reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.44 - Insolvency and Liquidation. › 30A.44.190 - Disposition of unclaimed personal property.

RCW 30A.44.190
Disposition of unclaimed personal property.
Whenever any bank shall be liquidated, voluntarily or involuntarily, and shall retain in its possession at the conclusion of the liquidation, uncalled for and unclaimed personal property left with it for safekeeping, such property shall, in the presence of at least one witness, be inventoried by the liquidating agent and sealed in separate packages, each package plainly marked with the name and last known address of the person in whose name the property stands on the books of the bank. If the property is in safe deposit boxes, such boxes shall be opened by the liquidating agent in the presence of at least one witness, and the property inventoried, sealed in packages and marked as above required. All the packages shall be transmitted to the director, together with certificates signed by the liquidating agent and witness or witnesses, listing separately the property standing in the name of any one person on the books of the bank, together with the date of inventory, and name and last known address of the person in whose name the property stands.
[ 2014 c 37 § 235; 1994 c 92 § 123; 1955 c 33 § 30.44.190. Prior: 1947 c 148 § 2; Rem. Supp. 1947 § 3281-2. Formerly RCW 30.44.190.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.44 - Insolvency and Liquidation. › 30A.44.200 - Duty of director—Notice to owner.

RCW 30A.44.200
Duty of director—Notice to owner.
Upon receiving possession of the packages, the director shall cause them to be opened in the presence of at least one witness, the property reinventoried, and the packages resealed, and held for safekeeping. The liquidated bank, its directors, officers, and shareholders, and the liquidating agent shall thereupon be relieved of responsibility and liability for the property so delivered to and received by the director. The director shall send immediately to each person in whose name the property stood on the books of the liquidated bank, at his or her last known address, in a securely closed, postpaid and registered letter, a notice that the property listed will be held in his or her name for a period of not less than two years. At any time after the mailing of such notice, and before the expiration of two years, such person may require the delivery of the property so held, by properly identifying himself or herself and offering evidence of his or her right thereto, to the satisfaction of the director.
[ 2014 c 37 § 236; 1994 c 92 § 124; 1955 c 33 § 30.44.200. Prior: 1947 c 148 § 3; Rem. Supp. 1947 § 3281-3. Formerly RCW 30.44.200.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.44 - Insolvency and Liquidation. › 30A.44.210 - Final notice after two years—Sale.

RCW 30A.44.210
Final notice after two years—Sale.
After the expiration of two years from the time of mailing the notice, the director shall mail in a securely closed postpaid registered letter, addressed to the person at his or her last known address, a final notice stating that two years have elapsed since the sending of the notice referred to in RCW 30A.44.200, and that the director will sell all the property or articles of value set out in the notice, at a specified time and place, not less than thirty days after the time of mailing the final notice. Unless the person shall, on or before the day mentioned, claim the property, identify himself or herself and offer evidence of his or her right thereto, to the satisfaction of the director, the director may sell all the property or articles of value listed in the notice, at public auction, at the time and place stated in the final notice: PROVIDED, That a notice of the time and place of sale has been published once within ten days prior to the sale in a newspaper of general circulation in the county where the sale is held. Any such property held by the director, the owner of which is not known, may be sold at public auction after it has been held by the director for two years, provided, that a notice of the time and place of sale has been published once within ten days prior to the sale in a newspaper of general circulation in the county where the sale is held.
[ 2014 c 37 § 237; 1994 c 92 § 125; 1985 c 469 § 15; 1955 c 33 § 30.44.210. Prior: 1947 c 148 § 4; Rem. Supp. 1947 § 3281-4. Formerly RCW 30.44.210.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.44 - Insolvency and Liquidation. › 30A.44.220 - Disposition of proceeds—Escheat.

RCW 30A.44.220
Disposition of proceeds—Escheat.
The proceeds of such sale shall be deposited by the director in a bank to his or her credit, in trust for the benefit of the person entitled thereto, and shall be paid by him or her to such person upon receipt of satisfactory evidence of his or her right thereto.
All moneys so deposited remaining unclaimed for five years after deposit shall escheat to the state for the benefit of the permanent school fund and shall be paid by the director into the state treasury. It shall not be necessary to have the escheat adjudged in a suit or action.
[ 2014 c 37 § 238; 1994 c 92 § 126; 1955 c 33 § 30.44.220. Prior: 1947 c 148 § 5; Rem. Supp. 1947 § 3281-5. Formerly RCW 30.44.220.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.44 - Insolvency and Liquidation. › 30A.44.230 - Procedure as to papers, documents, etc.

RCW 30A.44.230
Procedure as to papers, documents, etc.
Whenever the personal property held by a liquidated bank shall consist either wholly or in part, of documents, letters, or other papers of a private nature, such documents, letters, or papers shall not be sold, but shall be retained by the director for a period of five years, and, unless sooner claimed by the owner, may be thereafter destroyed in the presence of the director and at least one other witness.
[ 2014 c 37 § 239; 1994 c 92 § 127; 1955 c 33 § 30.44.230. Prior: 1947 c 148 § 6; Rem. Supp. 1947 § 3281-6. Formerly RCW 30.44.230.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.44 - Insolvency and Liquidation. › 30A.44.240 - Transfer of assets and liabilities to another bank.

RCW 30A.44.240
Transfer of assets and liabilities to another bank.
A bank may for the purpose of voluntary liquidation transfer its assets and liabilities to another bank, by a vote, or with the written consent of the stockholders of record owning two-thirds of its capital stock, but only with the written consent of the director and upon such terms and conditions as he or she may prescribe. Upon any such transfer being made, or upon the liquidation of any such corporation for any cause whatever or upon its being no longer engaged in the business of a bank, the director shall terminate its certificate of authority, which shall not thereafter be revived or renewed. When the certificate of authority of any such corporation shall have been revoked, it shall forthwith collect and distribute its remaining assets, and when that is done the director shall certify the fact to the secretary of state, whereupon the corporation shall cease to exist and the secretary of state shall note that fact upon his or her records.
[ 2014 c 37 § 240; 1994 c 92 § 128; 1955 c 33 § 30.44.240. Prior: 1953 c 236 § 1; 1923 c 115 § 12; 1919 c 209 § 17; 1917 c 80 § 75; RRS § 3282. Formerly RCW 30.44.240.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.44 - Insolvency and Liquidation. › 30A.44.250 - Reopening.

RCW 30A.44.250
Reopening.
Whenever the director has taken possession of a bank for any cause, he or she may wind up such corporation and cancel its certificate of authority, unless enjoined from so doing, as herein provided. Or if at any time within ninety days after taking possession, he or she shall determine that all impairment and delinquencies have been made good, and that it is safe and expedient for such corporation to reopen, he or she may permit such corporation to reopen upon such terms and conditions as he or she shall prescribe. Before being permitted to reopen, every such corporation shall pay all of the expenses of the director, as herein elsewhere defined.
[ 2014 c 37 § 241; 1994 c 92 § 129; 1955 c 33 § 30.44.250. Prior: 1917 c 80 § 73; RRS § 3280. Formerly RCW 30.44.250.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.44 - Insolvency and Liquidation. › 30A.44.260 - Destruction of records after liquidation.

RCW 30A.44.260
Destruction of records after liquidation.
Where any files, records, documents, books of account or other papers have been taken over and are in the possession of the director in connection with the liquidation of any insolvent banks or trust companies under the laws of this state, the director may, in his or her discretion at any time after the expiration of one year from the declaration of the final dividend, or from the date when such liquidation has been entirely completed, destroy any of the files, records, documents, books of account or other papers which may appear to the director to be obsolete or unnecessary for future reference as part of the liquidation and files of his or her office.
[ 1994 c 92 § 130; 1955 c 33 § 30.44.260. Prior: 1925 ex.s. c 55 § 1; RRS § 3277-1. Formerly RCW 30.44.260.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.44 - Insolvency and Liquidation. › 30A.44.270 - Federal deposit insurance corporation as receiver or liquidator—Appointment—Powers and duties.

RCW 30A.44.270
Federal deposit insurance corporation as receiver or liquidator—Appointment—Powers and duties.
(1) The federal deposit insurance corporation is hereby authorized and empowered to be and act without bond as receiver or liquidator of any bank the deposits in which are to any extent insured by that corporation and of which the director shall have taken possession pursuant to RCW 30A.44.010, 30A.44.020, or 30A.44.160.
(2) In the event of such closing, the director may appoint the federal deposit insurance corporation as receiver or liquidator of such bank.
(3) If the corporation accepts such appointment, it shall have and possess all the powers and privileges provided by the laws of this state with respect to a liquidator of a bank, its depositors and other creditors, and be subject to all the duties of such liquidator, except insofar as such powers, privileges, or duties are in conflict with the provisions of the federal deposit insurance act, as now or hereafter amended.
[ 2014 c 37 § 242; 2010 c 88 § 36; 1994 c 92 § 131; 1973 1st ex.s. c 54 § 1. Formerly RCW 30.44.270.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.44 - Insolvency and Liquidation. › 30A.44.280 - Payment or acquisition of deposit liabilities by federal deposit insurance corporation—Not hindered by judicial review—Liability.

RCW 30A.44.280
Payment or acquisition of deposit liabilities by federal deposit insurance corporation—Not hindered by judicial review—Liability.
The pendency of any proceedings for judicial review of the director's actions in taking possession and control of a bank and its assets for the purpose of liquidation shall not operate to defer, delay, impede, or prevent the payment or acquisition by the federal deposit insurance corporation of the deposit liabilities of the bank which are insured by the corporation. During the pendency of any proceedings for judicial review, the director shall make available to the federal deposit insurance corporation such facilities in or of the bank and such books, records, and other relevant data of the bank as may be necessary or appropriate to enable the corporation to pay out or to acquire the insured deposit liabilities of the bank. The federal deposit insurance corporation and its directors, officers, agents, and employees, and the director and his or her agents and employees shall be free from liability to the bank, its directors, stockholders, and creditors for or on account of any action taken in connection herewith.
[ 2014 c 37 § 243; 1994 c 92 § 132; 1973 1st ex.s. c 54 § 2. Formerly RCW 30.44.280.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.46 - Supervisory Direction—Conservatorship. › 30A.46.010 - Definitions.

RCW 30A.46.010
Definitions.
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
(1) "Unsafe condition" shall mean and include, but not be limited to, any one or more of the following circumstances:
(a) If a bank is less than well-capitalized;
(b) If a bank violates the applicable provisions of this title or any other law or regulation applicable to banks or trust companies;
(c) If a bank conducts a fraudulent or questionable practice in the conduct of its business that endangers a bank's reputation or threatens its solvency;
(d) If a bank conducts its business in an unsafe or unauthorized manner;
(e) If a bank violates any conditions of its charter or any agreement entered with the director; or
(f) If a bank fails to carry out any authorized order or direction of the examiner or the director.
(2) "Exceeded its powers" shall mean and include, but not be limited to the following circumstances:
(a) If a bank has refused to permit examination of its books, papers, accounts, records, or affairs by the director, assistant director, or duly commissioned examiners; or
(b) If a bank has neglected or refused to observe an order of the director to make good, within the time prescribed, any impairment of its capital.
(3) "Consent" includes and means a written agreement by the bank to either supervisory direction or conservatorship under this chapter.
[ 2014 c 37 § 244; 2010 c 88 § 37; 1994 c 92 § 133; 1975 1st ex.s. c 87 § 1. Formerly RCW 30.46.010.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.46 - Supervisory Direction—Conservatorship. › 30A.46.020 - Grounds for determining need for supervisory direction—Abatement of determination—Supervisory direction, procedure—Conservator, immunity.

RCW 30A.46.020
Grounds for determining need for supervisory direction—Abatement of determination—Supervisory direction, procedure—Conservator, immunity.
(1) If upon examination or at any other time it appears to the director that any bank is in an unsafe condition and its condition is such as to render the continuance of its business hazardous to the public or to its depositors and creditors, or if such bank appears to have exceeded its powers or has failed to comply with the law, or if such bank gives its consent, then the director shall upon his or her determination (a) notify the bank of his or her determination, and (b) furnish to the bank a written list of the director requirements to abate his or her determination, and (c) if the director makes further determination to directly supervise, notify the bank that it is under the supervisory direction of the director and that the director is invoking the provisions of this chapter. If placed under supervisory direction the bank shall comply with the lawful requirements of the director within such time as provided in the notice of the director, subject however, to the provisions of this chapter. If the bank fails to comply within such time the director may appoint a conservator as hereafter provided.
(2) A person appointed as conservator by the director pursuant to this chapter is immune from criminal, civil, and administrative liability for any act done in good faith in the performance of the duties of conservator.
[ 2014 c 37 § 245; 2013 c 76 § 14; 1994 c 92 § 134; 1975 1st ex.s. c 87 § 2. Formerly RCW 30.46.020.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.46 - Supervisory Direction—Conservatorship. › 30A.46.030 - Supervisory direction—Appointment of representative to supervise—Restrictions on operations.

RCW 30A.46.030
Supervisory direction—Appointment of representative to supervise—Restrictions on operations.
During the period of supervisory direction the director may appoint a representative to supervise such bank and may provide that the bank may not do any of the following during the period of supervisory direction, without the prior approval of the director or the appointed representative:
(1) Dispose of, convey, or encumber any of the assets, excluding trust assets under management;
(2) Withdraw any of its bank accounts;
(3) Lend any of its funds;
(4) Invest any of its funds;
(5) Transfer any of its property; or
(6) Incur any debt, obligation, or liability.
[ 2014 c 37 § 246; 2013 c 76 § 15; 1994 c 92 § 135; 1975 1st ex.s. c 87 § 3. Formerly RCW 30.46.030.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.46 - Supervisory Direction—Conservatorship. › 30A.46.040 - Conservator—Appointment—Grounds—Powers, duties, and functions.

RCW 30A.46.040
Conservator—Appointment—Grounds—Powers, duties, and functions.
After the period of supervisory direction specified by the director for compliance, if he or she determines that such bank has failed to comply with the lawful requirements imposed, upon due notice and hearing or by consent of the bank, the director may appoint a conservator, who shall immediately take charge of such bank and all of its property, books, records, and effects. The conservator shall conduct the business of the bank and take such steps toward the removal of the causes and conditions which have necessitated such order, as the director may direct. During the pendency of the conservatorship the conservator shall make such reports to the director from time to time as may be required by the director, and shall be empowered to take all necessary measures to preserve, protect, and recover any assets or property of such bank, including claims or causes of actions belonging to or which may be asserted by such bank, and to deal with the same in his or her own name as conservator, and shall be empowered to file, prosecute, and defend any suit and suits which have been filed or which may thereafter be filed by or against such bank which are deemed by the conservator to be necessary to protect all of the interested parties for a property affected thereby. The director, or any newly appointed assistant, may be appointed to serve as conservator. If the director, however, is satisfied that such bank is not in condition to continue business in the interest of its customers under the conservator as above provided, the director may proceed with appropriate remedies provided by other provisions of this title.
[ 2014 c 37 § 247; 2013 c 76 § 16; 1994 c 92 § 136; 1975 1st ex.s. c 87 § 4. Formerly RCW 30.46.040.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.46 - Supervisory Direction—Conservatorship. › 30A.46.050 - Costs as charge against bank's assets.

RCW 30A.46.050
Costs as charge against bank's assets.
All costs incident to supervisory direction and the conservatorship shall be fixed and determined by the director and shall be a charge against the assets of the bank, excluding trust assets under management, to be allowed and paid as the director may determine.
[ 2014 c 37 § 248; 2013 c 76 § 17; 1994 c 92 § 137; 1975 1st ex.s. c 87 § 5. Formerly RCW 30.46.050.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.46 - Supervisory Direction—Conservatorship. › 30A.46.060 - Request for review of action—Stay of action—Orders subject to review.

RCW 30A.46.060
Request for review of action—Stay of action—Orders subject to review.
During the period of the supervisory direction and during the period of conservatorship, the bank may request the director to review an action taken or proposed to be taken by the representative or conservator; specifying wherein the action complained of is believed not to be in the best interest of the bank, and such request shall stay the action specified pending review of such action by the director. Any order entered by the director appointing a representative and providing that the bank shall not do certain acts as provided in RCW 30A.46.030 and 30A.46.040, any order entered by the director appointing a conservator, and any order by the director following the review of an action of the representative or conservator as herein above provided shall be subject to review in accordance with the administrative procedure act of the state of Washington.
[ 2014 c 37 § 249; 2013 c 76 § 18; 1994 c 92 § 138; 1975 1st ex.s. c 87 § 6. Formerly RCW 30.46.060.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.46 - Supervisory Direction—Conservatorship. › 30A.46.070 - Suits against bank or conservator, where brought—Suits by conservator.

RCW 30A.46.070
Suits against bank or conservator, where brought—Suits by conservator.
Any suit filed against a bank or its conservator, after the entrance of an order by the director placing such bank in conservatorship and while such order is in effect, shall be brought in the superior court of Thurston county and not elsewhere. The conservator appointed hereunder for such bank may file suit in any superior court or other court of competent jurisdiction against any person for the purpose of preserving, protecting, or recovering any asset or property of such bank including claims or causes of action belonging to or which may be asserted by such bank.
[ 2014 c 37 § 250; 2013 c 76 § 19; 1994 c 92 § 139; 1975 1st ex.s. c 87 § 7. Formerly RCW 30.46.070.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.46 - Supervisory Direction—Conservatorship. › 30A.46.080 - Duration of conservator's term—Rehabilitated banks—Management.

RCW 30A.46.080
Duration of conservator's term—Rehabilitated banks—Management.
The conservator shall serve for such time as is necessary to accomplish the purposes of the conservatorship as intended by this chapter. If rehabilitated, the rehabilitated bank shall be returned to management or new managements under such conditions as are reasonable and necessary to prevent recurrence of the condition which occasioned the conservatorship.
[ 2014 c 37 § 251; 2013 c 76 § 20; 1975 1st ex.s. c 87 § 8. Formerly RCW 30.46.080.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.46 - Supervisory Direction—Conservatorship. › 30A.46.090 - Authority of director.

RCW 30A.46.090
Authority of director.
If the director determines to act under authority of this chapter, the sequence of his or her acts and proceedings shall be as set forth in this chapter. However, it is the purpose and substance of this chapter to authorize administrative discretion—to allow the director administrative discretion in the event of unsound banking operations—and in furtherance of that purpose the director is hereby authorized to proceed with regulation either under this chapter or under any other applicable provisions of law or under this chapter in connection with other law, either as such law is now existing or is hereinafter enacted, and it is so provided.
[ 2014 c 37 § 252; 2013 c 76 § 21; 1994 c 92 § 140; 1975 1st ex.s. c 87 § 9. Formerly RCW 30.46.090.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.46 - Supervisory Direction—Conservatorship. › 30A.46.100 - Rules.

RCW 30A.46.100
Rules.
The director is empowered to adopt and promulgate such reasonable rules as may be necessary for the implementation of this chapter and its purposes.
[ 1994 c 92 § 141; 1975 1st ex.s. c 87 § 10. Formerly RCW 30.46.100.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.010 - Definitions.

RCW 30A.49.010
Definitions.
As used in this chapter:
"Merging bank" means a party to a merger;
"Converting bank" means a bank converting from a state to a national bank, or the reverse;
"Merger" includes consolidation;
"Resulting bank" means the bank resulting from a merger or conversion.
Wherever reference is made to a vote of stockholders or a vote of classes of stockholders it shall mean only a vote of those entitled to vote under the terms of such shares.
[ 1986 c 279 § 43; 1955 c 33 § 30.49.010. Prior: 1953 c 234 § 1. Formerly RCW 30.49.010.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.020 - State bank to resulting national bank—Laws applicable—Vote required—Termination of franchise.

RCW 30A.49.020
State bank to resulting national bank—Laws applicable—Vote required—Termination of franchise.
This section is applicable where there is to be a resulting national bank.
Nothing in the law of this state shall restrict the right of a state bank to merge with or convert into a resulting national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed at the time of the action for national banks merging with or converting into a resulting state bank by the law of the United States, and not by the law of this state, except that a vote of the holders of two-thirds of each class of voting stock of a state bank shall be required for the merger or conversion, and that on conversion by a state into a national bank the rights of dissenting stockholders shall be those specified in RCW 30A.49.090.
Upon the completion of the merger or conversion, the franchise of any merging or converting state bank shall automatically terminate.
[ 2014 c 37 § 253; 1955 c 33 § 30.49.020. Prior: 1953 c 234 § 2. Formerly RCW 30.49.020.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.030 - State or national bank to resulting state bank—Law applicable to nationals.

RCW 30A.49.030
State or national bank to resulting state bank—Law applicable to nationals.
This section is applicable where there is to be a resulting state bank.
Upon approval by the director, state or national banks may be merged to result in a state bank, or a national bank may convert into a state bank as hereafter prescribed, except that the action by a national bank shall be taken in the manner prescribed by and shall be subject to limitations and requirements imposed by the law of the United States which shall also govern the rights of its dissenting shareholders.
[ 1994 c 92 § 142; 1955 c 33 § 30.49.030. Prior: 1953 c 234 § 3. Formerly RCW 30.49.030.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.050 - Merger to resulting state bank—Stockholders' vote—Notice of meeting—Waiver of notice.

RCW 30A.49.050
Merger to resulting state bank—Stockholders' vote—Notice of meeting—Waiver of notice.
To be effective, a merger which is to result in a state bank must be approved by the stockholders of each merging state bank by a vote of two-thirds of the outstanding voting stock of each class at a meeting called to consider such action, which vote shall constitute the adoption of the charter and bylaws of the resulting state bank, including the amendments in the merger agreement.
Unless waived in writing, notice of the meeting of stockholders shall be given by publication in a newspaper of general circulation in the place where the principal office of each merging state bank is located, at least once each week for four successive weeks, and by mail, at least fifteen days before the date of the meeting, to each stockholder of record of each merging state bank at his or her address on the books of his or her bank; no notice of publication need be given if written waivers are received from the holders of two-thirds of the outstanding shares of each class of stock. The notice shall state that dissenting stockholders will be entitled to payment of the value of only those shares which are voted against approval of the plan.
[ 2011 c 336 § 749; 1955 c 33 § 30.49.050. Prior: 1953 c 234 § 5. Formerly RCW 30.49.050.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.060 - Merger to resulting state bank—Effective date—Termination of charters—Certificate of merger.

RCW 30A.49.060
Merger to resulting state bank—Effective date—Termination of charters—Certificate of merger.
A merger which is to result in a state bank shall, unless a later date is specified in the agreement, become effective after the filing with and upon the approval of the director of the executed agreement together with copies of the resolutions of the stockholders of each merging state or national bank approving it, certified by the bank's president or a vice president and a secretary. The charters of the merging banks, other than the resulting bank, shall thereupon automatically terminate.
The director shall thereupon issue to the resulting state bank a certificate of merger specifying the name of each merging state or national bank and the name of the resulting state bank. Such certificate shall be conclusive evidence of the merger and of the correctness of all proceedings therefor in all courts and places, and may be recorded in any office for the recording of deeds to evidence the new name in which the property of the merging state or national bank is held.
[ 1994 c 92 § 144; 1955 c 33 § 30.49.060. Prior: 1953 c 234 § 6. Formerly RCW 30.49.060.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.070 - Conversion of national to state bank—Requirements—Procedure.

RCW 30A.49.070
Conversion of national to state bank—Requirements—Procedure.
Except as provided in RCW 30A.49.100, a national bank located in this state which follows the procedure prescribed by the laws of the United States to convert into a state bank shall be granted a state charter by the director if he or she finds that the bank meets the standards as to location of offices, capital structures, and business experience and character of officers and directors for the incorporation of a state bank.
The national bank may apply for such charter by filing with the director a certificate signed by its president and cashier and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the provisions of the laws of the United States governing the conversion of a national to a state bank, and the articles of incorporation, approved by the stockholders, for the government of the bank as a state bank.
[ 2014 c 37 § 254; 1994 c 92 § 145; 1955 c 33 § 30.49.070. Prior: 1953 c 234 § 7. Formerly RCW 30.49.070.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.080 - Resulting bank as same business and corporate entity—Use of name of merging, converting bank.

RCW 30A.49.080
Resulting bank as same business and corporate entity—Use of name of merging, converting bank.
A resulting state or national bank shall be the same business and corporate entity as each merging state or national bank or as the converting state or national bank with all property, rights, powers and duties of each merging state or national bank or the converting state or national bank, except as affected by the state law in the case of a resulting state bank or the federal law in the case of a resulting national bank, and by the charter and bylaws of the resulting state or national bank.
A resulting state or national bank shall have the right to use the name of any merging state or national bank or of the converting bank whenever it can do any act under such name more conveniently.
Any reference to a merging or converting state or national bank in any writing, whether executed or taking effect before or after the merger or conversion, shall be deemed a reference to the resulting state or national bank if not inconsistent with the other provisions of such writing.
[ 1955 c 33 § 30.49.080. Prior: 1953 c 234 § 8. Formerly RCW 30.49.080.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.090 - Rights of dissenting shareholder—Appraisal—Amount due as debt.

RCW 30A.49.090
Rights of dissenting shareholder—Appraisal—Amount due as debt.
The owner of shares of a state bank which were voted against a merger to result in a state bank, or against the conversion of a state bank into a national bank, shall be entitled to receive their value in cash, if and when the merger or conversion becomes effective, upon written demand made to the resulting state or national bank at any time within thirty days after the effective date of the merger or conversion, accompanied by the surrender of the stock certificates. The value of such shares shall be determined, as of the date of the shareholders' meeting approving the merger or conversion, by three appraisers, one to be selected by the owners of two-thirds of the dissenting shares, one by the board of directors of the resulting state or national bank, and the third by the two so chosen. The valuation agreed upon by any two appraisers shall govern. If the appraisal is not completed within ninety days after the merger or conversion becomes effective, the director shall cause an appraisal to be made.
The dissenting shareholders shall bear, on a pro rata basis based on the number of dissenting shares owned, the cost of their appraisal and one-half of the cost of a third appraisal, and the resulting bank shall bear the cost of its appraisal and one-half of the cost of the third appraisal. If the director causes an appraisal to be made, the cost of that appraisal shall be borne equally by the dissenting shareholders and the resulting bank, with the dissenting shareholders sharing their half of the cost on a pro rata basis based on the number of dissenting shares owned.
The resulting state or national bank may fix an amount which it considers to be not more than the fair market value of the shares of a merging or the converting bank at the time of the stockholders' meeting approving the merger or conversion, which it will pay dissenting shareholders of the bank entitled to payment in cash. The amount due under such accepted offer or under the appraisal shall constitute a debt of the resulting state or national bank.
[ 1994 c 256 § 58; 1994 c 92 § 146; 1955 c 33 § 30.49.090. Prior: 1953 c 234 § 9. Formerly RCW 30.49.090.]
NOTES:
Reviser's note: This section was amended by 1994 c 92 § 146 and by 1994 c 256 § 58, each without reference to the other. Both amendments are incorporated in the publication of this section pursuant to RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).
Findings—Construction—1994 c 256: See RCW 43.320.007.
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.100 - Provision for successors to fiduciary positions.

RCW 30A.49.100
Provision for successors to fiduciary positions.
Where a resulting state bank is not to exercise trust powers, the director shall not approve a merger or conversion until satisfied that adequate provision has been made for successors to fiduciary positions held by the merging state or national banks or the converting state or national bank.
[ 1994 c 92 § 147; 1955 c 33 § 30.49.100. Prior: 1953 c 234 § 10. Formerly RCW 30.49.100.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.110 - Assets, business—Time for conformance with state law.

RCW 30A.49.110
Assets, business—Time for conformance with state law.
If a merging or converting state or national bank has assets which do not conform to the requirements of state law for the resulting state bank or carries on business activities which are not permitted for the resulting state bank, the director may permit a reasonable time to conform with state law.
[ 1994 c 92 § 148; 1955 c 33 § 30.49.110. Prior: 1953 c 234 § 11. Formerly RCW 30.49.110.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.120 - Resulting state bank—Valuation of certain assets limited.

RCW 30A.49.120
Resulting state bank—Valuation of certain assets limited.
Without approval by the director no asset shall be carried on the books of the resulting state bank at a valuation higher than that on the books of the merging or converting state or national bank at the time of its last examination by a state examiner or national bank examiner before the effective date of the merger or conversion.
[ 1994 c 92 § 149; 1955 c 33 § 30.49.120. Prior: 1953 c 234 § 12. Formerly RCW 30.49.120.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.49 - Merger, Consolidation, and Conversion. › 30A.49.130 - Severability—1955 c 33.

RCW 30A.49.130
Severability—1955 c 33.
If any provision of this chapter or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the chapter which can be given effect without the invalid provision or application, and to this end the provisions of the chapter are declared to be severable. The invalidity of any provision as to a national bank or as to the stockholders of a national bank shall not affect its validity as to a state bank or as to the stockholders of a state bank.
[ 1955 c 33 § 30.49.130. Prior: 1953 c 234 § 13. Formerly RCW 30.49.130.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.56 - Bank Stabilization Act. › 30A.56.010 - "Bank" and "directors" defined.

RCW 30A.56.010
"Bank" and "directors" defined.
In this chapter the word "bank" includes savings banks, mutual savings banks, and trust companies, and "directors" shall include trustees.
[ 1955 c 33 § 30.56.010. Prior: 1933 c 49 § 2; RRS § 3293-2. Formerly RCW 30.56.010.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.56 - Bank Stabilization Act. › 30A.56.020 - Postponement of payments on deposits—Order—Posting.

RCW 30A.56.020
Postponement of payments on deposits—Order—Posting.
The director is hereby empowered, upon the written application of the directors of a bank, if in his or her judgment the circumstances warrant it, to authorize a bank to postpone, for a period of ninety days and for such further period or periods as he or she may deem expedient, the payment of such proportions or amounts of the demands of its depositors from time to time as he or she may deem necessary. The period or periods of postponement and the proportions or amounts of the demands to be deferred shall be determined by him or her according to the ability of the bank to pay withdrawals. By the regulations prescribed for deferred payments, the director may classify accounts and limit payments to depositors of the several classes differently. The director's orders, regulations and directions shall be in writing and be filed in his or her office, and copies thereof shall be delivered to the bank and be forthwith posted in a conspicuous place in the banking room.
[ 1994 c 92 § 150; 1955 c 33 § 30.56.020. Prior: 1933 c 49 § 2; RRS § 3293-2. Formerly RCW 30.56.020.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.56 - Bank Stabilization Act. › 30A.56.030 - Business during postponement.

RCW 30A.56.030
Business during postponement.
During postponement of payments the bank shall remain open for business and be in charge of its officers, but shall not make any loans, investments or expenditures except such as the director will approve as necessary to conserve its assets and pay the cost of operation. The bank's failure during a period of postponement to repay deposits existing at the commencement of the period, shall not authorize or require the director to take charge of or liquidate the bank, nor constitute ground for the appointment of a receiver.
[ 1994 c 92 § 151; 1955 c 33 § 30.56.030. Prior: 1933 c 49 § 3; RRS § 3293-3. Formerly RCW 30.56.030.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.56 - Bank Stabilization Act. › 30A.56.040 - Deposits received during postponement.

RCW 30A.56.040
Deposits received during postponement.
Deposits received during a period of postponement and for sixty days thereafter shall be kept separate from other assets of the bank, shall not draw interest, shall not be loaned or invested except by depositing with reserve banks or investing in liquid securities approved by the director, and shall be withdrawable upon demand. If during a postponement of payments, or at the expiration thereof, the director shall take charge of the bank for liquidation, deposits made during the period of postponement shall be deemed trust funds and be repaid to the depositors forthwith.
[ 1994 c 92 § 152; 1955 c 33 § 30.56.040. Prior: 1933 c 49 § 4; RRS § 3293-4. Formerly RCW 30.56.040.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.56 - Bank Stabilization Act. › 30A.56.050 - Plan for reorganization—Conditions.

RCW 30A.56.050
Plan for reorganization—Conditions.
At the request of the directors of a bank, the director may propose a plan for its reorganization, if in his or her judgment it would be for the best interests of the bank's creditors and of the community which the bank serves. The plan may contemplate such temporary ratable reductions of the demands of depositors and other creditors as would leave its reserve adequate and its capital and surplus unimpaired after the charging off of bad and doubtful debts; and also may contemplate a postponement of payments as in a case falling within RCW 30A.56.020. The plan shall be fully described in a writing, the original of which shall be filed in the office of the director and several copies of which shall be furnished the bank, where one or more copies shall be kept available for inspection by stockholders, depositors and other creditors.
[ 2014 c 37 § 256; 1994 c 92 § 153; 1955 c 33 § 30.56.050. Prior: 1933 c 49 § 5; RRS § 3293-5. Formerly RCW 30.56.050.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.56 - Bank Stabilization Act. › 30A.56.060 - Approval of plan—Unsecured claims.

RCW 30A.56.060
Approval of plan—Unsecured claims.
If, within ninety days after the filing of the plan, creditors having unsecured demands against the bank aggregating not less than three-fourths of the amount of the unsecured demands of all its creditors, approved the plan, the director shall have power to declare the plan to be in effect. Thereupon the unsecured demands of creditors shall be ratably reduced according to the plan and appropriate debits shall be made in the books. The right of a secured creditor to enforce his or her security shall not be affected by the operation of the plan, but the amount of any deficiency to which he or she may be entitled shall be reduced as unsecured demands were reduced. If the plan contemplates a temporary postponement of payments, RCW 30A.56.020, 30A.56.030, and 30A.56.040 shall be applicable, and the bank shall comply therewith and conduct its affairs accordingly.
[ 2014 c 37 § 257; 1994 c 92 § 154; 1955 c 33 § 30.56.060. Prior: 1933 c 49 § 6; RRS § 3293-6. Formerly RCW 30.56.060.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.56 - Bank Stabilization Act. › 30A.56.070 - No dividends until reductions paid.

RCW 30A.56.070
No dividends until reductions paid.
A bank for which such a plan has been put into effect shall not declare or pay a dividend or distribute any of its assets among stockholders until there shall have been set aside for and credited ratably to the creditors whose demands were reduced an amount equal to the aggregate of the reductions.
[ 1955 c 33 § 30.56.070. Prior: 1933 c 49 § 7; RRS 3293-7. Formerly RCW 30.56.070.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.56 - Bank Stabilization Act. › 30A.56.080 - Failure to pay in excess of plan, effect.

RCW 30A.56.080
Failure to pay in excess of plan, effect.
The failure of a bank operating under such a plan to pay to a creditor at any time a sum greater than the plan then requires, shall not constitute a default nor authorize or require the director to take charge of or liquidate the bank nor entitle the creditor to maintain an action against the bank.
[ 1994 c 92 § 155; 1955 c 33 § 30.56.080. Prior: 1933 c 49 § 8; RRS 3293-8. Formerly RCW 30.56.080.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.56 - Bank Stabilization Act. › 30A.56.090 - New bank may be authorized.

RCW 30A.56.090
New bank may be authorized.
If the net assets of a bank operating under such a plan are sufficient to provide the capital and surplus of a newly organized bank in the same place, the director, under such reasonable conditions as he or she shall prescribe, may approve the incorporation of a new bank and permit it to take over the assets and business and assume the liabilities of the existing bank.
[ 1994 c 92 § 156; 1955 c 33 § 30.56.090. Prior: 1933 c 49 § 9; RRS § 3293-9. Formerly RCW 30.56.090.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.56 - Bank Stabilization Act. › 30A.56.100 - Chapter designated "bank stabilization act."

RCW 30A.56.100
Chapter designated "bank stabilization act."
This chapter shall be known as the bank stabilization act.
[ 1955 c 33 § 30.56.100. Prior: 1933 c 49 § 1; RRS § 3293-1. Formerly RCW 30.56.100.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.60 - Community Credit Needs. › 30A.60.020 - Approval and disapproval of applications—Consideration of performance record in meeting community credit needs.

RCW 30A.60.020
Approval and disapproval of applications—Consideration of performance record in meeting community credit needs.
Whenever the director must approve or disapprove of an application for a new branch or satellite facility; for a purchase of assets, a merger, an acquisition or a conversion not required for solvency reasons; or for authority to engage in a business activity, the director shall consider, among other factors, the record of performance of the applicant in helping to meet the credit needs of the applicant's entire community, including low and moderate-income neighborhoods. Assessment of an applicant's record of performance may be the basis for denying an application.
[ 1994 c 92 § 158; 1985 c 329 § 3. Formerly RCW 30.60.020.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.60 - Community Credit Needs. › 30A.60.030 - Adoption of rules.

RCW 30A.60.030
Adoption of rules.
The director shall adopt all rules necessary to implement sections 2 through 6, chapter 329, Laws of 1985 by January 1, 1986.
[ 1994 c 92 § 159; 1985 c 329 § 7. Formerly RCW 30.60.030.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.60 - Community Credit Needs. › 30A.60.901 - Effective date—1985 c 329.

RCW 30A.60.901
Effective date—1985 c 329.
This act shall take effect on January 1, 1986, but the director may immediately take such steps as are necessary to ensure that this act is implemented on its effective date.
[ 1994 c 92 § 160; 1985 c 329 § 13. Formerly RCW 30.60.901.]
2023 Revised Code of Washington › Title 30A - Washington Commercial Bank Act › Chapter 30A.98 - Construction. › 30A.98.010 - Continuation of existing law.

RCW 30A.98.010
Continuation of existing law.
The provisions of this title insofar as they are substantially the same as statutory provisions repealed by this chapter and relating to the same subject matter, shall be construed as restatements and continuations, and not as new enactments.
[ 1955 c 33 § 30.98.010. Formerly RCW 30.98.010.]