reglab/housing_qa huggingface dataset:
WA Rev Code § 32.32.180 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.180 - Amount of qualifying deposit of eligible account holder or supplemental eligible account holder.

RCW 32.32.180 Amount of qualifying deposit of eligible account holder or supplemental eligible account holder.(1) Unless otherwise provided in the plan of conversion, the amount of the qualifying deposit of an eligible account holder or supplemental eligible account holder shall be the total of the deposit balances in the eligible account holder's or supplemental eligible account holder's savings accounts in the converting savings bank as of the close of business on the eligibility record date or supplemental eligibility record date. However, the plan of conversion may provide that any savings accounts with total deposit balances of less than fifty dollars (or any lesser amount) shall not constitute a qualifying deposit.(2) As used in this section, the term "savings account" includes a predecessor or successor account of a given savings account which is held only in the same right and capacity and on the same terms and conditions as the given savings account. However, the plan of conversion may provide for lesser requirements for consideration as a predecessor or successor account.[ 1981 c 85 § 35.]
WA Rev Code § 32.32.185 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.185 - Liquidation account—Establishment required—Amount—Function.

RCW 32.32.185 Liquidation account—Establishment required—Amount—Function.Each converted savings bank shall, at the time of conversion, establish a liquidation account in an amount equal to the amount of net worth of the converting savings bank as of the latest practicable date prior to conversion. For the purposes of this section, the savings bank shall use the net worth figure no later than that set forth in its latest statement of financial condition contained in the final offering circular. The function of the liquidation account is to establish a priority on liquidation and, except as provided in RCW 32.32.215, the existence of the liquidation account shall not operate to restrict the use or application of any of the net worth accounts of the converted savings bank.[ 1981 c 85 § 36.]
WA Rev Code § 32.32.190 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.190 - Liquidation account—Maintenance required—Subaccounts.

RCW 32.32.190 Liquidation account—Maintenance required—Subaccounts.The liquidation account shall be maintained by the converted savings bank for the benefit of eligible account holders and supplemental eligible account holders who maintain their savings accounts in the bank. Each such eligible account holder shall, with respect to each savings account, have a related inchoate interest in a portion of the liquidation account balance ("subaccount").[ 1981 c 85 § 37.]
WA Rev Code § 32.32.195 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.195 - Liquidation account—Distribution upon complete liquidation.

RCW 32.32.195 Liquidation account—Distribution upon complete liquidation.In the event of a complete liquidation of the converted savings bank (and only in this event), each eligible account holder and supplemental eligible account holder shall be entitled to receive a liquidation distribution from the liquidation account, in the amount of the then current adjusted subaccount balances for savings accounts then held, before any liquidation distribution may be made with respect to capital stock. No merger, consolidation, purchase of bulk assets with assumption of savings accounts and other liabilities, or similar transaction, in which the converted savings bank is not the survivor, is considered to be a complete liquidation for this purpose. In these transactions, the liquidation account shall be assumed by the surviving institution.[ 1981 c 85 § 38.]
WA Rev Code § 32.32.200 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.200 - Liquidation account—Determination of subaccount balances.

RCW 32.32.200 Liquidation account—Determination of subaccount balances.The initial subaccount balance for a savings account held by an eligible account holder and/or supplemental eligible account holder shall be determined by multiplying the opening balance in the liquidation account by a fraction of which the numerator is the amount of qualifying deposits in the savings account on the eligibility record date and/or the supplemental eligibility record date and the denominator is the total amount of qualifying deposits of all eligible account holders and supplemental eligible account holders in the converting savings bank on these dates. For savings accounts in existence at both dates, separate subaccounts shall be determined on the basis of the qualifying deposits in these savings accounts on these record dates. The initial subaccount balances shall not be increased, and it shall be subject to downward adjustment as provided in RCW 32.32.205.[ 1981 c 85 § 39.]
WA Rev Code § 32.32.205 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.205 - Reduction of subaccount balance.

RCW 32.32.205 Reduction of subaccount balance.If the deposit balance in any savings account of an eligible account holder or supplemental eligible account holder at the close of business on any annual closing date subsequent to the respective record dates is less than the lesser of (1) the deposit balance in the savings account at the close of business on any other annual closing date subsequent to the eligibility record date or (2) the amount of qualifying deposit as of the eligibility record date or the supplemental eligibility record date, the subaccount balance for the savings account shall be adjusted by reducing the subaccount balance in an amount proportionate to the reduction in the deposit balance. In the event of such a downward adjustment, the subaccount balance shall not be subsequently increased, notwithstanding any increase in the deposit balance of the related savings account. If any such savings account is closed, the related subaccount balance shall be reduced to zero.[ 1981 c 85 § 40.]
WA Rev Code § 32.32.210 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.210 - Converted savings bank prohibited from repurchasing its stock without approval.

RCW 32.32.210 Converted savings bank prohibited from repurchasing its stock without approval.No converted savings bank may repurchase any of its capital stock from any person unless the repurchase is approved by the director either in advance or at the time of repurchase.[ 1994 c 92 § 362; 1985 c 56 § 21; 1981 c 85 § 41.]
WA Rev Code § 32.32.215 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.215 - Limitation on cash dividends.

RCW 32.32.215 Limitation on cash dividends.Except as provided in RCW 32.32.222, no converted savings bank may declare or pay a cash dividend unless the declaration or payment of the dividend would be in accordance with the requirements of *RCW 30.04.180 and would not have the effect of reducing the net worth of the converted savings bank below (1) the amount required for the liquidation account or (2) the amount required by the director.[ 1994 c 92 § 363; 1985 c 56 § 22; 1981 c 85 § 42.]NOTES:*Reviser's note: RCW 30.04.180 was recodified as RCW 30A.04.180 pursuant to 2014 c 37 § 4, effective January 5, 2015.
WA Rev Code § 32.32.220 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.220 - Limitation on certain cash dividends within ten years of conversion.

RCW 32.32.220 Limitation on certain cash dividends within ten years of conversion.Except as provided in RCW 32.32.222, no converted savings bank may, without the prior approval of the director, for a period of ten years after the date of its conversion, declare or pay a cash dividend on its capital stock in an amount in excess of one-half of the greater of:(1) The savings bank's net income for the current fiscal year; or(2) The average of the savings bank's net income for the current fiscal year and not more than two of the immediately preceding fiscal years.For purposes of this chapter, "net income" shall be determined by generally accepted accounting principles.[ 1994 c 92 § 364; 1985 c 56 § 23; 1981 c 85 § 43.]
WA Rev Code § 32.32.222 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.222 - Dividends on preferred stock.

RCW 32.32.222 Dividends on preferred stock.A converted mutual savings bank may pay dividends on preferred stock at the rate or rates agreed in connection with the issuance of preferred stock if such issuance has been approved by the director.[ 1994 c 92 § 365; 1985 c 56 § 24.]
WA Rev Code § 32.32.225 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.225 - Prohibitions on offer, sale, or purchase of securities.

RCW 32.32.225 Prohibitions on offer, sale, or purchase of securities.In the offer, sale, or purchase of securities issued incident to its conversion, no savings bank, or any director, officer, attorney, agent, or employee thereof, may (1) employ any device, scheme, or artifice to defraud, or (2) obtain money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or (3) engage in any act, transaction, practice, or course of business which operates or would operate as a fraud or deceit upon a purchaser or seller.[ 1981 c 85 § 44.]
WA Rev Code § 32.32.230 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.230 - Nonapproval of conversion unless acquisition of control within three years by certain companies prohibited.

RCW 32.32.230 Nonapproval of conversion unless acquisition of control within three years by certain companies prohibited.(1) No conversion may be approved by the director unless the plan of conversion provides that the converted savings bank shall enter into an agreement with the director, in form satisfactory to the director, which shall provide that for a period of three years following the conversion any company significantly engaged in an unrelated business activity, either directly or through an affiliate thereof, shall not be permitted, regardless of the form of the transaction, to acquire control of the converted savings bank. Any acquisition of a converted savings bank shall also comply with RCW 32.32.228.(2) As used in this section:(a) The term "affiliate" means any person or company which controls, is controlled by, or is under common control with, a specified company.(b) A person or company shall be deemed to have "control" of:(i) A savings bank if the person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than twenty-five percent of the voting shares of the savings bank, or controls in any manner the election of a majority of the directors of the bank;(ii) Any other company if the person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than twenty-five percent of the voting shares or rights of the other company, or controls in any manner the election or appointment of a majority of the directors or trustees of the other company, or is a general partner in or has contributed more than twenty-five percent of the capital of the other company;(iii) A trust if the person is a trustee thereof; or(iv) A savings bank or any other company if the director determines, after reasonable notice and opportunity for hearing, that the person directly or indirectly exercises a controlling influence over the management or policies of the savings bank or other company.(c) A company shall be deemed to be "significantly engaged" in an unrelated business activity if its unrelated business activities would represent, on either an actual or a pro forma basis, more than fifteen percent of its consolidated net worth at the close of this preceding fiscal year or of its consolidated net earnings for such fiscal year.(d) The term "unrelated business activity" means any business activity not authorized for a savings bank or any subsidiary thereof.[ 1994 c 92 § 367; 1985 c 56 § 26; 1981 c 85 § 45.]
WA Rev Code § 32.32.235 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.235 - Plan of conversion—Charter restrictions permitted.

RCW 32.32.235 Plan of conversion—Charter restrictions permitted.To the extent permitted by applicable federal or state law, a plan of conversion may provide for a provision in the charter of the converted savings bank containing, in substance, the restriction set forth in RCW 32.32.230. There may also be included a restriction providing that the charter provision may be amended only by a vote of up to seventy-five percent of the votes eligible to be cast at a regular or special meeting of shareholders of the converted savings bank. If the converted savings bank elects to adopt the foregoing optional charter provision, the director shall impose, as a condition to approval of the conversion, a requirement that the converted savings bank fully enforce the charter provision.[ 1994 c 92 § 368; 1981 c 85 § 46.]
WA Rev Code § 32.32.240 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.240 - Confidentiality of consideration to convert—Remedial measures for breach.

RCW 32.32.240 Confidentiality of consideration to convert—Remedial measures for breach.A savings bank which is considering converting pursuant to this chapter and its directors, officers, and employees shall keep this consideration in the strictest confidence and shall only discuss the potential conversion as would be consistent with the need to prepare information for filing an application for conversion. Should this confidence be breached the director may require remedial measures including:(1) A public statement by the savings bank that its board of directors is currently considering converting pursuant to this chapter;(2) Providing for an eligibility record date which shall be as of such a date prior to the adoption of the plan by the converting savings bank's board of directors as to assure the equitability of the conversion;(3) Limitation of the subscription rights of any person violating or aiding the violation of this section to an amount deemed appropriate by the director; and(4) Any other actions the director may deem appropriate and necessary to assure the fairness and equitability of the conversion.[ 1994 c 92 § 369; 1981 c 85 § 47.]
WA Rev Code § 32.32.245 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.245 - Public statement authorized.

RCW 32.32.245 Public statement authorized.If it should become essential as a result of rumors prior to the adoption of a plan of conversion by the applicant's board of directors, a public statement limited to that purpose may be made by the applicant.[ 1981 c 85 § 48.]
WA Rev Code § 32.32.250 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.250 - Adoption of plan of conversion—Notice to and inspection by account holders—Statement and letter—Press release authorized.

RCW 32.32.250 Adoption of plan of conversion—Notice to and inspection by account holders—Statement and letter—Press release authorized.Promptly after the adoption of a plan of conversion by not less than two-thirds of its board of directors, the savings bank shall:(1) Notify its account holders of the action by publishing a statement in a newspaper having general circulation in each community in which an office of the savings bank is located and/or by mailing a letter to each of its account holders; and(2) Have copies of the adopted plan of conversion available for inspection by its account holders at each office of the savings bank.The savings bank may also issue a press release with respect to the action. Copies of the proposed statement, letter, and press release are not required to be filed with the director but may be submitted to the director for comment. Copies of the definitive statement, letter, and press release shall be filed with the director as part of the application for conversion.[ 1994 c 92 § 370; 1981 c 85 § 49.]
WA Rev Code § 32.32.260 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.260 - Statement, letter, and press release—Contents prohibited—Inquiries.

RCW 32.32.260 Statement, letter, and press release—Contents prohibited—Inquiries.The statement, letter, and press release of the applicant issued pursuant to RCW 32.32.250 shall not include financial statements or describe the benefits of conversion or the value of the capital stock of the savings bank upon conversion. In replying to inquiries, the savings bank should limit its answers to the matters listed in RCW 32.32.255.[ 1981 c 85 § 51.]
WA Rev Code § 32.32.265 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.265 - Notices of filing of application—Requests for subscription offering circular.

RCW 32.32.265 Notices of filing of application—Requests for subscription offering circular.Upon determination that an application for conversion is properly executed and is not materially incomplete, the director shall advise the applicant, in writing, to publish notices of the filing of the application. Promptly after receipt of the advice, the applicant shall furnish a written notice of the filing to each eligible account holder and also publish a notice of the filing in a newspaper printed in the English language and having general circulation in each community in which an office of the applicant is located, as follows:NOTICE OF FILING OF AN APPLICATIONFOR APPROVAL TO CONVERT TO ASTOCK SAVINGS BANKNotice is hereby given that, pursuant to chapter 32.32 of the Revised Code of Washington . . . .  (fill in name of applicant) has filed an application with the Director of Financial Institutions for approval to convert to the stock form of organization. Copies of the application have been delivered to    (address)   .Written comments, including objections to the plan of conversion and materials supporting the objections, from any account holder of the applicant or aggrieved person, will be considered by the director if filed within twenty business days after the date of this notice. Failure to make written comments in objection may preclude the pursuit of any administrative or judicial remedies. Three copies of the comments should be sent to the aforementioned. The proposed plan of conversion and any comments thereon will be available for inspection by any account holder of the applicant at    (address)  . A copy of the plan may also be inspected at each office of the applicant.If a significant number of the applicant's account holders speak a language other than English and a newspaper in that language is published in the area served by the applicant, an appropriate translation of the notice shall also be published in that newspaper. A notice sent by mail may be accompanied by the statement that the converting institution will not mail a subscription offering circular to an eligible account holder or a supplemental eligible account holder unless the eligible account holder or the supplemental eligible account holder, prior to the commencement of the subscription offering, requests the subscription offering circular by returning a postcard. The issuer of stock in the conversion shall pay the postage of this postcard and shall inform the eligible account holder or supplemental eligible holder that the postage is paid.[ 1994 c 92 § 372; 1985 c 56 § 27; 1981 c 85 § 52.]
WA Rev Code § 32.32.270 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.270 - Filing of notice and affidavit of publication required.

RCW 32.32.270 Filing of notice and affidavit of publication required.Promptly after publication of the notices prescribed in RCW 32.32.265, the applicant shall file with the director the notice and affidavit of publication from each newspaper publisher in the manner the director shall require.[ 1994 c 92 § 373; 1981 c 85 § 53.]
WA Rev Code § 32.32.275 (2021)
2021 Revised Code of Washington|Title 32 - Washington Savings Bank Act|Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.|32.32.275 - Applications available for public inspection—Confidential information.

RCW 32.32.275 Applications available for public inspection—Confidential information.Should the applicant desire to submit any information it deems to be of a confidential nature regarding any item or a part of any exhibit included in any application under this chapter, the information pertaining to the item or exhibit shall be separately bound and labeled "confidential", and a statement shall be submitted therewith briefly setting forth the grounds on which the information should be treated as confidential. Only general reference thereto need be made in that portion of the application which the applicant deems not to be confidential. Applications under this chapter shall be made available for inspection by the public, except for portions which are bound and labeled "confidential" and which the director determines to withhold from public availability under chapter 42.56 RCW. The applicant shall be advised of any decision by the director to make public information designated as "confidential" by the applicant. Even though sections of the application are considered "confidential" as far as public inspection thereof is concerned, to the extent the director deems necessary the director may comment on the confidential submissions in any public statement in connection with the director's decision on the application without prior notice to the applicant.[ 2005 c 274 § 260; 1994 c 92 § 374; 1981 c 85 § 54.]