reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.12 - Deposits—Earnings—Dividends—Interest. › 32.12.090 - Interest—Rate—Notice of changed rate.

RCW 32.12.090
Interest—Rate—Notice of changed rate.
(1) Every savings bank shall regulate the rate of interest upon the amounts to the credit of depositors therewith, in such manner that depositors shall receive as nearly as may be all the earnings of the bank after transferring the amount required by RCW 32.08.120 and such further amounts as its trustees may deem it expedient and for the security of the depositors to transfer to the guaranty fund, which to the amount of ten percent of the amount due its depositors the trustees shall gradually accumulate and hold. Such trustees may also deduct from its net earnings, and carry as reserves for losses, or other contingencies, or as undivided profits, such additional sums as they may deem wise.
(2) Every savings bank may classify its depositors according to the local market, character, amount, regularity, or duration of their dealings with the savings bank, and may regulate the interest in such manner that each depositor shall receive the same ratable portion of interest as all others of his or her class.
(3) Unimpaired contributions to the initial guaranty fund and to the expense fund, made by the incorporators or trustees of a savings bank, shall be entitled to have dividends apportioned thereon, which may be credited and paid to such incorporators or trustees.
Whenever the guaranty fund of any savings bank is sufficiently large to permit the return of such contributions, the contributors may receive interest thereon not theretofore credited or paid at the same rate paid to depositors.
(4) A savings bank may pay interest on deposits at such rates as its board or a committee or officer designated by the board shall from time to time determine.
(5) The trustees of any savings banks, other than a stock savings bank, whose undivided profits and guaranty fund, determined in the manner prescribed in RCW 32.12.070, amount to more than twenty-five percent of the amount due its depositors, shall at least once in three years divide equitably the accumulation beyond such twenty-five percent as an extra dividend to depositors in excess of the regular dividend authorized.
(6) A notice posted conspicuously in a savings bank of a change in the rate of interest shall be equivalent to a personal notice.
[ 1999 c 14 § 21; 1994 c 256 § 101; 1983 c 44 § 2; 1977 ex.s. c 104 § 2; 1969 c 55 § 3; 1961 c 80 § 3; 1957 c 80 § 5; 1955 c 13 § 32.12.090. Prior: 1953 c 238 § 3; 1921 c 156 § 4; 1919 c 200 § 3; 1915 c 175 § 25; RRS § 3354.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.12 - Deposits—Earnings—Dividends—Interest. › 32.12.120 - Adverse claim to a deposit to be accompanied by court order or bond—Exceptions.

RCW 32.12.120
Adverse claim to a deposit to be accompanied by court order or bond—Exceptions.
Notice to any mutual savings bank doing business in this state of an adverse claim to a deposit standing on its books to the credit of any person shall not be effectual to cause said bank to recognize said adverse claimant unless said adverse claimant shall also either procure a restraining order, injunction, or other appropriate process against said bank from a court of competent jurisdiction in a cause therein instituted by him or her wherein the person to whose credit the deposit stands is made a party and served with summons or shall execute to said bank, in form and with sureties acceptable to it, a bond, in an amount which is double either the amount of said deposit or said adverse claim, whichever is the lesser, indemnifying said bank from any and all liability, loss, damage, costs, and expenses, for and on account of the payment of such adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands on the books of said bank: PROVIDED, That this law shall not apply in any instance where the person to whose credit the deposit stands is a fiduciary for such adverse claimant, and the facts constituting such relationship as also the facts showing reasonable cause of belief on the part of said claimant that the said fiduciary is about to misappropriate said deposit, are made to appear by the affidavit of such claimant.
This section shall not apply to accounts subject to *chapter 30.22 RCW.
[ 2011 c 336 § 751; 1981 c 192 § 31; 1963 c 176 § 13. Cf. 1961 c 280 § 4; RCW 30.20.090.]
NOTES:
*Reviser's note: Chapter 30.22 RCW was recodified as chapter 30A.22 RCW pursuant to 2014 c 37 § 4, effective January 5, 2015.
Effective date—1981 c 192: See RCW 30A.22.900.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.010 - Board of trustees—Number—Qualifications.

RCW 32.16.010
Board of trustees—Number—Qualifications.
(1) There shall be a board of trustees who shall have the entire management and control of the affairs of the savings bank. The persons named in the certificate of authorization shall be the first trustees. The board shall consist of not less than nine nor more than thirty members.
(2) A person shall not be a trustee of a savings bank, if he or she:
(a) Is not a resident of a state of the United States;
(b) Has been adjudicated a bankrupt or has taken the benefit of any insolvency law, or has made a general assignment for the benefit of creditors;
(c) Has suffered a judgment recovered against him or her for a sum of money to remain unsatisfied of record or unsecured on appeal for a period of more than three months;
(d) Is a trustee, officer, clerk, or other employee of any other savings bank.
(3) Nor shall a person be a trustee of a savings bank solely by reason of his or her holding public office.
[ 2011 c 336 § 752; 1985 c 56 § 8; 1955 c 13 § 32.16.010. Prior: 1915 c 175 § 28; RRS § 3357.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.012 - Age requirements.

RCW 32.16.012
Age requirements.
The bylaws of a savings bank may prescribe a maximum age beyond which no person shall be eligible for election to the board of trustees and may prescribe a mandatory retirement age of seventy-five years or less for trustees subject to the following limitations:
(1) No person shall be eligible for initial election as a trustee after December 31, 1969, who is seventy years of age or more; and
(2) No person shall continue to serve as a trustee after December 31, 1973, who is seventy-five years of age or more and the office of any such trustee shall become vacant on the last day of the month in which the trustee reaches his or her seventy-fifth birthday or December 31, 1973, whichever is the latest.
If a savings bank does not adopt a bylaw prescribing a mandatory retirement age for trustees prior to January 1, 1970, or does not maintain thereafter a bylaw prescribing a mandatory retirement age, the office of a trustee of such savings bank shall become vacant on the last day of the month in which such trustee reaches his or her seventieth birthday or on December 31, 1969, whichever is the latest.
[ 2011 c 336 § 753; 1969 c 55 § 14.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.020 - Oath of trustees—Declaration of incumbency—Not applicable to directors of stock savings banks.

RCW 32.16.020
Oath of trustees—Declaration of incumbency—Not applicable to directors of stock savings banks.
(1) Each trustee, whether named in the certificate of authorization or elected to fill a vacancy, shall, when such certificate of authorization has been issued, or when notified of such election, take an oath that he or she will, so far as it devolves on him or her, diligently and honestly administer the affairs of the savings bank, and will not knowingly violate, or willingly permit to be violated, any of the provisions of law applicable to such savings bank. Such oath shall be subscribed by the trustee making it and certified by the officer before whom it is taken, and shall be immediately transmitted to the director and filed and preserved in his or her office.
(2) Prior to the first day of March in each year, every trustee of every savings bank shall subscribe a declaration to the effect that he or she is, at the date thereof, a trustee of the savings bank, and that he or she has not resigned, become ineligible, or in any other manner vacated his or her office as such trustee. Such declaration shall be acknowledged in like manner as a deed to be entitled to record and shall be transmitted to the director and filed in his or her office prior to the tenth day of March in each year.
(3) This section does not apply to the directors of stock savings banks.
[ 1994 c 256 § 102; 1994 c 92 § 328; 1955 c 13 § 32.16.020. Prior: 1915 c 175 § 29; RRS § 3358.]
NOTES:
Reviser's note: This section was amended by 1994 c 92 § 328 and by 1994 c 256 § 102, 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 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.030 - Vacancies, when to be filled.

RCW 32.16.030
Vacancies, when to be filled.
A vacancy in the board of trustees shall be filled by the board as soon as practicable, at a regular meeting thereof.
[ 1955 c 13 § 32.16.030. Prior: 1915 c 175 § 36; RRS § 3365.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.040 - Quorum—Meetings.

RCW 32.16.040
Quorum—Meetings.
A quorum at any regular or special or adjourned meeting of the board of trustees shall consist of not less than five of whom the chief executive officer shall be one, except when he or she is prevented from attending by sickness or other unavoidable detention, when he or she may be represented in forming a quorum by such other officer as the board may designate; but less than a quorum shall have power to adjourn from time to time until the next regular meeting. However, a savings bank may adopt procedures which provide that, in the event of a national emergency, any trustee may act on behalf of the board to continue the operations of the savings bank. For purposes of this subsection, a national emergency is an emergency declared by the president of the United States or the person performing the president's functions, or a war, or natural disaster.
Regular meetings of the board of trustees shall be held as established from time to time by the board, not less than six times during each year.
[ 1999 c 14 § 22; 1985 c 56 § 9; 1969 c 55 § 4; 1955 c 13 § 32.16.040. Prior: 1915 c 175 § 31; RRS § 3360.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.050 - Compensation of trustees.

RCW 32.16.050
Compensation of trustees.
(1) A trustee of a savings bank shall not directly or indirectly receive any pay or emolument for services as trustee, except as provided in this section.
(2) A trustee may receive, by affirmative vote of a majority of all the trustees, reasonable compensation for (a) attendance at meetings of the board of trustees; (b) service as an officer of the savings bank, provided his or her duties as officer require and receive his or her regular and faithful attendance at the savings bank; (c) service in appraising real property for the savings bank; and (d) service as a member of a committee of the board of trustees: PROVIDED, That a trustee receiving compensation for service as an officer pursuant to (b) shall not receive any additional compensation for service under (a), (c), or (d).
(3) An attorney for a savings bank, although he or she is a trustee thereof, may receive a reasonable compensation for his or her professional services, including examinations and certificates of title to real property on which mortgage loans are made by the savings bank; or if the bank requires the borrowers to pay all expenses of searches, examinations, and certificates of title, including the drawing, perfecting, and recording of papers, such attorney may collect of the borrower and retain for his or her own use the usual fees for such services, excepting any commissions as broker or on account of placing or accepting such mortgage loans.
(4) All incentive compensation, bonus, or supplemental compensation plans for officers and employees of a savings bank shall be approved by a majority of nonofficer trustees of the savings bank or approved by a committee of not less than three trustees, none of whom shall be officers of the savings bank. No such plan shall permit any officer or employee of a savings bank who has or exercises final authority with regard to any loan or investment to receive any commission on such loan or investment.
(5) If an officer or attorney of a savings bank receives, on any loan made by the bank, any commission which he or she is not authorized by this section to retain for his or her own use, he or she shall immediately pay the same over to the savings bank.
[ 1999 c 14 § 23; 1985 c 56 § 10; 1957 c 80 § 6; 1955 c 13 § 32.16.050. Prior: 1915 c 175 § 32; RRS § 3361.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.060 - Change in number of trustees.

RCW 32.16.060
Change in number of trustees.
The board of trustees of every savings bank may, by resolution incorporated in its bylaws, increase or reduce the number of trustees named in the original charter or certificate of authorization.
(1) The number may be increased to a number designated in the resolution not exceeding thirty: PROVIDED, That reasons therefor are shown to the satisfaction of the director and his or her written consent thereto is first obtained.
(2) The number may be reduced to a number designated in the resolution but not less than nine. The reduction shall be effected by omissions to fill vacancies occurring in the board.
[ 1994 c 92 § 329; 1955 c 13 § 32.16.060. Prior: 1915 c 175 § 33; RRS § 3362.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.070 - Restrictions on trustees.

RCW 32.16.070
Restrictions on trustees.
(1) A trustee of a savings bank shall not, except to the extent permitted for a director of a federal mutual savings bank:
(a) Have any interest, direct or indirect, in the gains or profits of the savings bank, except to receive dividends (i) upon the amounts contributed by him or her to the guaranty fund and the expense fund of the savings bank as provided in RCW 32.08.090 and 32.08.100, and (ii) upon any deposit he or she may have in the bank, the same as any other depositor and under the same regulations and conditions.
(b) Become a member of the board of directors of a bank, trust company, or national banking association of which board enough other trustees of the savings bank are members to constitute with him a majority of the board of trustees.
(2) Neither a trustee nor an officer of a savings bank shall, except to the extent permitted for a director or officer of a federal mutual savings bank:
(a) For himself or herself or as agent or partner of another, directly or indirectly use any of the funds or deposits held by the savings bank, except to make such current and necessary payments as are authorized by the board of trustees.
(b) Receive directly or indirectly and retain for his or her own use any commission on or benefit from any loan made by the savings bank, or any pay or emolument for services rendered to any borrower from the savings bank in connection with such loan, except as authorized by RCW 32.16.050.
(c) Become an indorser, surety, or guarantor, or in any manner an obligor, for any loan made by the savings bank.
(d) For himself or herself or as agent or partner of another, directly or indirectly borrow any of the funds or deposits held by the savings bank, or become the owner of real property upon which the savings bank holds a mortgage. A loan to or a purchase by a corporation in which he or she is a stockholder to the amount of fifteen percent of the total outstanding stock, or in which he or she and other trustees of the savings bank hold stock to the amount of twenty-five percent of the total outstanding stock, shall be deemed a loan to or a purchase by such trustee within the meaning of this section, except when the loan to or purchase by such corporation occurred without his or her knowledge or against his or her protest. A deposit in a bank shall not be deemed a loan within the meaning of this section.
[ 1994 c 256 § 103; 1955 c 13 § 32.16.070. Prior: 1925 ex.s. c 86 § 12; 1915 c 175 § 34; RRS § 3363.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.080 - Removal of trustees—Vacancies—Eligibility to reelection.

RCW 32.16.080
Removal of trustees—Vacancies—Eligibility to reelection.
(1) Whenever, in the judgment of three-fourths of the trustees, the conduct and habits of a trustee of any savings bank are of such character as to be injurious to such bank, or he or she has been guilty of acts that are detrimental or hostile to the interests of the bank, he or she may be removed from office, at any regular meeting of the trustees, by the affirmative vote of three-fourths of the total number thereof: PROVIDED, That a written copy of the charges made against him or her has been served upon him or her personally at least two weeks before such meeting, that the vote of such trustees by ayes and noes is entered in the record of the minutes of such meeting, and that such removal receives the written approval of the director which shall be attached to the minutes of such meeting and form a part of the record.
(2) The office of a trustee of a savings bank shall immediately become vacant whenever he or she:
(a) Fails to comply with any of the provisions of RCW 32.16.020 relating to his or her official oath and declaration;
(b) Becomes disqualified for any of the reasons specified in RCW 32.16.010(2);
(c) Has failed to attend the regular meetings of the board of trustees, or to perform any of his or her duties as trustee, for a period of six successive months, unless excused by the board for such failure;
(d) Violates any of the provisions of RCW 32.16.070 imposing restrictions upon trustees and officers, except subsection (2)(c) thereof.
(3) A trustee who has forfeited or vacated his or her office shall not be eligible to reelection, except when the forfeiture or vacancy occurred solely by reason of his or her:
(a) Failure to comply with the provisions of RCW 32.16.020, relating to his or her official oath and declaration; or
(b) Neglect of his or her official duties as prescribed in subsection (2)(c) of this section; or
(c) Disqualification through becoming a nonresident, or becoming a trustee, officer, clerk or other employee of another savings bank, or becoming a director of a bank, trust company, or national banking association under the circumstances specified in RCW 32.16.070(1)(b) and such disqualification has been removed.
[ 1994 c 92 § 330; 1955 c 13 § 32.16.080. Prior: 1915 c 175 § 35; RRS § 3364.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.090 - Removal of a board director, officer, or employee—Prohibition from participation in conduct of affairs—Grounds—Notice.

RCW 32.16.090
Removal of a board director, officer, or employee—Prohibition from participation in conduct of affairs—Grounds—Notice.
The director may issue and serve a board director, officer, or employee of a savings bank with written notice of intent to remove the person from office or employment or to prohibit the person from participating in the conduct of the affairs of the savings bank or any other depository institution, trust company, bank holding company, thrift holding company, or financial holding company doing business in this state whenever, in the opinion of the director:
(1)(a) Reasonable cause exists to believe the person has committed a material violation of law, an unsafe and unsound practice, or a violation or practice involving a breach of fiduciary duty, personal dishonesty, recklessness, or incompetence; and
(b) The bank, trust company, or holding company has suffered or is likely to suffer substantial financial loss or other damage; or
(c) The interests of depositors or trust beneficiaries could be seriously prejudiced by reason of the violation or practice.
(2) The director may issue and serve a board director, officer, or employee of a holding company of a savings bank with written notice of intent to remove the person from office or employment or to prohibit the person from participating in the conduct of the affairs of the holding company, its subsidiary bank, or any other depository institution, trust company, bank holding company, thrift holding company, or financial holding company doing business in this state whenever, in the opinion of the director:
(a) Reasonable cause exists to believe the person has committed a material violation of law, an unsafe and unsound practice, or a violation or practice involving a breach of fiduciary duty, personal dishonesty, recklessness, or incompetence; and
(b) The subsidiary savings bank has suffered or is likely to suffer substantial financial loss or other damage; or
(c) The interests of depositors or trust beneficiaries of the subsidiary savings bank could be seriously prejudiced by reason of the violation or practice.
[ 2010 c 88 § 51; 1994 c 92 § 331; 1979 c 46 § 7; 1955 c 13 § 32.16.090. Prior: 1931 c 132 § 2; RRS § 3364a.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
Severability—1979 c 46: See note following RCW 32.04.250.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.0901 - Written notice of charges under RCW 32.16.090.

RCW 32.16.0901
Written notice of charges under RCW 32.16.090.
The director may serve written notice of charges under RCW 32.16.090 to suspend a person from further participation in any manner in the conduct of the affairs of a savings bank or holding company, if the director determines that such an action is necessary for the protection of the savings bank or holding company, or the interests of the depositors. Any suspension notice issued by the director is effective upon service, and unless the superior court of the county of its principal place of business issues a stay of the order, remains in effect and enforceable until:
(1) The director dismisses the charges contained in the notice served to the person; or
(2) The effective date of a final order for removal of the person under RCW 32.16.093.
[ 2010 c 88 § 52.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.093 - Notice of intention to remove or prohibit participation in conduct of affairs—Hearing—Order of removal and/or prohibition.

RCW 32.16.093
Notice of intention to remove or prohibit participation in conduct of affairs—Hearing—Order of removal and/or prohibition.
(1) A notice of an intention to remove a board trustee or director, officer, or employee from office or to prohibit his or her participation in the conduct of the affairs of a savings bank or holding company shall contain a statement of the facts which constitute grounds therefor and shall fix a time and place at which a hearing will be held. The hearing shall be set not earlier than ten days or later than thirty days after the date of service of the notice unless an earlier or later date is set by the director at the request of the board trustee or director, officer, or employee for good cause shown or at the request of the attorney general of the state.
(2) Unless the board trustee or director, officer, or employee appears at the hearing personally or by a duly authorized representative, the person shall be deemed to have consented to the issuance of an order of removal or prohibition or both. In the event of such consent or if upon the record made at the hearing the director finds that any of the grounds specified in the notice have been established, the director may issue such orders of removal from office or prohibition from participation in the conduct of the affairs of the savings bank or holding company as the director may consider appropriate.
(3) Any order under this section shall become effective at the expiration of ten days after service upon the savings bank or holding company and the trustee, director, officer, or employee concerned except that an order issued upon consent shall become effective at the time specified in the order.
An order shall remain effective except to the extent it is stayed, modified, terminated, or set aside by the director or a reviewing court.
[ 2010 c 88 § 53; 1994 c 92 § 332; 1979 c 46 § 8.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
Severability—1979 c 46: See note following RCW 32.04.250.
Administrative hearings, procedure, orders, and judicial review: RCW 32.04.290.
Jurisdiction of courts as to orders to remove trustee, officer, or employee: RCW 32.04.300.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.095 - Removal of one or more trustees or directors—Lack of quorum—Temporary trustees.

RCW 32.16.095
Removal of one or more trustees or directors—Lack of quorum—Temporary trustees.
If at any time because of the removal of one or more trustees or directors under this chapter there shall be on the board of trustees or board of directors of a savings bank less than a quorum of trustees or directors, all powers and functions vested in, or exercisable by the board shall vest in, and be exercisable by the trustee or trustees or director or directors remaining, until such time as there is a quorum on the board of trustees or board of directors. If all of the trustees or directors of a savings bank are removed under this chapter, the director shall appoint persons to serve temporarily as trustees or directors until such time as their respective successors take office.
[ 2010 c 88 § 54; 1994 c 92 § 333; 1979 c 46 § 9.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
Severability—1979 c 46: See note following RCW 32.04.250.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.097 - Penalty for violation of order issued under RCW 32.16.093.

RCW 32.16.097
Penalty for violation of order issued under RCW 32.16.093.
Any present or former trustee, board director, officer, or employee of a savings bank or holding company or any other person against whom there is outstanding an effective final order issued under RCW 32.16.093, which order has been served upon the person, and who, in violation of the order, (1) participates in any manner in the conduct of the affairs of the savings bank or holding company involved; or (2) directly or indirectly solicits or procures, transfers or attempts to transfer, or votes or attempts to vote any proxies, consents, or authorizations with respect to any voting rights in the savings bank or holding company; or (3) without the prior approval of the director, votes for a board trustee or director or serves or acts as a trustee, director, officer, employee, or agent of any savings bank or holding company, shall be guilty of a gross misdemeanor, and, upon conviction, shall be punishable as prescribed under chapter 9A.20 RCW.
[ 2010 c 88 § 55; 1994 c 92 § 334; 1979 c 46 § 10.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
Severability—1979 c 46: See note following RCW 32.04.250.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.100 - Examination by trustees' committee—Report.

RCW 32.16.100
Examination by trustees' committee—Report.
The trustees of every savings bank, by a committee of not less than three of their number, shall at least annually fully examine the records and affairs of such savings bank for the purpose of determining its financial condition. The trustees may employ such assistants as they deem necessary in making the examination. A report of each such examination shall be presented to the board of trustees at a regular meeting within thirty days after the completion of the same, and shall be filed in the records of the savings bank.
[ 1994 c 256 § 104; 1955 c 13 § 32.16.100. Prior: 1941 c 15 § 5; 1915 c 175 § 38; Rem. Supp. 1941 § 3367.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.110 - Officers.

RCW 32.16.110
Officers.
The board of trustees shall elect from their number, or otherwise, a president and two vice presidents and such other officers as they may deem fit.
[ 1955 c 13 § 32.16.110. Prior: 1915 c 175 § 30; RRS § 3359.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.120 - Fidelity bonds.

RCW 32.16.120
Fidelity bonds.
The trustees of every savings bank shall have power to require from the officers, clerks, and agents thereof such security for their fidelity and the faithful performance of their duties as the trustees deem necessary. Such security may be accepted from any company authorized to furnish fidelity bonds and doing business under the laws of this state, and the premiums therefor may be paid as a necessary expense of the savings bank.
[ 1955 c 13 § 32.16.120. Prior: 1915 c 175 § 37; RRS § 3366.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.130 - Conversion of savings and loan association to mutual savings bank—Director may serve as trustee.

RCW 32.16.130
Conversion of savings and loan association to mutual savings bank—Director may serve as trustee.
In the event a savings and loan association is converted to a mutual savings bank, any person, who at the time of such conversion was a director of the savings and loan association, may serve as a trustee of the mutual savings bank until he or she reaches the age of seventy-five years or until one year following the date of conversion of such savings and loan association, whichever is later. The bylaws of any mutual savings bank may modify this provision by requiring earlier retirement of any trustee affected hereby.
[ 2011 c 336 § 754; 1971 ex.s. c 222 § 2.]
NOTES:
Severability—1971 ex.s. c 222: See note following RCW 32.04.085.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.16 - Officers and Employees. › 32.16.140 - Violations—Trustees' or directors' liability.

RCW 32.16.140
Violations—Trustees' or directors' liability.
If the trustees or directors of any savings bank or holding company shall knowingly violate, or knowingly permit any of the officers, agents, or employees of the savings bank or holding company to violate any of the provisions of this title or any lawful regulation or directive of the director, and if the trustees or directors are aware that such facts and circumstances constitute such violations, then each trustee or director who participated in or assented to the violation is personally and individually liable for all damages which the state or any insurer of the deposits of the savings bank sustains due to the violation.
[ 2010 c 88 § 56; 1994 c 92 § 335; 1989 c 180 § 9.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.010 - Definitions.

RCW 32.20.010
Definitions.
The words "mutual savings bank" and "savings bank," whenever used in this chapter, shall mean a mutual savings bank organized and existing under the laws of the state of Washington.
The words "its funds," whenever used in this chapter, shall mean and include moneys deposited with or borrowed by a mutual savings bank, sums credited to the guaranty fund of a mutual savings bank, and the income derived from such deposits or fund, or both, and the principal balance of any outstanding capital notes, and capital debentures.
[ 1999 c 14 § 24; 1977 ex.s. c 241 § 2; 1955 c 13 § 32.20.010. Prior: 1929 c 74 § 1; RRS § 3381-1.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.020 - Power to invest funds—Restrictions.

RCW 32.20.020
Power to invest funds—Restrictions.
A mutual savings bank shall have the power to invest its funds in the manner set forth in chapter 32.08 RCW and in this chapter and not otherwise.
[ 1999 c 14 § 25; 1955 c 13 § 32.20.020. Prior: 1929 c 74 § 2; RRS § 3381-2.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.030 - Bonds or obligations of United States and Canada.

RCW 32.20.030
Bonds or obligations of United States and Canada.
A mutual savings bank may invest its funds in the bonds or obligations of the United States or the Dominion of Canada or those for which the faith of the United States or the Dominion of Canada is pledged to provide for the payment of the interest and principal, including bonds of the District of Columbia: PROVIDED, That in the case of bonds of the Dominion or those for which its faith is pledged the interest and principal is payable in the United States or with exchange to a city in the United States and in lawful money of the United States or its equivalent.
[ 1955 c 13 § 32.20.030. Prior: 1937 c 95 § 1; 1929 c 74 § 3; 1925 ex.s. c 86 § 2; 1921 c 156 §§ 11, 11a; RRS § 3381-3.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.035 - Investment trusts or companies.

RCW 32.20.035
Investment trusts or companies.
Except as may be limited by the director by rule, a mutual savings bank may invest its funds in obligations of the United States, as authorized by RCW 32.20.030, either directly or in the form of securities of, or other interests in, an open-end or closed-end management type investment company or investment trust registered under the federal investment company act of 1940, as now or hereafter amended, if both of the following conditions are met:
(1) The portfolio of the investment company or investment trust is limited to obligations of the United States and to repurchase agreements fully collateralized by such obligations; and
(2) The investment company or investment trust takes delivery of the collateral for any repurchase agreement either directly or through an authorized custodian.
[ 1994 c 92 § 336; 1989 c 97 § 2.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.040 - Federally insured or secured loans, securities, etc.

RCW 32.20.040
Federally insured or secured loans, securities, etc.
A mutual savings bank may invest its funds:
(1) In such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance by the Federal Housing Administrator, and may obtain such insurance.
(2) In such loans secured by mortgage on real property as the Federal Housing Administrator insures or makes a commitment to insure, and may obtain such insurance.
(3) In such other loans or contracts or advances of credit as are insured or guaranteed or which are covered by a repurchase agreement in whole or in part by the United States or through any corporation, administrator, agency or instrumentality which is or hereafter may be created by the United States, and may obtain such insurance or guarantee.
(4) In capital stock, notes, bonds, debentures, or other such obligations of any national mortgage association.
(5) In such loans as are secured by contracts of the United States or any agency or department thereof assigned under the "Assignment of Claims Act of 1940," approved October 9, 1940, and acts amendatory thereof or supplementary thereto, and may participate with others in such loans.
(6) In notes or bonds secured by mortgages issued under sections 500 to 505, inclusive, of Title III of the Servicemen's Readjustment Act of 1944 (Public Law 346, 78th congress), and any amendments thereto, and the regulations, orders or rulings promulgated thereunder.
No law of this state prescribing the nature, amount, or form of security or requiring security or prescribing or limiting interest rates or prescribing or limiting the term, shall be deemed to apply to loans, contracts, advances of credit or purchases made pursuant to the foregoing subdivisions (1), (2), (3), (4), (5), and (6).
[ 1963 c 176 § 5; 1955 c 13 § 32.20.040. Prior: 1945 c 228 § 1; 1941 c 15 § 6; 1939 c 33 § 1; 1935 c 10 § 1; 1929 c 74 § 3a; Rem. Supp. 1945 § 3381-3a.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.045 - Obligations of corporations created as federal agency or instrumentality.

RCW 32.20.045
Obligations of corporations created as federal agency or instrumentality.
A mutual savings bank may invest its funds in capital stock, notes, bonds, debentures, or other such obligations of any corporation which is or hereafter may be created by the United States as a governmental agency or instrumentality: PROVIDED, That the total amount a mutual savings bank may invest pursuant to this section shall not exceed fifteen percent of the funds of such savings bank: PROVIDED FURTHER, That the amounts heretofore or hereafter invested by a mutual savings bank pursuant to any law of this state other than this section, even if such investment might also be authorized under this section, shall not be limited by the provisions of this section and amounts so invested pursuant to any such other law of this state shall not be included in computing the maximum amount which may be invested pursuant to this section.
[ 1967 c 145 § 4; 1957 c 80 § 10.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.047 - Stock of small business investment companies regulated by United States.

RCW 32.20.047
Stock of small business investment companies regulated by United States.
A savings bank may purchase and hold for its own investment account stock in small business investment companies licensed and regulated by the United States, as authorized by the Small Business Act, Public Law 85-536, 72 Statutes at Large 384, in an amount not to exceed one percent of the guaranty fund of such mutual savings bank.
[ 1959 c 185 § 2.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.050 - Bonds of state of Washington and its agencies.

RCW 32.20.050
Bonds of state of Washington and its agencies.
A mutual savings bank may invest its funds in the bonds or interest bearing obligations of this state, or any agency thereof, issued pursuant to the authority of any law of this state, whether such bonds or interest bearing obligations are general or limited obligations of the state or such agency.
[ 1955 c 13 § 32.20.050. Prior: 1953 c 238 § 4; 1929 c 74 § 9; 1921 c 156 § 11b; RRS § 3381-4.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.060 - Bonds of other states.

RCW 32.20.060
Bonds of other states.
A mutual savings bank may invest its funds in the bonds or obligations of any other state of the United States upon which there is no default.
[ 1955 c 13 § 32.20.060. Prior: 1937 c 95 § 2; 1929 c 74 § 5; 1921 c 156 § 11c; RRS § 3381-5.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.070 - Bonds and warrants of counties, municipalities, etc., of Washington.

RCW 32.20.070
Bonds and warrants of counties, municipalities, etc., of Washington.
A mutual savings bank may invest its funds in the valid warrants or bonds of any county, city, town, school district, port district, water-sewer district, or other municipal corporation in the state of Washington issued pursuant to law and for the payment of which the faith and credit of such county, municipality, or district is pledged and taxes are leviable upon all taxable property within its limits.
A mutual savings bank may invest its funds in the water revenue, sewer revenue, or electric revenue bonds of any city or public utility district of this state for the payment of which the entire revenue of the city's or district's water system, sewer system, or electric system, less maintenance and operating costs, is irrevocably pledged.
[ 1999 c 153 § 26; 1955 c 13 § 32.20.070. Prior: 1941 c 15 § 7; 1937 c 95 § 3; 1929 c 74 § 6; 1925 ex.s. c 86 § 3; 1921 c 156 § 11d; Rem. Supp. 1941 § 3381-6.]
NOTES:
Part headings not law—1999 c 153: See note following RCW 57.04.050.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.080 - Municipal bonds in adjoining state.

RCW 32.20.080
Municipal bonds in adjoining state.
A mutual savings bank may invest its funds in the valid bonds of any incorporated city having a population in excess of three thousand inhabitants as shown by the last decennial federal census or of any county or school district situated in one of the states of the United States which adjoins the state of Washington: PROVIDED, That the indebtedness of such city or school district, together with the indebtedness of any other district or other municipal corporation or subdivision (except a county) which is wholly or in part included within the boundaries or limits of the city or school district, less its water debt and sinking fund, does not exceed twelve percent, or the indebtedness of the county less its sinking fund does not exceed seven percent, of the valuation thereof for the purposes of taxation.
[ 1955 c 13 § 32.20.080. Prior: 1937 c 95 § 4; 1929 c 74 § 7; 1925 ex.s. c 86 § 4; 1921 c 156 § 11e; RRS § 3381-7.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.090 - Housing and industrial development bonds and municipal obligations in any state.

RCW 32.20.090
Housing and industrial development bonds and municipal obligations in any state.
A mutual savings bank may invest in housing or industrial development bonds or municipal obligations issued by a state, county, parish, borough, city, or district situated in the United States, or by any instrumentality thereof, provided such bonds or obligations at the time of purchase are prudent investments.
[ 1985 c 56 § 11; 1955 c 13 § 32.20.090. Prior: 1937 c 95 § 5; 1929 c 74 § 8; 1921 c 156 § 11f; RRS § 3381-8.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.100 - Revenue bonds of certain cities in any state.

RCW 32.20.100
Revenue bonds of certain cities in any state.
A mutual savings bank may invest its funds in the water revenue or electric revenue bonds of any incorporated city situated in the United States: PROVIDED, That the city has a population as shown by the last decennial federal census of at least forty-five thousand inhabitants, and the entire revenue of the city's water or electric system less maintenance and operating costs is irrevocably pledged to the payment of the interest and principal of the bonds.
[ 1955 c 13 § 32.20.100. Prior: 1941 c 15 § 8; 1937 c 95 § 6; Rem. Supp. 1941 § 3381-8a.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.110 - District bonds secured by taxing power.

RCW 32.20.110
District bonds secured by taxing power.
A mutual savings bank may invest its funds in the bonds of any port district, sanitary district, water-sewer district, tunnel district, bridge district, flood control district, park district, or highway district in the United States which has a population as shown by the last decennial federal census of not less than one hundred fifty thousand inhabitants, and has taxable real property with an assessed valuation in excess of two hundred million dollars and has power to levy taxes on the taxable real property therein for the payment of the bonds without limitation of rate or amount.
[ 1999 c 153 § 27; 1955 c 13 § 32.20.110. Prior: 1937 c 95 § 7; RRS § 3381-8b.]
NOTES:
Part headings not law—1999 c 153: See note following RCW 57.04.050.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.120 - Local improvement district bonds.

RCW 32.20.120
Local improvement district bonds.
A mutual savings bank may invest not to exceed fifteen percent of its funds in the bonds or warrants of any local improvement district of any city or town of this state (except bonds or warrants issued for an improvement consisting of grading only), unless the total indebtedness of the district after the completion of the improvement for which the bonds or warrants are issued, plus the amount of all other assessments of a local or special nature against the land assessed or liable to be assessed to pay the bonds, exceed fifty percent of the value of the benefited property, exclusive of improvements, at the time the bonds or warrants are purchased or taken by the bank, according to the actual valuation last placed upon the property for general taxation.
Before any such bonds or warrants are purchased or taken as security the condition of the district's affairs shall be ascertained and the property of the district examined by at least two members of the board of investment who shall report in writing their findings and recommendations; and no bonds or warrants shall be taken unless such report is favorable, nor unless the executive committee of the board of trustees after careful investigation is satisfied of the validity of the bonds or warrants and of the validity and sufficiency of the assessment or other means provided for payment thereof: PROVIDED, That, excepting bonds issued by local improvement districts in cities of the first or second class, for improvements ordered after June 7, 1927, no local improvement district bonds falling within the twenty-five percent in amount of any issue last callable for payment, shall be acquired or taken as security.
[ 1955 c 13 § 32.20.120. Prior: 1953 c 238 § 5; 1929 c 74 § 9; 1921 c 156 § 11h; RRS § 3381-9.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.130 - Bonds of irrigation, diking, drainage districts.

RCW 32.20.130
Bonds of irrigation, diking, drainage districts.
A mutual savings bank may invest not to exceed five percent of its funds in the bonds of any irrigation, diking, drainage, diking improvement, or drainage improvement district of this state, unless the total indebtedness of the district after the completion of the improvement for which the bonds are issued, plus the amount of all other assessments of a local or special nature against the land assessed or liable to be assessed to pay the bonds, exceeds forty percent of the value of the benefited property, exclusive of improvements, at the time the bonds are purchased or taken by the bank, according to the actual valuation last placed upon the property for general taxation.
Before any such bonds are purchased or taken as security the condition of the district's affairs shall be ascertained and the property of the district examined by at least two members of the board of investment of the mutual savings bank, who shall report in writing their findings and recommendations; and no bonds shall be taken unless such report is favorable, nor unless the executive committee of the board of trustees after careful investigation is satisfied of the validity of the bonds and of the sufficiency of the assessment or other means provided for payment thereof: PROVIDED, That no mutual savings bank shall invest a sum greater than three percent of its funds, or, in any event, more than three hundred thousand dollars, in the bonds of any one district described in this section.
[ 1955 c 13 § 32.20.130. Prior: 1929 c 74 § 10; 1921 c 156 § 11h; RRS § 3381-10.]