reglab/housing_qa huggingface dataset:
WA Rev Code § 31.20.050 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.20 - Development Credit Corporations.|31.20.050 - Board of directors.

RCW 31.20.050 Board of directors.All the corporate powers of a development credit corporation shall be exercised by a board of not less than nine directors who shall be residents of this state. The number of directors and their term of office shall be determined by the stockholders at the first meeting held by the incorporators and at each annual meeting thereafter. In the first instance the directors shall be elected by the stockholders to serve until the first annual meeting. At the first annual meeting, and at each annual meeting thereafter, one-third of the directors shall be elected by a vote of the stockholders and the remaining two-thirds thereof shall be elected by members of the corporation herein provided for, each member having one vote. The removal of any director from this state shall immediately vacate his or her office. If any vacancy occurs in the board of directors through death, resignation, or otherwise, the remaining directors may elect a person to fill the vacancy until the next annual meeting of the corporation. The directors shall be annually sworn to the proper discharge of their duties and they shall hold office until others are elected or appointed and qualified in their stead.[ 2011 c 336 § 750; 1959 c 213 § 5.]
WA Rev Code § 31.20.060 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.20 - Development Credit Corporations.|31.20.060 - Members power to loan funds to corporation.

RCW 31.20.060 Members power to loan funds to corporation.Any member, as set forth in RCW 31.20.070, shall have power and authority to loan any of their funds to any development credit corporation of which they are a member, subject to the restrictions as set forth in RCW 31.20.080, notwithstanding any laws to the contrary pertaining to such member.[ 1959 c 213 § 6.]
WA Rev Code § 31.20.070 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.20 - Development Credit Corporations.|31.20.070 - Members of corporation enumerated.

RCW 31.20.070 Members of corporation enumerated.The members of a development credit corporation shall consist of such banks, trust companies, savings banks, mutual savings banks, savings and loan associations, building and loan associations, credit unions, insurance companies or union funds as may make accepted applications to this corporation to lend funds to it upon call and up to the limit herein provided.[ 1959 c 213 § 7.]
WA Rev Code § 31.20.080 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.20 - Development Credit Corporations.|31.20.080 - Members duty to loan funds to corporation—Maximum limits—Proration of calls.

RCW 31.20.080 Members duty to loan funds to corporation—Maximum limits—Proration of calls.Each member of a development credit corporation shall lend funds to the development credit corporation as and when called upon by it to do so to the extent of the member's commitment, but the total amount on loan by any member at any one time shall not exceed the following limit: (1) For banks, trust companies, or insurance companies, three percent of capital and surplus; (2) For mutual savings banks, savings and loan associations, or credit unions, three percent of guaranty and reserve funds; and (3) Comparable limits for other institutions. All loan limits shall be established at the thousand dollars amount nearest to the amount computed on an actual basis. All calls when made by this corporation shall be prorated among the members on the same proportion that the maximum lending commitment of each bears to the aggregate maximum lending commitment of all members.[ 1959 c 213 § 8.]
WA Rev Code § 31.20.090 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.20 - Development Credit Corporations.|31.20.090 - Withdrawal from membership.

RCW 31.20.090 Withdrawal from membership.Upon notice given one year in advance a member of the corporation may withdraw from membership in the corporation at the expiration date of such notice and from said expiration date shall be free from obligations hereunder except as to those accrued prior to said expiration date.[ 1959 c 213 § 9.]
WA Rev Code § 31.20.100 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.20 - Development Credit Corporations.|31.20.100 - Surplus reserve required.

RCW 31.20.100 Surplus reserve required.A development credit corporation shall set apart a surplus of not less than ten percent of its net earnings in each and every year until such surplus, with any unimpaired surplus paid in, shall amount to one-half of the capital stock. The said surplus shall be kept to secure against losses and contingencies, and whenever the same becomes impaired it shall be reimbursed in the manner provided for its accumulation.[ 1959 c 213 § 10.]
WA Rev Code § 31.20.110 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.20 - Development Credit Corporations.|31.20.110 - Funds to be deposited in designated depository.

RCW 31.20.110 Funds to be deposited in designated depository.A development credit corporation shall not deposit any of its funds in any institution unless such institution has been designated as a depository by a vote of a majority of the directors, exclusive of the vote of any director who is an officer or director of the depository so designated.[ 1959 c 213 § 11.]
WA Rev Code § 31.20.120 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.20 - Development Credit Corporations.|31.20.120 - Money deposits prohibited.

RCW 31.20.120 Money deposits prohibited.A development credit corporation shall not receive money on deposit.[ 1959 c 213 § 12.]
WA Rev Code § 31.20.130 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.20 - Development Credit Corporations.|31.20.130 - Publication of annual statement of assets and liabilities.

RCW 31.20.130 Publication of annual statement of assets and liabilities.A development credit corporation, on or before February 15th of each year, shall publish in three consecutive issues of a newspaper of general circulation in the area or areas where the corporation is located a statement of assets and liabilities as of December 31st of the preceding year.[ 1959 c 213 § 13.]
WA Rev Code § 31.20.140 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.20 - Development Credit Corporations.|31.20.140 - Participation in federal act authorized.

RCW 31.20.140 Participation in federal act authorized.Any development credit corporation desiring to qualify and participate in the federal Small Business Investment Act of 1958 and as hereafter amended may do so and to that end may comply with all the laws of the United States and all the rules, regulations and requirements promulgated pursuant thereto.[ 1959 c 213 § 14.]
WA Rev Code § 31.24.005 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.005 - Findings—Declarations—Intent.

RCW 31.24.005 Findings—Declarations—Intent.The legislature finds, declares, and intends that:(1) There exists substantial and growing need in Washington state to enhance the availability of financial assistance for small business and to improve the economy of the localities within this state;(2) The department, which is charged with (a) the regulation of business development corporations, under this chapter, (b) the regulation of financial institutions and other financial entities as defined in this chapter, and (c) nondepository lenders engaged in guaranteed small business and agricultural lending, under chapters 31.40 and 31.35 RCW, is among those state agencies critical to meeting the needs addressed in subsection (1) of this section; and(3) It is necessary to assist the department in meeting the needs addressed in subsection (1) of this section and to improve its administration and regulation of this chapter and chapters 31.35 and 31.40 RCW.[ 2006 c 87 § 1.]
WA Rev Code § 31.24.023 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.023 - Filing articles of incorporation—Receipt of certificate of authority.

RCW 31.24.023 Filing articles of incorporation—Receipt of certificate of authority.(1) The director shall present the articles of incorporation, after approval by the director, to the secretary of state for filing.(2) An applicant is not authorized to commence and maintain business as a business development company under this chapter until having received a certificate of authority from the department to conduct business as a business development company.[ 2006 c 87 § 4.]
WA Rev Code § 31.24.025 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.025 - Fees—Director's discretion.

RCW 31.24.025 Fees—Director's discretion.The director may, consistent with the requirements for banks under *Title 30 RCW, collect from an applicant or business development company, as applicable, application fees, application review fees, periodic examination fees, and similar fees and charges, as may be reasonable for the safe and sound regulation and promotion of business development companies under this chapter.[ 2006 c 87 § 5.]NOTES:*Reviser's note: Title 30 RCW was recodified and/or repealed pursuant to 2014 c 37, effective January 5, 2015.
WA Rev Code § 31.24.066 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.066 - Plan of assessment—Purpose—Requirements—Approval.

RCW 31.24.066 Plan of assessment—Purpose—Requirements—Approval.(1) As part of a business plan approved by the department, an applicant or business development company may seek to maintain capital for purposes of making qualified investments and qualified loans by periodically assessing its stockholders, or a class of stockholders, according to a plan of assessment and as agreed upon by affected stockholders by subscription or similar agreement.(2) A plan of assessment may provide for:(a) Stockholders, or a class of stockholders, making, when called upon, additional paid-in capital in exchange for additional equity; and/or(b) Stockholders, or a class of stockholders, making, when called upon, loans or other debt financing to the business development company in exchange for an agreement of repayment.(3) A plan of assessment shall provide for equal treatment by the board of directors of all stockholders, or members of a class of stockholders, subject to assessment.(4) In the case of the approval of a plan of assessment, or the examination of the administration of an ongoing plan of assessment, in which assessable stock is held by a financial institution that is also regulated by the department, the department may condition its approval of the implementation or continued administration of a plan of assessment as to the affected financial institution on whether the safety and soundness of such financial institution is or may become unimpaired, or on whether an assessment of such financial institution has not or will not result, in a material adverse affect on the classification of such financial institution, or its lending or investment portfolio. The authority of the department pursuant to this subsection shall be in addition to all other authority of the department under this chapter or any other applicable law, and notwithstanding any other law to the contrary.[ 2006 c 87 § 7.]
WA Rev Code § 31.24.070 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.070 - Powers of stockholders—Voting rights—Proxy voting—Plan of assessment—Dividends—Rules.

RCW 31.24.070 Powers of stockholders—Voting rights—Proxy voting—Plan of assessment—Dividends—Rules.(1) The stockholders of the business development company have the following powers:(a) To determine the number of and elect directors as provided in RCW 31.24.090;(b) To make, amend, and repeal bylaws;(c) To amend the articles of incorporation as provided in RCW 31.24.080;(d) To dissolve the company as provided in RCW 31.24.150;(e) To do all things necessary or desirable to secure aid, assistance, loans, and other financing from any financial institutions, and from any agency established under federal laws;(f) To exercise such other powers consistent with this chapter as may be conferred on the stockholders by the bylaws.(2) As to all matters requiring action by the stockholders of the business development company, the stockholders shall vote, and, except as otherwise provided, such matters shall require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting shall be entitled.(3) Each stockholder shall have one vote, in person or by proxy, for each share of capital stock held.(4) The capital stock of stockholders of a business development company is nonassessable, unless authorized by the department pursuant to a plan of assessment which has been approved by the director as provided for in RCW 31.24.066.(5) Except as permitted by a plan of assessment providing for a class of assessable stock pursuant to RCW 31.24.066 or as may otherwise be established by rule, all stock is a single class of voting common stock.(6) The director may, subject to examination authority, determine that a policy of declaring dividends for stockholders by a particular business development company constitutes an unsafe and unsound practice as to such business development company. If the practice is determined to be unsafe and unsound, the director may instruct such a business development company to cease and desist the declaration and grant of such dividends.(7) The department may, at the option of the director, adopt rules, consistent with principles of safety and soundness, that, while not prohibiting dividends to stockholders in general, may limit the amount of such dividends and the time and manner of declaring them.[ 2006 c 87 § 8; 1963 c 162 § 7.]
WA Rev Code § 31.24.073 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.073 - Aggregate limit on loans and investments—Single borrower or business.

RCW 31.24.073 Aggregate limit on loans and investments—Single borrower or business.Unless part of an initial or amended business plan approved by the director, or as may otherwise be provided by rule adopted pursuant to RCW 31.24.120(3), the aggregate limit of qualified loans, qualified investment, and partial funding of qualified participation loans by a business development company to a single borrower or business, in relation to a business development project, shall not exceed twenty-five percent of the combined capital, surplus, and undivided profits of the business development company.[ 2006 c 87 § 9.]
WA Rev Code § 31.24.075 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.075 - Insider transactions.

RCW 31.24.075 Insider transactions.(1) A business development company may not be a party to, nor engage in, an insider transaction, unless such an insider transaction is approved or ratified by its board of directors, exclusive of the vote of any interested director.(2) Any insider transaction is subject to the examination and enforcement authority of the department under this chapter.[ 2006 c 87 § 10.]
WA Rev Code § 31.24.080 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.080 - Amendment of articles of incorporation—Director's approval—Filing.

RCW 31.24.080 Amendment of articles of incorporation—Director's approval—Filing.(1) The articles of incorporation of a business development company may be amended by the affirmative vote of two-thirds of the votes to which the stockholders are entitled, subject to the written approval of the director.(2) Within thirty days after an amendment of the articles of incorporation has been adopted and approved by the director, the articles of amendment shall be filed in the office of the secretary of state by the director. An amendment shall not take effect until it has been so filed.[ 2006 c 87 § 11; 1994 c 92 § 235; 1963 c 162 § 8.]
WA Rev Code § 31.24.100 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.100 - Minimum capital, surplus, undivided profits, and net earnings.

RCW 31.24.100 Minimum capital, surplus, undivided profits, and net earnings.(1) A business development company shall maintain an amount of minimum capital, surplus, and undivided profits that, based upon the determination of the director, shall be deemed safe and sound for each business development company. However, the minimum ratio of paid-in capital to total assets, inclusive of all qualified loans and qualified investments, shall be and remain no less than eight percent.(2) Subject to subsection (1) of this section, minimum capital, surplus, undivided profits, and net earnings shall be determined by the board of directors, subject to the exercise of prudent business judgment.[ 2006 c 87 § 13; 1963 c 162 § 10.]
WA Rev Code § 31.24.110 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.110 - No receipt of money on deposit.

RCW 31.24.110 No receipt of money on deposit.A business development company shall not receive money on deposit.[ 2006 c 87 § 14; 1963 c 162 § 11.]
WA Rev Code § 31.24.120 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.120 - Examinations by director of financial institutions—Reports—Authority of director.

RCW 31.24.120 Examinations by director of financial institutions—Reports—Authority of director.(1) The director shall exercise the same power and authority over business development companies organized under this chapter as exercised over banks and trust companies under *Title 30 RCW, to the extent *Title 30 RCW does not conflict with this chapter.(2) A business development company shall be examined at least once every twenty-four months by the director and shall make reports of its condition not less than annually to the director, and more frequently in the discretion of the director. The business development company shall pay the actual cost of the examinations.(3) To assure the safety and soundness of business development companies and to fulfill the purposes of this chapter, the director may, by examination, rule, and interpretation, establish and enforce safety and soundness and examination standards, for all operations and activities of and related to business development companies.[ 2006 c 87 § 15; 1994 c 92 § 236; 1963 c 162 § 12.]NOTES:*Reviser's note: Title 30 RCW was recodified and/or repealed pursuant to 2014 c 37, effective January 5, 2015.
WA Rev Code § 31.24.130 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.130 - First meeting—Notice—Duties of incorporators.

RCW 31.24.130 First meeting—Notice—Duties of incorporators.(1) The first meeting of a business development company shall be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed, or delivered, to each incorporator at least five days before the day appointed for the meeting. The first meeting may be held without such notice upon agreement in writing to that effect signed by all the incorporators. A copy of the notice or unanimous agreement of the incorporators shall be recorded in the minutes of the first meeting.(2) At the first meeting, the incorporators shall, consistent with Title 23B RCW:(a) Choose a temporary recording secretary;(b) Adopt bylaws;(c) Elect directors; and(d) Engage in other business within the powers of the business development company as the incorporators present may see fit.(3) Upon being sworn in at the first meeting, the temporary recording secretary shall make and attest a record of the proceedings. (4) At least five of the incorporators shall constitute a quorum for the transaction of business at a first meeting.[ 2006 c 87 § 16; 1963 c 162 § 13.]
WA Rev Code § 31.24.140 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.140 - Duration of business development company.

RCW 31.24.140 Duration of business development company.Unless otherwise provided in the articles of incorporation, the period of duration of a business development company shall be perpetual, subject, however, to the right of the stockholders to dissolve the business development company as provided in RCW 31.24.150.[ 2006 c 87 § 17; 1963 c 162 § 14.]
WA Rev Code § 31.24.150 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.150 - Dissolution—Method—Distribution of assets.

RCW 31.24.150 Dissolution—Method—Distribution of assets.A business development company, upon the affirmative vote of two-thirds of the votes of the stockholders entitled to vote their shares, shall dissolve the business development company as provided by Title 23B RCW, to the extent that Title 23B RCW is not in conflict with this chapter. Upon dissolution of the business development company, none of the business development company's assets shall be distributed to the stockholders until all sums due the creditors thereof have been paid in full.[ 2006 c 87 § 18; 1991 c 72 § 50; 1983 c 3 § 52; 1963 c 162 § 15.]
WA Rev Code § 31.24.160 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.160 - Credit of state not pledged.

RCW 31.24.160 Credit of state not pledged.Under no circumstances shall the credit of the state of Washington be pledged to any corporation organized under the provisions of this chapter.[ 1963 c 162 § 16.]
WA Rev Code § 31.24.170 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.24 - Industrial Development Corporations.|31.24.170 - Business development companies designated state development companies.

RCW 31.24.170 Business development companies designated state development companies.Any business development company organized under this chapter shall be a state development company, as authorized under Title V of the small business investment act of 1958, Public Law 85-699, 15 U.S.C. Sec. 695, as amended, or any other similar federal legislation.[ 2006 c 87 § 19; 1963 c 162 § 17.]