washington.
[ 1994 c 92 s 442; 1945 c 235 s 53; Rem. Supp. 1945 s 3717-172. Prior: 1933 c 183 s 38.]
Notes:
Escheats: Chapter 11.08 RCW.
Revised uniform unclaimed property act: Chapter 63.30 RCW.

catchline: Dormant accounts.


title: RCW 33.20.150

text:
The deposits paid into an association, together with any interest credited thereon, shall be repaid to the depositors thereof respectively, or to their legal representatives, upon request.
If, in the judgment of the board, circumstances warrant deferment of the payment of withdrawals from savings accounts to a later date, thereafter withdrawals shall be paid proportionately, on a percentage basis, to all depositors requesting withdrawal until full withdrawal requests are paid to all depositors. A board resolution of deferment shall not affect the payments of withdrawals from federal tax and loan accounts.
The board shall, however, have the right in its discretion, where need is shown, to pay not exceeding one hundred dollars to any account holder in one month.
If, upon examination, the director finds that further postponement of withdrawals is unwarranted, the director may order the association to resume full payment of withdrawals and cancel all written withdrawal requests. Such order shall be in writing.
The association's failure, during a period of postponement, to pay withdrawal requests shall not authorize the director to take charge of or liquidate the association.
[ 1994 c 92 s 443; 1982 c 3 s 41; 1979 c 113 s 5; 1953 c 71 s 5; 1945 c 235 s 54; Rem. Supp. 1945 s 3717-173. Prior: 1939 c 98 s 5; 1933 c 183 ss 29, 30, 31, 32, 33, 34, 37; 1919 c 169 s 10; 1913 c 110 s 16; 1890 p 56 s 27.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1979 c 113: See note following RCW 33.04.020.

catchline: Deposits with interest to be repaid on request—Postponement of withdrawals—Procedure.


title: RCW 33.20.170

text:
The director further is empowered, if in his or her judgment the circumstances warrant it, to issue in writing a declaration that an acute business depression, state of panic, or economic emergency exists, in which event the directors of any association, state or federal, within the state may limit withdrawals by resolution, subject to the following conditions; that incoming funds shall be applied:
First, to the payment of operating expenses, indebtedness, taxes, insurance, and to the necessary charges for the protection of the association and its investments;
Second, to the payment to members of emergency withdrawals not exceeding twenty-five dollars per month to any member. The board of directors of any association, with the prior written approval of the director, by resolution may authorize the payment of emergency withdrawals not exceeding one hundred dollars per month to any member;
Third, to the payment of dividends on the savings of its members;
Fourth, three-fourths of all remaining receipts of the association, except interest payments, shall be applied to the payment of withdrawals, until all withdrawal requests have been paid.
All such withdrawal payments shall be made to members having withdrawal requests on file in proportion to the amount of such withdrawal requests.
[ 1994 c 92 s 444; 1945 c 235 s 99; Rem. Supp. 1945 s 3717-218. Prior: 1939 c 98 s 5; 1933 c 183 ss 29, 30, 31, 32, 33, 34; 1919 c 169 s 10; 1913 c 110 s 16; 1890 p 56 s 27.]

catchline: Withdrawals may be limited—Conditions.


title: RCW 33.20.180

text:
An association may classify its depositors according to the character, amount, frequency or duration of their dealings with the association and may regulate the earnings in such manner that each depositor receives the same rate of interest as all others of the depositor's class.
[ 1982 c 3 s 42; 1969 c 107 s 9.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Classification of depositors—Regulation of earnings according to class.


title: RCW 33.20.190

text:
An association may, on instruction from a depositor, effect withdrawals from the depositor's account by the association's drafts payable to parties and on terms as so instructed. An association may allow a depositor to effect withdrawals or transfers from the depositor's account upon negotiable or transferable order or authorization to the association. To the extent of the subjection of accounts to such withdrawal instructions or orders, such accounts may be specifically classified under RCW 33.20.180 and ineligible to receive interest or eligible only for limited interest.
[ 1982 c 3 s 43; 1980 c 54 s 1; 1969 c 107 s 10.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Contingent effective date—1980 c 54: "The provisions of this 1980 amendatory act shall take effect on the effective date of a law enacted by the United States Congress enabling depository institutions in the state of Washington to allow the owner of a deposit or account on which interest or dividends are paid to make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties." [ 1980 c 54 s 3.] Section 303 of the Consumer Checking Account Equity Act of 1980, 94 Stat. 145, authorizes the above mentioned withdrawals. Section 303 has an effective date of December 31, 1980.

catchline: Withdrawal by association draft or negotiable or transferable order or authorization—Interest eligibility.


title: RCW 33.24.005

text:
The word "mortgage" as used in this title includes deed of trust and real estate contract.
[ 1982 c 3 s 44; 1973 c 130 s 28.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1973 c 130: See note following RCW 33.24.350.

catchline: "Mortgage" includes deed of trust and real estate contract.


title: RCW 33.24.007

text:
Unless the context clearly requires otherwise, "real property" means improved or unimproved real estate and includes leasehold interests in improved or unimproved real estate and includes manufactured housing whether temporarily, semipermanently, or permanently attached to land and mobile homes and manufactured homes whose title has been eliminated under chapter 65.20 RCW.
[ 1989 c 343 s 23; 1982 c 3 s 49.]
Notes:
Effective date—1989 c 343: See RCW 65.20.950.
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: "Real property" defined.


title: RCW 33.24.010

text:
(1) An association may invest its funds only as provided in this chapter.
(2) An association is subject to the same limits on loans and extensions of credit, and exceptions thereto, as set forth in *RCW 30.04.111.
[ 2013 c 76 s 30; 1994 c 92 s 445; 1982 c 3 s 45; 1979 c 113 s 6; 1963 c 246 s 7; 1953 c 71 s 6; 1947 c 257 s 5; 1945 c 235 s 58; Rem. Supp. 1947 s 3717-177. Prior: 1939 c 98 s 11; 1933 c 183 ss 39, 52, 56, 58; 1925 ex.s. c 144 s 5; 1913 c 110 ss 8, 9; 1903 c 116 s 2; 1890 p 56 ss 4, 30.]
Notes:
*Reviser's note: RCW 30.04.111 was recodified as RCW 30A.04.111 pursuant to 2014 c 37 s 4, effective January 5, 2015.
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1979 c 113: See note following RCW 33.04.020.

catchline: Authority to invest—Limits on loans and extensions of credit.


title: RCW 33.24.015

text:
An association may invest not more than twenty percent of its assets in loans on such terms as it deems appropriate.
[ 1982 c 3 s 51.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Loans generally—Limitation.


title: RCW 33.24.020

text:
An association may invest its funds in loans upon or purchases of the bonds or obligations of or bonds or obligations guaranteed by the United States of America, including bonds of the District of Columbia, of the Dominion of Canada, or those for which the faith of the United States or the Dominion of Canada is pledged to provide for the payment of interest and principal: PROVIDED, That, in the case of bonds of the Dominion of Canada or those for which its faith is pledged, the interest and principal shall be payable in the United States or with exchange to a city in the United States and in lawful money of the United States or its equivalent.
[ 1947 c 257 s 6; 1945 c 235 s 59; Rem. Supp. 1947 s 3717-178. Prior: 1939 c 98 s 11; 1935 c 9 ss 1, 2, 3; 1933 c 183 s 56.]

catchline: Obligations of United States or Canada.


title: RCW 33.24.025

text:
Except as may be limited by the director by rule, an association may invest its funds in obligations of the United States, as authorized by RCW 33.24.020, either directly or in the form of securities of, or other interests in, an open-end or closed-end management type investment company or investment trust registered under the federal investment company act of 1940, as now or hereafter amended, if both of the following conditions are met:
(1) The portfolio of the investment company or investment trust is limited to obligations of the United States and to repurchase agreements fully collateralized by such obligations; and
(2) The investment company or investment trust takes delivery of the collateral for any repurchase agreement either directly or through an authorized custodian.
[ 1994 c 92 s 446; 1989 c 97 s 3.]

catchline: Investment in investment trusts or companies.


title: RCW 33.24.030

text:
An association may invest its funds in the bonds or interest bearing obligations of this state or any agency thereof.
[ 1955 c 126 s 1; 1945 c 235 s 60; Rem. Supp. 1945 s 3717-179. Prior: 1939 c 98 s 11; 1933 c 183 s 56.]

catchline: Obligations of this state.


title: RCW 33.24.040

text:
An association may invest its funds in the bonds or interest bearing obligations of any other state of the United States upon which there is no existing default and upon which there has been no default for more than ninety days within ten years immediately preceding the investment: PROVIDED, That such state has not been in default for more than ninety days, within said ten years, in the payment of any part of the principal or interest of any debt contracted by it or for which the faith of such state was pledged.
[ 1945 c 235 s 61; Rem. Supp. 1945 s 3717-180. Prior: 1939 c 98 s 11; 1933 c 183 s 56.]

catchline: Obligations of other states.


title: RCW 33.24.050

text:
An association may invest its funds in the valid warrants or bonds of any city, town, county, school district, port district, or other municipal corporation in the state of Washington which are issued pursuant to law and for the payment of which the faith and credit of such municipal corporations is pledged and taxes are leviable upon all taxable property within its limits. The aggregate of the investments of an association in any issue of such warrants or bonds shall at no time exceed five percent of the amount of its savings accounts.
[ 1945 c 235 s 62; Rem. Supp. 1945 s 3717-181. Prior: 1939 c 98 s 11; 1933 c 183 s 56.]

catchline: Obligations of municipal corporations in this state.


title: RCW 33.24.060

text:
An association may invest its funds in the valid warrants or bonds of any city, county, school district, port district, or other municipal corporation in the United States having a population of not less than fifty thousand inhabitants as determined by the last federal census, which municipal corporation has not defaulted in the payment of interest or principal upon any general obligation, including those for which its credit was pledged, within ten years last past, and for the payment of which the faith and credit of such municipal corporation is pledged and taxes are leviable upon all taxable property within its limits. No such investment shall be made unless the warrants or bonds for purchase are rated not less than BAA by Moody's Investors' Service, or have equivalent rating of another standard rating bureau, and the aggregate of the investments of an association in any issue of such warrants or bonds shall at no time exceed five percent of the amount of its savings accounts.
[ 1945 c 235 s 63; Rem. Supp. 1945 s 3717-182. Prior: 1939 c 98 s 11; 1933 c 183 s 56.]

catchline: Obligations of municipal corporations in any state.


title: RCW 33.24.065

text:
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.
[ 1985 c 301 s 3.]

catchline: Obligations issued or guaranteed by multilateral development bank.


title: RCW 33.24.070

text:
An association may invest its funds in the revenue bonds of any city, town, district, or political subdivision of this state for the payment of which revenue of the city, town, district or political subdivision utility or revenue producing facility is irrevocably pledged.
It may invest its funds in the light, water, or sewer revenue bonds of any city or other municipal corporation in the United States having a population of not less than fifty thousand inhabitants as determined by the last federal census, which has not defaulted in the payment of interest or principal upon this or any like obligation, including those for which its credit was pledged, within ten years last past, for the payment of which the entire revenue of the city's or other municipal corporation's light, water, or sewer system, less maintenance and operating costs, is irrevocably pledged.
The aggregate of the investments of an association in any issue of such revenue bonds shall at no time exceed five percent of the amount of its savings accounts.
[ 1955 c 126 s 2; 1945 c 235 s 64; Rem. Supp. 1945 s 3717-183. Prior: 1939 c 98 s 11; 1933 c 183 s 56.]

catchline: City or district light, water, and sewer revenue bonds.


title: RCW 33.24.080

text:
An association may invest its funds in the bonds of any local improvement district of any city of this state (except bonds issued for an improvement consisting of grading only), the ultimate payment of which is guaranteed by the municipality under the provisions of guaranty laws of this state: PROVIDED, That one-half of the lots in the district are improved with revenue producing houses or other improvements and that local improvement district bonds falling within the twenty-five percent, in amount of any issue, last callable for payment shall neither be acquired nor taken as security. The aggregate of the investments of an association in any issue of such bonds shall at no time exceed three percent of the amount of its savings accounts, and it may not have invested, at any one time, more than one hundred thousand dollars in the bonds of any such district.
[ 1953 c 71 s 7; 1945 c 235 s 65; Rem. Supp. 1945 s 3717-184. Prior: 1939 c 98 s 11; 1933 c 183 s 56.]

catchline: Local improvement district bonds.


title: RCW 33.24.090

text:
An association may invest its funds in stock or notes, bonds, debentures, or other such obligations of any federal home loan bank, the Home Owners' Loan Corporation, any federal land bank, the Federal Savings and Loan Insurance Corporation, the Federal Housing Administration, the Federal National Mortgage Association, or any other instrumentality of the federal government, or any state or federal agency organized under the laws of the United States or of the state of Washington authorized to loan to or act as a fiscal agency for, or insurer of, a savings and loan association.
An association may become a member of and invest its funds in other savings and loan associations organized under either federal or state law, which have an authorized office in this state: PROVIDED, That the investment in any such other savings and loan association shall not exceed the amount which is insured by the Federal Savings and Loan Insurance Corporation.
[ 1959 c 280 s 3; 1953 c 71 s 8; 1945 c 235 s 66; Rem. Supp. 1945 s 3717-185. Prior: 1939 c 98 s 11; 1935 c 9 ss 1, 2, 3; 1933 c 183 s 56.]

catchline: Obligations of federal and state agencies—Investment in other associations.


title: RCW 33.24.100

text:
An association may invest its funds in loans, mortgages, or other obligations secured by real property.
[ 1982 c 3 s 46; 1979 c 113 s 7; 1969 c 107 s 5; 1949 c 20 s 6; 1945 c 235 s 67; Rem. Supp. 1949 s 3717-186. Prior: 1939 c 98 s 11; 1935 c 9 ss 1, 2, 3; 1933 c 183 ss 56, 58; 1925 ex.s. c 144 s 5; 1913 c 110 ss 8, 9; 1903 c 116 s 2; 1890 p 56 s 4.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1979 c 113: See note following RCW 33.04.020.

catchline: Loans or other obligations secured by real property.


title: RCW 33.24.115

text:
An association, alone or in conjunction with other entities, may form, incorporate, or invest in corporations or other entities, whether or not such other corporation or entity is related to the association's business. The aggregate amount of funds invested or used in the formation of corporations or other entities under this section shall not exceed ten percent of the assets of the association.
[ 1982 c 3 s 50.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Forming, incorporating with, or investing in other entities—Limitation.


title: RCW 33.24.160

text:
An association may invest its funds in the acquisition of furniture, fixtures and office equipment convenient and necessary for the carrying on of its business.
An association may invest its funds in real property or leasehold interests therein for use in the transaction of its business.
[ 1982 c 3 s 47; 1945 c 235 s 73; Rem. Supp. 1945 s 3717-192. Prior: 1939 c 98 s 11; 1933 c 183 s 56.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Investment in office equipment and real property interests used in doing business.


title: RCW 33.24.200

text:
Every director, officer, agent, or employee of an association who shall borrow or who shall knowingly permit any person to borrow any of its funds in violation of the provisions of this title shall be personally liable for any loss or damage which the association may sustain in consequence thereof.
[ 1945 c 235 s 94; Rem. Supp. 1945 s 3717-213.]

catchline: Personal liability on unlawful loans.


title: RCW 33.24.220

text:
See RCW 30A.32.020.
Notes:
Home loan bank as depositary: RCW 30A.32.040.
May borrow from home loan bank: RCW 30A.32.030.

catchline: Stock or bonds of federal home loan bank.


title: RCW 33.24.270

text:
A savings and loan association may purchase and hold for its own investment accounts stock in small business investment companies licensed and regulated by the United States as authorized by the small business act, Public Law 85-536, as amended and now in force, in an amount not to exceed one percent of its assets.
[ 1973 c 130 s 30; 1969 c 107 s 13.]
Notes:
Severability—1973 c 130: See note following RCW 33.24.350.
Definitions—1973 c 130: See RCW 33.24.350.

catchline: Stock in small business investment companies.


title: RCW 33.24.295

text:
An association may invest not to exceed twenty percent of its assets in loans for any nonbusiness family purposes.
[ 1982 c 3 s 48; 1979 c 113 s 12; 1973 c 130 s 27.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1979 c 113: See note following RCW 33.04.020.
Severability—1973 c 130: See note following RCW 33.24.350.

catchline: Loans for nonbusiness family purposes—Limitation.


title: RCW 33.24.345

text:
A person or other entity, including an association, organized under the laws of this state or authorized to transact business in this state, may acquire any or all of the assets or shares of stock of any association authorized to transact business under this title.
[ 1982 c 3 s 52.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Acquisition of control of association—Authorized.


title: RCW 33.24.350

text:
Unless the context requires otherwise, the definitions in this section apply throughout this chapter.
(1) "Subsidiary" of a person or other entity means any person or other entity which is controlled by such person or other entity.
(2) "Control" means directly or indirectly or acting in concert with one or more other persons or entities, or through one or more subsidiaries, owning, controlling, or holding with the power to vote twenty-five percent or more of the voting rights of an association.
(3) "Acquiring party" means the person or other entity acquiring control of a savings and loan association.
[ 1982 c 3 s 53; 1973 c 130 s 1.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1973 c 130: "If any provision of this 1973 amendatory act, or its application to any person or circumstance is held invalid, the remainder of the act, or the application of the provision to other persons or circumstances is not affected." [ 1973 c 130 s 32.]

catchline: Acquisition of control of association—Definitions.


title: RCW 33.24.360

text:
(1) It is unlawful for any acquiring party to acquire control of an association until thirty days after the date of filing with the director an application containing substantially all of the following information and any additional information that the director may prescribe as necessary or appropriate in the public interest or for the protection of deposit account holders, borrowers or stockholders:
(a) The identity, character, and experience of each acquiring party by whom or on whose behalf acquisition is to be made;
(b) The financial and managerial resources and future prospects of each acquiring party involved in the acquisition;
(c) The terms and conditions of any proposed acquisition and the manner in which such acquisition is to be made;
(d) The source and amount of the funds or other consideration used or to be used in making the acquisition and, if any part of these funds or other consideration has been or is to be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction and the names of the parties. However, where a source of funds is a loan made in the lender's ordinary course of business, if the person filing the statement so requests, the director shall not disclose the name of the lender to the public;
(e) Any plans or proposals which any acquiring party making the acquisition may have to liquidate the association to sell its assets, to merge it with any company, or to make any other major changes in its business or corporate structure or management;
(f) The identification of any persons employed, retained or to be compensated by the acquiring party, or by any person on his or her behalf, who makes solicitations or recommendations to stockholders for the purpose of assisting in the acquisition, and brief description of the terms of such employment, retainer, or arrangements for compensation;
(g) Copies of all invitations for tenders or advertisements making a tender offer to stockholders for purchase of their stock to be used in connection with the proposed acquisition.
(2) When an unincorporated company is required to file the statements under subsection (1)(a), (b), and (f) of this section, the director may require that the information be given with respect to each partner of a partnership or limited partnership, by each member of a syndicate or group, and by each person who controls a partner or member. When an incorporated company is required to file the statements under subsection (1)(a), (b), and (f) of this section, the director may require that the information be given for the corporation and for each officer and director of the corporation and for each person who is directly or indirectly the beneficial owner of twenty-five percent or more of the outstanding voting securities of the corporation. If any tender offer, request or invitation for tenders or other agreement to acquire control is proposed to be made by means of a registration statement under the federal securities act of 1933 (48 Stat. 74, 15 U.S.C. Sec. 77a), as amended, or in circumstances requiring the disclosure of similar information under the federal securities exchange act of 1934 (48 Stat. 881; 15 U.S.C. Sec. 77b), as amended, or in an application filed with the federal home loan bank board requiring similar disclosure, such registration statement or application may be filed with the director in lieu of the requirements of this section.
(3) The director shall give notice by mail to all associations doing business within the state of the filing of an application to acquire control of an association. The association shall transmit a check to the director for two hundred dollars when filing the application to cover the expense of notification. Persons interested in protesting the application may contact the director in person or by writing prior to a date which shall be given in the notice.
(4) Any person who willfully violates this section, or any regulation or order thereunder, is guilty of a misdemeanor and shall be fined not more than one thousand dollars for each day during which the violation continues.
[ 2003 c 53 s 197; 1994 c 92 s 447; 1982 c 3 s 54; 1979 c 113 s 13; 1973 c 130 s 2.]
Notes:
Intent—Effective date—2003 c 53: See notes following RCW 2.48.180.
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1979 c 113: See note following RCW 33.04.020.
Severability—1973 c 130: See note following RCW 33.24.350.

catchline: Acquisition of control of association—Unlawful, when—Application—Contents—Notice to other associations—Penalty.


title: RCW 33.24.370

text:
The director may within thirty days after the date of filing of the application under RCW 33.24.360, file an action or proceeding in superior court to prevent the pending acquisition of control if the director finds any of the following:
(1) The acquisition would substantially lessen competition or would in any manner be in restraint of trade or would result in a monopoly, or would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the savings and loan business in any part of the state of Washington, unless the director also finds that the anticompetitive effects of the proposed acquisition are clearly outweighed in the public interest by the probable effect of the acquisition in meeting the convenience and needs of the community to be served;
(2) The poor financial condition of any acquiring party might jeopardize the financial stability of the association being acquired or might prejudice the interests of the depositors, borrowers, or stockholders of the association or is not in the public interest;
(3) The plan or proposal under which the acquiring party intends to liquidate the association, to sell its assets, or to merge it with any person or company, or to make any other major change in its business or corporate structure or management, is not fair and reasonable to the association's depositors, borrowers, or stockholders or is not in the public interest; or
(4) The competence, experience and integrity of any acquiring party who would control the operation of the association indicates that approval would not be in the interest of the association's depositors, borrowers, or stockholders nor in the public interest.
[ 1994 c 92 s 448; 1982 c 3 s 55; 1973 c 130 s 3.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1973 c 130: See note following RCW 33.24.350.

catchline: Acquisition of control of association—Action or proceeding to prevent—Grounds.


title: RCW 33.24.375

text:
RCW 33.24.345, 33.24.350, 33.24.360, and 33.24.370 do not apply to foreign associations doing business in this state, except when an acquiring party intends to acquire only one or more branches of a foreign association which are located in this state.
[ 1982 c 3 s 56.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Acquisition of control of association—Application to foreign association branches.


title: RCW 33.28.010

text:
The secretary of state shall collect fees of twenty dollars in advance for filing articles of incorporation. The secretary of state shall establish by rule, fees for amendments to articles of incorporation, other certificates required to be filed in his or her office, and for furnishing copies of papers filed in his or her office.
Every association shall also pay to the secretary of state, for filing any instrument with him or her, the same fees as are required of general corporations for filing similar papers.
[ 1993 c 269 s 13; 1981 c 302 s 33; 1945 c 235 s 76; Rem. Supp. 1945 s 3717-195.]
Notes:
Effective date—1993 c 269: See note following RCW 23.86.070.
Severability—1981 c 302: See note following RCW 19.76.100.
Corporations, fees in general: Chapter 23B.01 RCW.

catchline: Filing and copy fees.


title: RCW 33.28.020

text:
The director shall collect from each association a fee, the amount of which shall be set by rule, to cover the actual cost of examinations and supervision.
[ 1994 c 92 s 449; 1982 c 3 s 57; 1974 ex.s. c 22 s 1; 1969 c 107 s 6; 1961 c 222 s 4; 1945 c 235 s 77; Rem. Supp. 1945 s 3717-196. Prior: 1933 c 183 s 82; 1919 c 169 s 11; 1913 c 110 s 18.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Fee for examination and supervision costs.


title: RCW 33.28.040

text:
The fees provided for in this title shall be in lieu of all other corporation fees, licenses, or excises for the privilege of doing business, except for business and occupation taxes imposed pursuant to chapter 82.04 RCW, and except for license fees or taxes imposed by a city or town under RCW 82.14A.010, notwithstanding any other provisions of this section.
Neither an association nor its members shall be taxed upon its deposit accounts as property, nor shall a domestic association be taxed upon its real and tangible personal property at a rate greater than any federal association doing business in this state.
An association is an institution for deposits and neither it nor its property shall be taxed under any law which shall exempt banks or other savings institutions, state or federal, from taxation.
For all purposes of taxation, the assets represented by the contingent fund, guaranty fund, and other reserves (other than reserves for expenses and specific losses) of an association shall be deemed its only permanent capital and, in computing any tax, whether property, income, or excise, appropriate adjustments shall be made to give effect to the nature of such association.
[ 1982 c 3 s 58; 1972 ex.s. c 134 s 4; 1970 ex.s. c 101 s 1; 1945 c 235 s 79; Rem. Supp. 1945 s 3717-198. Prior: 1933 c 183 s 86; 1913 c 110 s 17; 1890 p 56 ss 35, 38.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Effective date—1972 ex.s. c 134: See RCW 82.14A.900.
Severability—1970 ex.s. c 101: "If any provision of this act, or its application to any person or circumstance is held invalid, the remainder of the act, or the application of the provision to other persons or circumstances is not affected." [ 1970 ex.s. c 101 s 5.]
Effective date—1970 ex.s. c 101: "This act is necessary for the immediate preservation of the public peace, health and safety, the support of the state government and its existing public institutions, and shall take effect March 1, 1970." [ 1970 ex.s. c 101 s 6.]
City or town license fees or taxes on financial institutions: Chapter 82.14A RCW.

catchline: Taxation of associations.


title: RCW 33.32.020

text:
Unless prohibited by the laws of the state in which it is incorporated, a foreign association or like corporation authorized to do business in this state which, by the laws of the state in which it is incorporated, is required to be examined or to make reports to officers of such state, after each such examination or on the making of each such report, shall furnish to the director a copy of such examination or report, certified by the officer of the state making such examination or receiving the report.
[ 1994 c 92 s 450; 1982 c 3 s 59; 1945 c 235 s 81; Rem. Supp. 1945 s 3717-200. Prior: 1933 c 183 s 87; 1913 c 110 s 21; 1890 p 56 ss 14, 37.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Examinations and reports.


title: RCW 33.32.030

text:
Except as to those matters relating strictly to its internal management which are governed by provisions of the law of the state of its incorporation inconsistent with this title, a foreign association or like corporation authorized to transact business in this state shall conduct its business in conformance with the provisions of this title and all requirements of the director.
All agreements made by any foreign association or like corporation doing business in this state with any resident of this state shall be deemed and construed to be made within this state.
[ 1994 c 92 s 451; 1982 c 3 s 60; 1945 c 235 s 82; Rem. Supp. 1945 s 3717-201. Prior: 1933 c 183 s 87; 1913 c 110 s 21; 1890 p 56 ss 9, 14.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Subject to state regulations and laws.


title: RCW 33.32.050

text:
No foreign savings and loan association or like corporation shall do business in this state until it shall file with the director a written irrevocable power of attorney providing that service upon the director of any process issued against it by any court in this state shall constitute valid service of such process upon it. Such service shall be had by serving upon the director two copies of such summons or other process, together with the sum of two dollars. The director, upon receipt of any such summons or other process, shall forthwith transmit, by registered mail, one copy thereof to the principal office of such foreign association or corporation.
[ 1994 c 92 s 452; 1945 c 235 s 84; Rem. Supp. 1945 s 3717-203. Prior: 1933 c 183 s 87; 1890 p 56 ss 9, 10, 12.]

catchline: Power of attorney for service of process.


title: RCW 33.32.060

text:
Subject to other provisions of this chapter, an out-of-state savings and loan association shall be permitted to establish a branch or acquire branches in this state if the out-of-state savings and loan association would be permitted to establish or acquire a branch in Washington state if it were a savings bank chartered under Title 32 RCW or a savings association chartered under this title.
[ 2013 c 76 s 31; 1945 c 235 s 85; Rem. Supp. 1945 s 3717-204. Prior: 1933 c 183 s 88; 1890 p 56 s 13.]

catchline: Restrictions on out-of-state savings and loan associations.


title: RCW 33.32.070

text:
Any foreign savings and loan association or like corporation doing business in this state which fails to comply with any provision of this title as required shall not thereafter transact any business within this state.
[ 1982 c 3 s 61; 1945 c 235 s 86; Rem. Supp. 1945 s 3717-205. Prior: 1933 c 183 s 89; 1913 c 110 s 21; 1890 p 56 ss 14, 20.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Failure to comply with title as disqualifying act.


title: RCW 33.32.080

text: See chapter 23B.18 RCW.

catchline: Nonadmitted foreign associations—Powers relative to secured interests.


title: RCW 33.36.010

text:
Any director, officer, agent, or employee of an association who, on behalf of such association, shall knowingly and wilfully make or participate in making or consent to any loan or investment contrary to the provisions of this title shall be guilty of a gross misdemeanor.
[ 1945 c 235 s 87; Rem. Supp. 1945 s 3717-206. Prior: 1933 c 183 ss 53, 62, 102, 111; 1919 c 169 s 16; 1913 c 110 s 27.]

catchline: Illegal loans or investments.


title: RCW 33.36.020

text:
Any director, officer, agent, attorney, or employee of an association who, directly or indirectly, shall purchase at a discount any savings account in the association or any certificate or debenture of any segregation corporation holding assets formerly held by the association shall be guilty of a gross misdemeanor.
[ 1945 c 235 s 88; Rem. Supp. 1945 s 3717-207. Prior: 1933 c 183 ss 62, 101.]

catchline: Purchase at discount of accounts or certificates.


title: RCW 33.36.030

text:
Every transfer of its property and assets by any association in this state, made in contemplation of insolvency, or after it becomes insolvent, with a view to the preference of one creditor or member over another, or to prevent the proper distribution of its property and assets among its creditors and members, shall be void.
Every director, officer, agent, or employee making such transfer or assisting therein is guilty of a class C felony as provided in chapter 9A.20 RCW.
[ 1982 c 3 s 62; 1945 c 235 s 89; Rem. Supp. 1945 s 3717-208.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Preference in case of insolvency.


title: RCW 33.36.040

text:
Every person who subscribes to or knowingly makes or causes to be made any false statement or false entry in the books of any association, or knowingly subscribes to or exhibits any false or fictitious security, document, or paper, with intent to deceive any person authorized to examine into the affairs of any association, or knowingly makes or publishes any false statement of the amount of the assets or liabilities of the association, is guilty of a class C felony as provided in chapter 9A.20 RCW.
[ 1982 c 3 s 63; 1945 c 235 s 90; Rem. Supp. 1945 s 3717-209. Prior: 1933 c 183 s 101; 1919 c 169 ss 12, 18; 1913 c 110 s 19.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Falsification of books—Exhibiting false document—Making false statement of assets or liabilities.


title: RCW 33.36.050

text:
Any person who wilfully instigates, makes, circulates, or transmits to another or others any statement which the person knows to be false concerning the financial condition or affecting the financial standing of any association doing business in this state, or who wilfully counsels, aids, procures or induces another to start, transmit, or circulate any such statement which the person knows to be false, is guilty of a gross misdemeanor.
[ 1982 c 3 s 64; 1945 c 235 s 92; Rem. Supp. 1945 s 3717-211. Prior: 1933 c 183 s 110.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: False statement affecting financial standing.


title: RCW 33.36.060

text:
Any person who, for the purpose of concealing any material fact, suppresses any evidence or abstract, removes, mutilates, destroys, or secretes any book, paper or record of an association, or of the director, or of anyone connected with the association or the office of the director, is guilty of a class C felony as provided in chapter 9A.20 RCW.
[ 1994 c 92 s 453; 1982 c 3 s 65; 1945 c 235 s 91; Rem. Supp. 1945 s 3717-210. Prior: 1933 c 183 s 106; 1919 c 169 s 19.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Suppressing, secreting, or destroying evidence or records.


title: RCW 33.40.010

text:
Any domestic association may determine to enter upon voluntary liquidation, to transfer its assets and liabilities to another association, to merge with another association, to segregate its assets into classes, to charge off its losses in excess of its reserves.
Any such liquidation, transfer, merger, segregation, or charge-off shall be effected by the vote of a majority in amount of the members present, in person or by proxy, at any regular or special meeting of the members called for such purpose. Notice of such meeting, stating the purpose thereof, shall be given the director at least thirty days prior to the meeting and to the members pursuant to the provisions contained in RCW 33.20.010.
If such liquidation, transfer, merger, segregation, or charge-off be authorized by the members at the meeting, the directors of the association are authorized and shall effect such action, and the officers of the association shall execute all proper conveyances, documents, and other papers necessary or proper thereunto.
[ 1994 c 92 s 454; 1949 c 20 s 9; 1945 c 235 s 102; Rem. Supp. 1949 s 3717-221. Prior: 1935 c 171 s 4; 1933 c 183 ss 60, 78; 1919 c 169 s 17.]

catchline: Voluntary liquidation, merger, etc., authorized—Procedure.


title: RCW 33.40.020

text:
Whenever it appears to the director that any domestic association is in an unsound condition or is conducting its business in an unsafe manner or is refusing to submit its books, papers, or concerns to lawful inspection, or that any director or officer thereof refuses to submit to examination on oath touching its concerns and affairs or that it has failed to carry out any authorized order or direction of the director, the director may give notice to the association so offending or delinquent or whose director or officer is thus offending or delinquent to correct such offense or delinquency and, if such association or such director or officer fails to correct the condition, offense, or delinquency within a reasonable time, as determined by the director, the director may take possession of the association.
[ 1994 c 92 s 455; 1982 c 3 s 66; 1945 c 235 s 103; Rem. Supp. 1945 s 3717-222. Prior: 1933 c 183 ss 68, 71.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Director may take possession of domestic association on notice for delinquency.


title: RCW 33.40.030

text:
Whenever it shall appear to the director that any association is in an unsound or unsafe condition to continue business or is insolvent, the director may take possession thereof without notice.
[ 1994 c 92 s 456; 1945 c 235 s 104; Rem. Supp. 1945 s 3717-223. Prior: 1933 c 183 ss 68, 71.]

catchline: Possession without notice.


title: RCW 33.40.040

text:
Upon the director taking possession of any domestic association, the director shall proceed to liquidate the association unless, in the director's discretion, the director shall determine to call a meeting of the members to consider either a proportionate charge-off against the deposit accounts to permit the association thereafter to continue in business, or whether the association should proceed to voluntary liquidation under the management of its board of directors. In such event, if the director approves the decision of a majority in amount of the members present and voting, the director shall order such action to be taken.
During any period of voluntary liquidation, the director may take possession of the association and its assets and complete the liquidation whenever, in the director's discretion, this seems advisable.
[ 1994 c 92 s 457; 1982 c 3 s 67; 1945 c 235 s 105; Rem. Supp. 1945 s 3717-224. Prior: 1935 c 171 s 4; 1933 c 183 ss 70, 72, 78; 1919 c 169 s 13; 1913 c 110 s 20.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.

catchline: Procedure on taking possession.


title: RCW 33.40.050

text:
Whenever the director determines to liquidate the affairs of a domestic association, the director shall cause the attorney general to present to the superior court of the county in which the association has its principal place of business a written petition setting forth the date of the taking of possession, the reasons therefor, and other material facts concerning the affairs of the association and, if the court determines that the association should be liquidated, it shall appoint the director, or other responsible person as recommended by the director, as the liquidator of the association and fix and require a bond to be given by the liquidator conditioned for the faithful performance of the duties as such liquidator, but if the association has the insurance protection provided by Title IV of the National Housing Act, as now or hereafter amended, the court upon the request of the director may tender to the federal savings and loan insurance corporation the appointment as liquidator.
Upon the filing with and approval by the court of the bond, the director or other person appointed shall enter upon the duties as liquidator of the affairs of the association, and, under the direction of the court, shall administer and liquidate the assets thereof and apply the same to the payment of the expenses of liquidation and the debts of the association, and distribute the remainder to the deposit accounts proportionately.
If the court tenders the appointment as liquidator to the federal savings and loan insurance corporation, and if the insurance corporation accepts the appointment, it shall have and possess all the powers and privileges provided by the laws of this state with respect to a liquidator of an association, its depositors and other creditors, and be subject to all the duties of such liquidator, except insofar as such powers, privileges, or duties are in conflict with the provisions of Title IV of the National Housing Act, as now or hereafter amended. In any liquidation proceeding in which the insurance corporation is the liquidator, it may proceed to liquidate without being subject to the control of the court and without bond.
[ 1994 c 92 s 458; 1982 c 3 s 68; 1973 c 130 s 29; 1945 c 235 s 106; Rem. Supp. 1945 s 3717-225. Prior: 1935 c 171 s 4; 1933 c 183 ss 70, 72, 73, 74, 76, 77, 78; 1919 c 169 s 13; 1913 c 110 s 20.]
Notes:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1973 c 130: See note following RCW 33.24.350.

catchline: Involuntary liquidation—Procedure—Federal insurance corporation as liquidator.


title: RCW 33.40.060

text:
In any such liquidation proceeding, the court, except as otherwise in this title expressly provided, shall have the powers and proceed as in receivership proceedings.
[ 1945 c 235 s 107; Rem. Supp. 1945 s 3717-226. Prior: 1935 c 171 s 4; 1933 c 183 ss 70, 72, 73, 75, 76, 77, 78; 1919 c 169 s 13; 1913 c 110 s 20.]

catchline: Procedure to be as in receivership.