reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.721 - Appointment by court of temporary receiver—Notice to director.

RCW 31.12.721
Appointment by court of temporary receiver—Notice to director.
No receiver may be appointed by any court for any credit union, except that a court otherwise having jurisdiction may in case of imminent necessity appoint a temporary receiver to take possession of and preserve the assets of the credit union. Immediately upon appointment, the clerk of the court shall notify the director in writing of the appointment and the director shall appoint a receiver to take possession of the credit union and the temporary receiver shall upon demand surrender possession of the assets of the credit union to the receiver. The receiver may in due course pay the temporary receiver out of the assets of the credit union, subject to the approval of the court.
[ 1997 c 397 § 85.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.724 - Actions that are void—Felonious conduct—Penalties.

RCW 31.12.724
Actions that are void—Felonious conduct—Penalties.
(1) Every transfer of a credit union's property or assets, and every assignment by a credit union for the benefit of creditors, made in contemplation of insolvency, or after it has become insolvent, to intentionally prefer one creditor over another, or to intentionally prevent the equal distribution of its property and assets among its creditors, is void.
(2) Every credit union director, officer, or employee making any transfer described in subsection (1) of this section is guilty of a class B felony punishable according to chapter 9A.20 RCW.
(3) An officer, director, or employee of a credit union who fraudulently receives any share or deposit on behalf of the credit union, knowing that the credit union is insolvent, is guilty of a class B felony punishable according to chapter 9A.20 RCW.
[ 2003 c 53 § 192; 1997 c 397 § 86.]
NOTES:
Intent—Effective date—2003 c 53: See notes following RCW 2.48.180.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.726 - Conservator or receiver may terminate or adopt executory contracts—Timing—Binding terms—Liability.

RCW 31.12.726
Conservator or receiver may terminate or adopt executory contracts—Timing—Binding terms—Liability.
After the taking of possession of the property and business of a credit union, through conservatorship or receivership, the conservator or receiver may terminate or adopt any executory contract to which the credit union may be a party, including leases of real or personal property. The termination or adoption shall be made within six months after obtaining knowledge of the existence of the contract or lease. Any provision in the contract or lease which provides for damages or cancellation fees upon termination shall not be binding on the conservator, receiver, or credit union. The director, conservator, or receiver, and credit union are not liable for damages.
[ 2010 c 87 § 18.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.728 - Applicability of general receivership law.

RCW 31.12.728
Applicability of general receivership law.
Except in cases in which a receiver is appointed by a court on a temporary basis under RCW 31.12.721, the provisions of Title 7 RCW generally applicable to receivers and receiverships do not apply to receivers elected or appointed under this chapter.
[ 2004 c 165 § 42.]
NOTES:
Purpose—Captions not law—2004 c 165: See notes following RCW 7.60.005.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.850 - Prohibited acts—Criminal penalties.

RCW 31.12.850
Prohibited acts—Criminal penalties.
(1)(a) It is unlawful for a director, supervisory committee member, officer, employee, or agent of a credit union to knowingly violate or consent to a violation of this chapter.
(b) It is unlawful for any person to knowingly make or disseminate a false report or other misrepresentation about the financial condition of any credit union.
(c) Unless otherwise provided by law, a violation of this subsection is a misdemeanor under chapter 9A.20 RCW.
(2)(a) It is unlawful for a person to perform any of the following acts:
(i) To knowingly subscribe to, make, or cause to be made a false statement or entry in the books of a credit union;
(ii) To knowingly make a false statement or entry in a report required to be made to the director; or
(iii) To knowingly exhibit a false or fictitious paper, instrument, or security to a person authorized to examine a credit union.
(b) A violation of this subsection is a class C felony under chapter 9A.20 RCW.
[ 2010 c 87 § 15; 2003 c 53 § 193; 1997 c 397 § 87; 1994 c 92 § 215; 1984 c 31 § 65. Formerly RCW 31.12.635.]
NOTES:
Intent—Effective date—2003 c 53: See notes following RCW 2.48.180.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.853 - Prohibited acts—Civil penalties—Rules.

RCW 31.12.853
Prohibited acts—Civil penalties—Rules.
(1) The department is authorized to assess civil fines to the credit union for violation of any of the following:
(a) Any material provision of this chapter or related rules;
(b) Any final or temporary order, including a cease and desist, suspension, removal, or prohibition order;
(c) Any supervisory agreement;
(d) Any condition imposed in writing in connection with the grant of any application or other request; or
(e) Any other written agreement entered into with the director.
(2) At the option of the director, a violation of this section subjects the violator to a fine of up to ten thousand dollars per violation. A continuing violation shall be considered a single violation for this purpose. The fine is payable upon issuance of any order or directive of the director, and may be recovered by the attorney general in a civil action in the name of the department.
(3) The department is authorized to adopt rules for the implementation of this section.
[ 2010 c 87 § 16.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.860 - Taxation of credit unions.

RCW 31.12.860
Taxation of credit unions.
Neither a credit union nor its members may be taxed upon its shares and deposits as property. A credit union shall be taxable upon its real property and tangible personal property, and every credit union shall be termed a mutual institution for savings and neither it nor its property may be taxable under any law which exempts savings banks or institutions for savings from taxation. For all purposes of taxation, the assets represented by the regular reserve and other reserves, other than reserves for expenses and losses of a credit union, shall be deemed its only permanent capital, and in computing any tax, whether it be property, income, or excise, appropriate adjustment shall be made to give effect to the mutual nature of such credit union.
[ 1984 c 31 § 75. Formerly RCW 31.12.735.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.891 - Automated teller machines and night depositories security.

RCW 31.12.891
Automated teller machines and night depositories security.
Chapter 19.174 RCW applies to automated teller machines and night depositories regulated under this title.
[ 1993 c 324 § 11. Formerly RCW 31.12.740.]
NOTES:
Effective date—1993 c 324: See RCW 19.174.900.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.906 - Effective date—1997 c 397.

RCW 31.12.906
Effective date—1997 c 397.
Except for sections 35 and 50 of this act, this act takes effect January 1, 1998.
[ 1997 c 397 § 92.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.909 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.

RCW 31.12.909
Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.
For the purposes of this chapter, the terms spouse, marriage, marital, husband, wife, widow, widower, next of kin, and family shall be interpreted as applying equally to state registered domestic partnerships or individuals in state registered domestic partnerships as well as to marital relationships and married persons, and references to dissolution of marriage shall apply equally to state registered domestic partnerships that have been terminated, dissolved, or invalidated, to the extent that such interpretation does not conflict with federal law. Where necessary to implement chapter 521, Laws of 2009, gender-specific terms such as husband and wife used in any statute, rule, or other law shall be construed to be gender neutral, and applicable to individuals in state registered domestic partnerships.
[ 2009 c 521 § 77.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.910 - Effective date—2010 c 87.

RCW 31.12.910
Effective date—2010 c 87.
This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [March 17, 2010].
[ 2010 c 87 § 21.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.13 - Corporate Credit Unions. › 31.13.010 - Definition of corporate credit union or corporate.

RCW 31.13.010
Definition of corporate credit union or corporate.
As used in this chapter, unless the context in which it is used clearly indicates otherwise, the term "corporate credit union" or "corporate" means a credit union organized under this chapter.
[ 2001 c 83 § 36; 1984 c 31 § 79; 1977 ex.s. c 207 § 5.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.13 - Corporate Credit Unions. › 31.13.020 - Authority to organize and operate—Powers and authorities—Name—Federal or Kansas state corporate credit unions.

RCW 31.13.020
Authority to organize and operate—Powers and authorities—Name—Federal or Kansas state corporate credit unions.
(1) Corporate credit unions may be organized and operated under this chapter. A corporate credit union has all the powers and authorities granted in, and is subject to, all of the provisions of chapter 31.12 RCW which are not inconsistent with this chapter. A corporate must use the term "corporate" in its official name. The director may adopt rules for the organization and operation of corporate credit unions.
(2) Notwithstanding any other provision of law, and in addition to all powers and authorities, express or implied, that a corporate credit union has under the laws of this state, a corporate has the powers and authorities that a federal or Kansas state corporate credit union had on July 22, 2001. However, a corporate must still comply with RCW 31.12.408.
(3) Notwithstanding any other provision of law, and in addition to the powers and authorities, express or implied, that a corporate has under subsection (2) of this section, a corporate credit union has the powers and authorities that a federal or Kansas state corporate credit union has subsequent to July 22, 2001, if the director finds that the exercise of the power and authority serves the convenience and advantage of members of credit unions, and maintains the fairness of competition and parity between corporate credit unions. However, a corporate must still comply with RCW 31.12.408.
(4) The restrictions, limitations, and requirements applicable to specific powers or authorities of federal or Kansas state corporate credit unions apply to corporate credit unions exercising those powers or authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to the specific exercise of the powers or authorities granted corporate credit unions solely under this section.
(5) As used in this section, "powers and authorities" include, but are not limited to, powers and authorities in corporate governance matters.
[ 2001 c 83 § 37; 1977 ex.s. c 207 § 1.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.20 - Development Credit Corporations. › 31.20.010 - Creation under general corporation laws authorized.

RCW 31.20.010
Creation under general corporation laws authorized.
Organizations to provide development credit are authorized to be created under the general corporation laws of the state, with all of the powers, privileges and immunities conferred on corporations by such laws.
[ 1959 c 213 § 1.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.20 - Development Credit Corporations. › 31.20.020 - Purposes specified.

RCW 31.20.020
Purposes specified.
The purposes of development credit corporations as authorized herein shall be: (1) To promote, aid, and, through the united efforts of the institutions and corporations which shall from time to time become members thereof, develop and advance the industrial and business prosperity and welfare of the state of Washington; (2) To encourage new industries; (3) To stimulate and help to expand all kinds of business ventures which tend to promote the growth of the state; (4) To act whenever and wherever deemed by it advisable in conjunction with other organizations, the objects of which are the promotion of industrial, agricultural or recreational developments within the state; and (5) To furnish for approved and deserving applicants ready and required money for the carrying on and development of every kind of business or industrial undertaking whereby a medium of credit is established not otherwise readily available therefor.
[ 1959 c 213 § 2.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.20 - Development Credit Corporations. › 31.20.030 - Corporate powers.

RCW 31.20.030
Corporate powers.
In furtherance of the purposes set forth in RCW 31.20.020, and in addition to the powers conferred by the general laws relating to corporations, this corporation shall, subject to the restrictions and limitations set forth in this chapter, have the following powers:
(1) To borrow money on secured or unsecured notes from any bank, trust company, savings bank, mutual savings bank, savings and loan association, building and loan association, credit union, insurance company or union funds which shall be members of this corporation and to pledge bonds, notes and other securities as collateral therefor: PROVIDED, In no case shall the amount so loaned by any member exceed the limit as hereinafter defined;
(2) To lend money upon secured or unsecured applications: PROVIDED, It shall not be the purpose hereof to take from other institutions within the state any such loans or commitments as may be desired by such institutions generally in the ordinary course of their business;
(3) To establish and regulate the terms and conditions of any such loans and charges for interest or service connected therewith;
(4) To purchase, hold, lease and otherwise acquire and to convey such real estate as may, from time to time, be acquired by it in satisfaction of debts or may be acquired by it in the foreclosure of mortgages thereon or upon judgments for debts or in settlements to secure debts.
[ 1959 c 213 § 3.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.20 - Development Credit Corporations. › 31.20.040 - Minimum capital stock.

RCW 31.20.040
Minimum capital stock.
No development credit corporation shall be organized with a capital stock of less than twenty-five thousand dollars, which shall be paid into the treasury of the corporation in cash before the corporation shall be authorized to transact any business other than such as relates to its organization.
[ 1959 c 213 § 4.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.24 - Industrial Development Corporations. › 31.24.190 - Formation of historic business development company for purpose of preservation of historic buildings, areas, or neighborhoods.

RCW 31.24.190
Formation of historic business development company for purpose of preservation of historic buildings, areas, or neighborhoods.
(1) In addition to the purposes specified in RCW 31.24.020 a historic business development company may be formed for one or more of the following purposes:
(a) To encourage and stimulate the preservation of historic buildings or historic commercial areas or neighborhoods by returning them to economically productive uses which are compatible with or enhance the historic character of such buildings, commercial areas, or neighborhoods;
(b) To stimulate and assist in the development of business or other activities which have an impact upon the preservation of historic buildings, commercial areas, or neighborhoods;
(c) To cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of historical preservation activities; and
(d) To provide financing through loans, investments of other business transactions for the promotion, development, and conduct of all kinds of business activity that encourages or relates to historic preservation.
(2) A historic business development company shall not engage in the broad economic and business promotion activities permitted by a general business development company.
(3) A general business development company may, in addition to all other activities permitted by this chapter, engage in those activities specifically permitted of a historic business development company organized under subsection (1) of this section.
[ 2006 c 87 § 20; 1973 1st ex.s. c 90 § 2.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.24 - Industrial Development Corporations. › 31.24.200 - Insolvency and liquidation—Chapter 30.44 RCW.

RCW 31.24.200
Insolvency and liquidation—Chapter 30.44 RCW.
*Chapter 30.44 RCW applies to the insolvency and liquidation of a business development company organized under this chapter.
[ 2006 c 87 § 21.]
NOTES:
*Reviser's note: Chapter 30.44 RCW was recodified as chapter 30A.44 RCW pursuant to 2014 c 37 § 4, effective January 5, 2015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.24 - Industrial Development Corporations. › 31.24.205 - Supervisory direction and conservatorship.

RCW 31.24.205
Supervisory direction and conservatorship.
The director has the same power and authority to exercise supervisory direction and conservatorship of, and to issue cease and desist orders upon, a business development company organized under this chapter, as the director has in regard to a bank under *Title 30 RCW.
[ 2006 c 87 § 22.]
NOTES:
*Reviser's note: Title 30 RCW was recodified and/or repealed pursuant to 2014 c 37, effective January 5, 2015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.24 - Industrial Development Corporations. › 31.24.210 - Mergers or consolidations—Application—Approval.

RCW 31.24.210
Mergers or consolidations—Application—Approval.
(1) Subject to written approval of the director, one or more general business development companies may merge into or consolidate with each other consistent with *chapter 30.49 RCW.
(2) Upon ninety days advance application to and written approval of the director, a historic business development company may convert its charter to that of a general business development company. An application for conversion shall contain a cover letter requesting conversion, the proposed articles of amendments and bylaws amendments, a modified business plan, and other relevant information in form and substance similar to the requirements of a de novo application for a general business development company as provided in RCW 31.24.020. In making a determination of whether to approve or deny such a conversion, the director shall consider:
(a) The historic performance and safety and soundness of the historic business development company;
(b) Whether the conversion to a general business development company will have a likelihood of continuing to fulfill the purposes of this chapter;
(c) Whether the applicant will have a likelihood of remaining safe and sound as a general business development company and pursuant to its proposed modified business plan; and
(d) Whether the proposed conversion would serve, or otherwise not detract from, the needs and convenience of the community served by the business development company.
[ 2006 c 87 § 23.]
NOTES:
*Reviser's note: Chapter 30.49 RCW was recodified as chapter 30A.49 RCW pursuant to 2014 c 37 § 4, effective January 5, 2015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.24 - Industrial Development Corporations. › 31.24.215 - Conversion of development credit corporation—Application—Approval—Filing of articles—Certificate of authority.

RCW 31.24.215
Conversion of development credit corporation—Application—Approval—Filing of articles—Certificate of authority.
(1) Notwithstanding any other provision of this chapter, a development credit corporation created under chapter 31.20 RCW, or any other company incorporated under Title 23B RCW, may convert to a business development company by filing an application with the department and receiving written approval of the director within ninety days of the date the application is received.
(2) In addition to all other requirements of a business development company pursuant to this chapter, the director shall not approve an application for conversion of a development credit corporation unless:
(a) A minimum of three stockholders of such corporation are financial institutions;
(b) The majority of outstanding shares of common stock of such corporation are held by financial institutions;
(c) The articles of incorporation of such a corporation are amended to conform to the requirements of RCW 31.24.020;
(d) The bylaws of such a corporation are amended to conform to the requirements of this chapter;
(e) The business plan of the corporation is consistent with the requirements of this chapter and has been approved by the director; and
(f) The corporation otherwise satisfies the director that all other requirements of a business development company under this chapter have been met. However, such a corporation is not required to have had a minimum of five incorporators at the time it originally was incorporated with the secretary of state, as provided for in RCW 31.24.020(1).
(3) Upon approval by the director of the corporation's application for conversion, the amended articles of incorporation, as approved by the director, shall be filed by the director with the secretary of state in the same manner provided for the filing of initial articles of incorporation under RCW 31.24.023. Such corporation shall not commence operation as a business development company until the director has issued such corporation a certificate of authority to conduct business as a business development company.
[ 2006 c 87 § 24.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.24 - Industrial Development Corporations. › 31.24.220 - Confidentiality and disclosure—Examinations.

RCW 31.24.220
Confidentiality and disclosure—Examinations.
The existing privileges, immunities, and requirements of confidentiality and disclosure with respect to examination records and information obtained by the director in conducting examinations, which are applicable to banks, as set forth in *RCW 30.04.075, apply to examination records and information obtained by the director in conducting examinations of business development companies organized under this chapter.
[ 2006 c 87 § 25.]
NOTES:
*Reviser's note: RCW 30.04.075 was recodified as RCW 30A.04.075 pursuant to 2014 c 37 § 4, effective January 5, 2015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.24 - Industrial Development Corporations. › 31.24.225 - Business as a limited liability company.

RCW 31.24.225
Business as a limited liability company.
Notwithstanding any other provision of this chapter, a business development company organized under this chapter may be chartered as a limited liability company, or may convert to doing business as a limited liability company, to the same extent and subject to the same terms and conditions as permitted for a bank organized under *Title 30 RCW, including, without limitation, requirements related to director approval, operational matters, corporate governance, and restrictions on complete dissociation. However:
(1) The rights of stockholders, as defined in this chapter, supersede the provisions of *Title 30 RCW to the contrary; and
(2) The limited liability company agreement, or other governing charter document of the limited liability company, must contain the same or substantially similar recitals as required in RCW 31.24.020 with respect to business purpose, organizational authority, board of directors, management, and limitations on liability of directors and officers.
[ 2006 c 87 § 26.]
NOTES:
*Reviser's note: Title 30 RCW was recodified and/or repealed pursuant to 2014 c 37, effective January 5, 2015.