Source: https://app.leg.wa.gov/RCW/default.aspx?cite=30A.08&full=true
Timestamp: 2019-10-18 14:13:23
Document Index: 504247801

Matched Legal Cases: ['§ 150', '§ 41', '§ 42', '§ 17', '§ 3', '§ 3', '§ 30', '§ 1', '§ 4', '§ 2', '§ 19', '§ 3226', '§ 153', '§ 44', '§ 5', '§ 30', '§ 3', 'art; 1923', '§ 5', 'art; 1917', '§ 22', '§ 3229', '§ 4', '§ 43', '§ 45', '§ 15', '§ 6', '§ 30', '§ 3', 'art; 1923', '§ 5', 'art; 1917', '§ 22', '§ 3229', '§ 46', '§ 19', '§ 16', '§ 2', '§ 30', '§ 3', 'art; 1923', '§ 5', 'art; 1917', '§ 22', '§ 3229', '§ 154', '§ 53', '§ 156', '§ 48', '§ 21', '§ 18', '§ 30', '§ 1', '§ 3229', '§ 41', '§ 3370', '§ 157', '§ 12', '§ 49', '§ 1', '§ 30', '§ 1', '§ 27', '§ 3234', '§ 159', '§ 44', '§ 50', '§ 22', '§ 4', '§ 160', '§ 52', '§ 24', '§ 5', '§ 161', '§ 25', '§ 6', '§ 162', '§ 45', '§ 26', '§ 1', '§ 1', '§ 46', '§ 53', '§ 27', '§ 2', '§ 2', '§ 53', '§ 46', '§ 164', '§ 48', '§ 55', '§ 4', '§ 168', '§ 3', '§ 60', '§ 30', '§ 4', '§ 5', '§ 3212', '§ 169', '§ 4', '§ 6', '§ 51', '§ 61', '§ 1', '§ 30', '§ 6', '§ 3213']

Chapter 30A.08 RCW: ORGANIZATION AND POWERS
RCWs > Title 30A > Chapter 30A.08
Chapter 30A.08 RCW
30A.08.010 Incorporators—Paid-in capital stock, surplus, and undivided profits—Requirements.
30A.08.020 Notice of intention to organize—Proposed articles of incorporation—Contents.
30A.08.025 Limited liability company—Organization or conversion—Approval of director—Conditions—Application of chapter 25.15 RCW—Definitions.
30A.08.030 Investigation.
30A.08.040 Notice to file articles—Articles approved or refused—Hearing.
30A.08.050 Approved articles to be filed and recorded—Organization complete.
30A.08.055 Amending articles—Filing with director—Contents.
30A.08.060 Certificate of authority—Issuance—Contents.
30A.08.070 Failure to commence business—Effect—Extension of time.
30A.08.080 Extension of existence—Application—Investigation—Certificate—Appeal—Winding up for failure to continue existence.
30A.08.081 Shares—Certificates not required.
30A.08.082 Authority to issue preferred or special classes of stock.
30A.08.083 Authority to divide classes into series—Rights and preferences—Filing of statement.
30A.08.084 Rights of holders of preferred or special classes of stock—Preference in dividends and liquidation.
30A.08.086 Determination of capital impairment when capital consists of preferred stock.
30A.08.087 Authorized but unissued shares of capital stock—Issuance—Consideration.
30A.08.088 Authorized but unissued shares of capital stock—When shares become part of capital stock.
30A.08.090 Amendment of articles—Procedure.
30A.08.092 Increase or decrease of capital stock authorized.
30A.08.140 Corporate powers of banks.
30A.08.150 Banks engaged in trust business.
30A.08.180 Reports of resources and liabilities.
30A.08.190 Time of filing—Availability—Penalty.
RCW 30A.08.010
Incorporators—Paid-in capital stock, surplus, and undivided profits—Requirements.
When authorized by the director, as hereinafter provided, one or more natural persons, citizens of the United States, may incorporate a bank in the manner herein prescribed. No bank shall incorporate for less amount nor commence business unless it has a paid-in capital stock, surplus and undivided profits in the amount as may be determined by the director after consideration of the proposed location, management, and the population and economic characteristics for the area, the nature of the proposed activities and operation of the bank, and other factors deemed pertinent by the director. Each bank shall before commencing business have subscribed and paid into it in the same manner as is required for capital stock, an amount equal to at least ten percent of the capital stock above required, that shall be carried in the undivided profit account and may be used to defray organization and operating expenses of the company. Any sum not so used shall be transferred to the surplus fund of the company before any dividend shall be declared to the stockholders.
[ 2014 c 37 § 150. Prior: 1994 c 256 § 41; 1994 c 92 § 42; 1986 c 279 § 17; 1973 1st ex.s. c 104 § 3; 1969 c 136 § 3; 1955 c 33 § 30.08.010; prior: 1947 c 131 § 1; 1929 c 72 § 4; 1923 c 115 § 2; 1917 c 80 § 19; Rem. Supp. 1947 § 3226. Formerly RCW 30.08.010.]
RCW 30A.08.030
When the notice of intention to organize and proposed articles of incorporation complying with the foregoing requirements have been received by the director, together with the fees required by law, the director shall ascertain from the best source of information at his or her command and by such investigation as he or she may deem necessary, whether the character, responsibility and general fitness of the persons named in such articles are such as to command confidence and warrant belief that the business of the proposed bank will be honestly and efficiently conducted in accordance with the intent and purpose of this title, whether the resources in the neighborhood of such place and in the surrounding country afford a reasonable promise of adequate support for the proposed bank and whether the proposed bank is being formed for other than the legitimate objects covered by this title.
[ 2014 c 37 § 153; 1994 c 92 § 44; 1973 1st ex.s. c 104 § 5; 1955 c 33 § 30.08.030. Prior: 1929 c 72 § 3, part; 1923 c 115 § 5, part; 1917 c 80 § 22, part; RRS § 3229, part. Formerly RCW 30.08.030.]
RCW 30A.08.040
Notice to file articles—Articles approved or refused—Hearing.
After the director is satisfied of the above facts, and, within six months of the date the notice of intention to organize has been received in his or her office, the director shall notify the incorporators to file executed articles of incorporation with the director in triplicate. Unless the director otherwise consents in writing, such articles shall be in the same form and shall contain the same information as the proposed articles and shall be filed with the director within ten days of such notice. Within thirty days after the receipt of such articles of incorporation, the director shall endorse upon each of the triplicates thereof, over his or her official signature, the word "approved," or the word "refused," with the date of such endorsement. In case of refusal the director shall forthwith return one of the triplicates, so endorsed, together with a statement explaining the reason for refusal to the person from whom the articles were received, which refusal shall be conclusive, unless the incorporators, within ten days of the issuance of such notice of refusal, shall request a hearing pursuant to the Administrative Procedure Act, chapter 34.05 RCW, as now or hereafter amended.
[ 1995 c 134 § 4. Prior: 1994 c 256 § 43; 1994 c 92 § 45; 1981 c 302 § 15; 1973 1st ex.s. c 104 § 6; 1955 c 33 § 30.08.040; prior: 1929 c 72 § 3, part; 1923 c 115 § 5, part; 1917 c 80 § 22, part; RRS § 3229, part. Formerly RCW 30.08.040.]
RCW 30A.08.050
Approved articles to be filed and recorded—Organization complete.
In case of approval the director shall forthwith give notice thereof to the proposed incorporators and file one of the triplicate articles of incorporation in his or her own office, and shall transmit another triplicate to the secretary of state, and the last to the incorporators. Upon receipt from the proposed incorporators of the same fees as are required for filing and recording other articles of incorporation the secretary of state shall file such articles and record the same. Upon the filing of articles of incorporation approved as aforesaid by the director, with the secretary of state, all persons named therein and their successors shall become and be a corporation, which shall have the powers and be subject to the duties and obligations prescribed by this title, and whose existence shall continue from the date of the filing of such articles until terminated pursuant to law; but such corporation shall not transact any business except as is necessarily preliminary to its organization until it has received a certificate of authority as provided herein.
[ 1994 c 92 § 46; 1986 c 279 § 19; 1981 c 302 § 16; 1957 c 248 § 2; 1955 c 33 § 30.08.050. Prior: 1929 c 72 § 3, part; 1923 c 115 § 5, part; 1917 c 80 § 22, part; RRS § 3229, part. Formerly RCW 30.08.050.]
RCW 30A.08.055
Amending articles—Filing with director—Contents.
A bank amending its articles of incorporation shall deliver articles of amendment to the director for filing as required for articles of incorporation. The articles of amendment shall set forth:
(1) The name of the bank;
(4) If the amendment was adopted by the incorporators or board of directors without shareholder action, a statement to that effect and that shareholder action was not required; and
(5) If shareholder action was required, a statement that the amendment was duly approved by the shareholders in accordance with the provisions of RCW 30A.08.090.
[ 2014 c 37 § 154; 1994 c 256 § 53. Formerly RCW 30.08.055.]
RCW 30A.08.070
Failure to commence business—Effect—Extension of time.
Every corporation heretofore or hereafter authorized by the laws of this state to do business as a bank, which corporation shall have failed to organize and commence business within six months after certificate of authority to commence business has been issued by the director, shall forfeit its rights and privileges as such corporation, which fact the director shall certify to the secretary of state, and such certificate of forfeiture shall be filed and recorded in the office of the secretary of state in the same manner as the certificate of authority: PROVIDED, That the director may, upon showing of cause satisfactory to him or her, issue an order under his or her hand and seal extending for not more than three months the time within which such organization may be effected and business commenced, such order to be transmitted to the office of the secretary of state and filed and recorded therein.
[ 2014 c 37 § 156; 1994 c 92 § 48; 1986 c 279 § 21; 1981 c 302 § 18; 1955 c 33 § 30.08.070. Prior: 1931 c 9 § 1; RRS § 3229-1; 1915 c 175 § 41; RRS § 3370. Formerly RCW 30.08.070.]
RCW 30A.08.080
Extension of existence—Application—Investigation—Certificate—Appeal—Winding up for failure to continue existence.
At any time not less than one year prior to the expiration of the time of the existence of any bank, it may by written application to the director, signed and verified by a majority of its directors and approved in writing by the owners of not less than two-thirds of its capital stock, apply to the director for leave to file amended articles of incorporation, extending its time of existence. Prior to acting upon such application, the director shall make such investigation of the applicant as he or she deems necessary. If the director determines that the applicant is in sound condition, that it is conducting its business in a safe manner and in compliance with law and that no reason exists why it should not be permitted to continue, he or she shall issue to the applicant a certificate authorizing it to file amended articles of incorporation extending the time of its existence until such time as it be dissolved by the act of its shareholders owning not less than two-thirds of its stock, or until its certificate of authority becomes revoked or forfeited by reason of violation of law, or until its affairs be taken over by the director for legal cause and finally wound up by him or her. Otherwise the director shall notify the applicant that he or she refuses to grant such certificate. The applicant may appeal from such refusal in the same manner as in the case of a refusal to grant an original certificate of authority. Otherwise the determination of the director shall be conclusive.
Upon receiving a certificate, as hereinabove provided, the applicant may file amended articles of incorporation, extending the time of its existence for the term authorized, to which shall be attached a copy of the certificate of the director. Such articles shall be filed in the same manner and upon payment of the same fees as for original articles of incorporation.
Should any bank fail to continue its existence in the manner herein provided and be not previously dissolved, the director shall at the end of its original term of existence immediately take possession thereof and wind up the same in the same manner as in the case of insolvency.
[ 2014 c 37 § 157; 1999 c 14 § 12; 1994 c 92 § 49; 1961 c 280 § 1; 1955 c 33 § 30.08.080. Prior: 1943 c 148 § 1; 1917 c 80 § 27; Rem. Supp. 1943 § 3234. Formerly RCW 30.08.080]
RCW 30A.08.082
Authority to issue preferred or special classes of stock.
(1) Notwithstanding any other provisions of law and if so authorized by its articles of incorporation or amendments thereto made in the manner provided in the case of a capital increase, any bank may, pursuant to action taken by its board of directors from time to time with the approval of the director, issue shares of preferred or special classes of stock with the attributes and in such amounts and with such par value, if any, as shall be determined by the board of directors from time to time with the approval of the director. No increase of preferred stock shall be valid until the amount thereof shall have been subscribed and actually paid in.
(2) If provided in its articles of incorporation, a bank may issue shares of preferred or special classes having any one or several of the following provisions:
(a) Subjecting the shares to the right of the bank to repurchase or retire any such shares at the price fixed by the articles of incorporation for the repurchase or retirement thereof;
(b) Entitling the holders thereof to cumulative, noncumulative, or partially cumulative dividends;
(c) Having preference over any other class or classes of shares as to the payment of dividends;
(d) Having preference in the assets of the bank over any other class or classes of shares upon the voluntary or involuntary liquidation of the bank;
(e) Having voting or nonvoting rights; and
(f) Being convertible into shares of any other class or into shares of any series of the same or any other class, except a class having prior or superior rights and preferences as to dividends or distribution of assets upon liquidation.
[ 2014 c 37 § 159. Prior: 1994 c 256 § 44; 1994 c 92 § 50; 1986 c 279 § 22; 1981 c 89 § 4. Formerly RCW 30.08.082.]
RCW 30A.08.084
Rights of holders of preferred or special classes of stock—Preference in dividends and liquidation.
Notwithstanding any other provisions of law, whether relating to restriction upon the payment of dividends upon capital stock or otherwise, the holders of shares of preferred or special classes of stock shall be entitled to receive such dividends on the purchase price received by the bank for such stock as may be provided by the articles of incorporation or by the board of directors of the bank with the approval of the director.
No dividends shall be declared or paid on common stock until cumulative dividends, if any, on the shares of preferred or special classes of stock shall have been paid in full; and, if the director takes possession of a bank for purposes of liquidation, no payments shall be made to the holders of the common stock until the holders of the shares of preferred or special classes of stock shall have been paid in full such amount as may be provided under the terms of said shares plus all accumulated dividends, if any.
[ 2014 c 37 § 160; 1994 c 92 § 52; 1986 c 279 § 24; 1981 c 89 § 5. Formerly RCW 30.08.084.]
RCW 30A.08.086
Determination of capital impairment when capital consists of preferred stock.
If any part of the capital of a bank consists of preferred stock, the determination of whether or not the capital of such bank is impaired and the amount of such impairment shall be based on the value of its stock as established at the time it was issued, or its par value, if any, even though the amount which the holders of such preferred stock shall be entitled to receive in the event of retirement or liquidation shall be in excess of the originally established value or the par value of such preferred stock.
[ 2014 c 37 § 161; 1986 c 279 § 25; 1981 c 89 § 6. Formerly RCW 30.08.086.]
RCW 30A.08.087
Authorized but unissued shares of capital stock—Issuance—Consideration.
Any bank may provide in its articles of incorporation or amendments thereto for authorized but unissued shares of its capital stock. The shares may be issued for such consideration as shall be established by the board from time to time and all consideration received therefor shall be allocated to the capital stock or surplus of the corporation.
[ 2014 c 37 § 162; 1994 c 256 § 45; 1986 c 279 § 26; 1979 c 106 § 1; 1965 c 140 § 1. Formerly RCW 30.08.087.]
RCW 30A.08.088
Authorized but unissued shares of capital stock—When shares become part of capital stock.
The authorized but unissued shares shall not become a part of the capital stock until they have been issued and paid for.
[ 1994 c 256 § 46; 1994 c 92 § 53; 1986 c 279 § 27; 1979 c 106 § 2; 1965 c 140 § 2. Formerly RCW 30.08.088.]
Reviser's note: This section was amended by 1994 c 92 § 53 and by 1994 c 256 § 46, 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).
RCW 30A.08.092
Increase or decrease of capital stock authorized.
A bank may increase or decrease its capital stock by amendment to its articles of incorporation. No issuance of capital stock shall be valid, until the amount thereof shall have been actually paid in. No reduction of the capital stock shall be made to an amount less than is required for capital by the director.
[ 2014 c 37 § 164. Prior: 1994 c 256 § 48; 1994 c 92 § 55; 1987 c 420 § 4. Formerly RCW 30.08.092.]
RCW 30A.08.180
Reports of resources and liabilities.
Every bank shall make at least three regular reports each year to the director, as of the dates which he or she shall designate, according to form prescribed by him or her, verified by the president, manager or cashier and attested by at least two directors, which shall exhibit under appropriate heads the resources and liabilities of such corporation. The dates designated by the director shall be the dates designated by the comptroller of the currency of the United States for reports of national banking associations.
[ 2014 c 37 § 168; 1995 c 344 § 3; 1994 c 92 § 60; 1955 c 33 § 30.08.180. Prior: 1919 c 209 § 4; 1917 c 80 § 5; RRS § 3212. Formerly RCW 30.08.180.]
RCW 30A.08.190
Time of filing—Availability—Penalty.
(3) Every bank which fails to file any report, required to be filed under subsection (1) of this section and within the time specified, shall be subject to a penalty of fifty dollars per day for each day's delay. A civil action for the recovery of any such penalty may be brought by the attorney general in the name of the state.
[ 2014 c 37 § 169. Prior: 1995 c 344 § 4; 1995 c 134 § 6; prior: 1994 c 256 § 51; 1994 c 92 § 61; 1977 c 38 § 1; 1955 c 33 § 30.08.190; prior: 1917 c 80 § 6; RRS § 3213. Formerly RCW 30.08.190.]