reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-514 - Mutual savings banks › Section 208-514-030 - Definitions - Regulations not exclusive

Current through Register Vol. 24-14, July 15, 2024
(1) The definitions in
					RCW
					   32.32.025 shall apply to any transaction
					under these rules unless the context requires otherwise and except as provided
					herein.
(2) The reorganization of a
					mutual savings bank into mutual holding company form ("reorganization") and the
					subsequent conversion of the MHC into stock form or the offering of common
					stock of a subsidiary of a MHC that will cause the MHC to hold less than
					fifty-one percent of the issued and outstanding common stock of the stock
					savings bank ("conversion to stock form") shall be governed by chapter 32.32
					RCW, except as provided in these rules.
(3) The term "mutual holding company" shall
					mean the business trust or mutually owned corporation, or the successor of
					either, originally established by a savings bank to serve as the holding
					company of a stock savings bank subsidiary, provided that a MHC shall at all
					times own fifty-one percent or more of the issued and outstanding common stock
					of a stock savings bank subsidiary that is the successor by merger or purchase
					to substantially all of the assets and all of the deposits and other
					liabilities of the savings bank that has reorganized into a mutual holding
					company pursuant to
					RCW
					   32.34.050 and these rules.
(4) To achieve the intent of
					RCW
					   32.34.050 in a manner that ensures
					consistency with chapter 32.32 RCW, and acting pursuant to
					RCW
					   32.32.010, the director hereby waives or
					modifies to the extent set forth in these rules the applicability of the
					following provisions of chapter 32.32 RCW as they relate to the organization
					and operation of mutual holding companies and their stock savings bank
					subsidiaries:
					RCW
					   32.32.035,
					32.32.045 through
					32.32.070,
					32.32.085,
					32.32.090,
					32.32.095,
					32.32.110, 32.32.120,
					32.32.135 through
					32.32.160,
					32.32.185 through
					32.32.205,
					32.32.240 through
					32.32.275,
					32.32.315,
					32.32.320, 32.32.330,
					32.32.335,
					32.32.355,
					32.32.440, and
					32.32.485.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-514-030, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   32.34.040 - [32.34].050 and
							chapters
							32.08 and
							34.05 RCW. 93-13-142, §
							50-14-030, filed 6/23/93, effective 7/24/93. Statutory Authority:
							RCW
							   32.34.040 - [32.34.]050. 92-06-041, §
							50-14-030, filed 2/28/92, effective
							3/30/92.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-514 - Mutual savings banks › Section 208-514-040 - Authorization to form mutual holding companies

Current through Register Vol. 24-14, July 15, 2024
(1) Notwithstanding any other provision of
					law, and in accordance with the general requirements set forth in WAC
					208-514-050 through
					208-514-140, a mutual savings
					bank may reorganize under a plan of reorganization so as to cause its
					deposit-taking and one or more other activities to be conducted by a stock
					savings bank subsidiary of a mutual holding company, which subsidiary is formed
					for such purpose. The plan of reorganization must be adopted by the bank's
					trustees and submitted to and approved by the director as provided in these
					rules.
(2) Except to the extent
					that such provisions are inconsistent with these rules, the new stock savings
					bank subsidiary of the mutual holding company shall be subject to the same
					provisions of
					Title
					32 RCW as apply to other stock
					savings banks.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-514-040, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   32.34.040 - [32.34].050 and
							chapters
							32.08 and
							34.05 RCW. 93-13-142, §
							50-14-040, filed 6/23/93, effective 7/24/93. Statutory Authority:
							RCW
							   32.34.040 - [32.34.]050. 92-06-041, §
							50-14-040, filed 2/28/92, effective
							3/30/92.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-514 - Mutual savings banks › Section 208-514-050 - Required approvals

Current through Register Vol. 24-14, July 15, 2024
(1) A
					reorganization of a mutual savings bank pursuant to these rules shall be
					approved by not less than two-thirds of the board of trustees of the mutual
					savings bank.
(2)
(a) A mutual savings bank proposing a
					reorganization pursuant to these rules shall provide the director with written
					notice of such proposed reorganization. Such notice shall include (i) a copy of
					the plan of reorganization approved by the board of trustees pursuant to
					subsection (1) of this section, (ii) the proposed incorporation and
					authorization certificates for the mutual holding company and/or the stock
					savings bank subsidiary, as appropriate, and (iii) such other information as
					the director shall require. The director shall approve or disapprove the plan
					of reorganization within sixty days of acceptance of a completed plan of
					reorganization.
(b) In determining
					whether to approve the plan of reorganization, the director shall consider:
(i) Whether the formation of the mutual
					holding company would be in the interests of the depositors of the mutual
					savings bank proposing to reorganize;
(ii) Whether the reorganization would promote
					safe and sound banking practices;
(iii) Whether the reorganization would serve
					the public interest;
(iv) Whether
					the financial and management resources of the mutual savings bank proposing to
					reorganize are sufficient to warrant approval of the reorganization;
					and
(v) Whether the mutual savings
					bank proposing to reorganize either fails to furnish any information required
					under (a) of this subsection or furnishes information containing any statement
					that, at the time and in the circumstances under which it was made, was false
					or misleading with respect to any material fact or omits any material fact
					necessary to make statements therein not false or misleading.
(c) When the director shall have
					determined to approve or disapprove the plan of reorganization, the director
					shall so advise the mutual savings bank in writing and, if appropriate, shall
					endorse approval on the incorporation and authorization certificates and cause
					the same to be filed in such manner and in the respective offices provided in
					chapter
					32.08 RCW. Upon the filing
					of the authorization certificate as provided in
					RCW
					   32.08.080, the existence of the mutual
					holding company and/or stock savings bank, as appropriate, shall commence. As
					used in these rules, the term "authorization certificate" shall include an
					amended authorization certificate.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-514 - Mutual savings banks › Section 208-514-060 - Formation of a mutual holding company

Current through Register Vol. 24-14, July 15, 2024
(1)
(a) The
					plan of reorganization may authorize the formation of a MHC by:
(i) The organization by or at the discretion
					or request of the mutual savings bank of a business trust or mutual corporation
					that shall serve as a MHC, the organization by the MHC of a stock savings bank
					subsidiary and the transfer to such stock savings bank of substantially all of
					the mutual savings bank's assets and liabilities, including all of its deposit
					liabilities, in accordance with these rules;
(ii) The organization by or at the direction
					or request of the mutual savings bank of a business trust or mutual corporation
					that shall serve as the MHC, and the organization by such MHC of a stock
					savings bank subsidiary that merges with the mutual savings bank; or
(iii) The reorganization of the mutual
					savings bank under any other method approved by the director.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-514 - Mutual savings banks › Section 208-514-070 - Mutual holding company powers

Current through Register Vol. 24-14, July 15, 2024
(1) Upon the formation of a MHC:
(a) The MHC shall possess all the rights,
					powers, and privileges (except deposit-taking powers) and shall be subject to
					all the limitations, not inconsistent with these rules, of a mutual savings
					bank under
					Title
					32 RCW; and
(b) The MHC shall be subject to the
					limitations imposed by the Bank Holding Company Act of 1956 (12 U.S.C. Section 1841, et seq.) or, in the case of a MHC resulting from the reorganization of a
					savings bank that elected either before or after such reorganization to be
					treated as a savings association (as defined in  12 U.S.C. Section 1467a), such
					mutual holding company shall be subject to the limitations imposed by the
					savings and loan holding company provisions of the Home Owners' Loan Act (12 U.S.C. Section 1467a).
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-514 - Mutual savings banks › Section 208-514-090 - Subscription rights

Current through Register Vol. 24-14, July 15, 2024
(1) Upon a
					conversion to stock form, as such conversion is defined in WAC
					208-514-030(2),
					by a MHC or a stock savings bank subsidiary of a MHC, depositors of the stock
					savings bank at the record date of the conversion to stock form who
					continuously have been depositors since the reorganization, or were depositors
					of any savings association subsequently acquired by a MHC at a time when the
					association was in mutual form and remained depositors of the stock savings
					bank, shall receive, without payment, nontransferable rights to subscribe for
					stock of the converted MHC or the converted stock savings bank to be sold in
					the subsequent offering, to the extent that such depositors would have received
					those rights pursuant to
					RCW
					   32.32.045 in a stock conversion of the
					savings bank as prescribed in chapter 32.32 RCW; provided, however, that such
					depositors who are not shareholders of the stock savings bank at the record
					date for the subsequent offering shall have priority rights, not inconsistent
					with the provisions of chapter 32.32 RCW, to subscribe for shares to be issued
					in the subsequent offering in accordance with a plan approved by the director
					or made pursuant to subsequent rules to be promulgated by the
					director.
(2) For purposes of this
					section, an "eligible account holder" is any depositor of a stock savings bank
					at the record date for a conversion to stock form of the bank or the MHC who
					has continuously owned in such bank one or more accounts valued in the
					aggregate of fifty dollars or more since the date that the trustees of the
					unconverted mutual savings bank approved the reorganization or the date that
					the bank's predecessor mutual association was acquired by the MHC.
(3) Nothing in chapter 32.34 RCW or chapter
					208-514 WAC shall be construed to authorize or require that depositors in a
					mutual savings bank that reorganizes as a MHC be offered stock in the stock
					savings bank subsidiary except as provided in subsection (1) of this
					section.
(4) Depositors in a mutual
					savings bank that reorganizes as a MHC with a stock savings bank subsidiary
					shall become depositors in such subsidiary when the mutual savings bank merges
					with or transfers its assets and liabilities to the stock savings
					bank.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-514-090, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   32.34.040 - [32.34].050 and
							chapters
							32.08 and
							34.05 RCW. 93-13-142, §
							50-14-090, filed 6/23/93, effective 7/24/93. Statutory Authority:
							RCW
							   32.34.040 - [32.34.]050. 92-06-041, §
							50-14-090, filed 2/28/92, effective
							3/30/92.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-514 - Mutual savings banks › Section 208-514-120 - Reorganization into mutual holding company form

Current through Register Vol. 24-14, July 15, 2024
(1) The mutual holding company may retain or
					acquire assets of the mutual savings bank only to the extent permitted by the
					director.
(2) A stock savings bank
					established in connection with a reorganization shall reserve no authorized but
					unissued shares, except as necessary to satisfy a stock option plan or issue
					securities convertible into stock.
(3) A plan of reorganization shall contain
					the provisions referenced in
					RCW
					   32.32.035, except that it need not provide
					for the sale of any stock and the aggregate price of any stock sold shall bear
					the same proportion to total estimated pro forma market value of the subsidiary
					savings bank(s) determined by an independent appraisal that the shares sold
					bear to the total issued and outstanding shares of the savings
					bank(s).
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-514-120, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   32.34.040 - [32.34.]050. 92-06-041, §
							50-14-120, filed 2/28/92, effective
							3/30/92.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-514 - Mutual savings banks › Section 208-514-130 - Conversion of mutual holding company into stock holding company

Current through Register Vol. 24-14, July 15, 2024
(1) If approved by
					the director, a MHC may convert to a stock form holding company.
(2) The MHC shall adopt a plan of conversion
					which the director finds to be in accordance with the provisions of chapter
					32.32 RCW and these rules.
(3) The
					conversion must include such provisions requiring the exchange of shares of the
					subsidiary savings bank(s) for shares of the resulting stock holding company as
					the director finds to be fair to members of the MHC who possess subscription
					rights and to stockholders of the subsidiary banks.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-514-130, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   32.34.040 - [32.34].050 and
							chapters
							32.08 and
							34.05 RCW. 93-13-142, §
							50-14-130, filed 6/23/93, effective 7/24/93. Statutory Authority:
							RCW
							   32.34.040 - [32.34.]050. 92-06-041, §
							50-14-130, filed 2/28/92, effective
							3/30/92.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-514 - Mutual savings banks › Section 208-514-140 - Construction

Current through Register Vol. 24-14, July 15, 2024
Nothing contained in chapter 208-514 WAC shall be construed to
						prohibit the de novo chartering of a stock savings bank not intended to be in
						holding company form.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 01-06-024, §
										208-514-140, filed 2/27/01,
							effective 3/30/01; 00-17-141, recodified as §
										208-514-140, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   32.34.040 - [32.34.]050. 92-06-041, §
							50-14-140, filed 2/28/92, effective
							3/30/92.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-528 - New state banks and trust companies - Application and investigation › Section 208-528-010 - Purpose

Current through Register Vol. 24-14, July 15, 2024
The purpose of this chapter shall be to provide persons
						desiring to incorporate a bank or trust company with the requirements and
						guidelines necessary to comply with statutory provisions and to insure
						expeditious processing of a notice of intention to organize a bank or trust
						company.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, recodified
							as §
										208-528-010, filed 8/22/00,
							effective 9/22/00; Order 21, § 50-28-010, filed
							8/6/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-528 - New state banks and trust companies - Application and investigation › Section 208-528-020 - Operations and procedures

Current through Register Vol. 24-14, July 15, 2024
A notice of intention to incorporate a bank or trust company
						shall be filed with the director at the division of banks in Olympia. As a
						matter of general procedure, it has been found desirable and is recommended
						that interested groups visit the office of the director for a round-table
						discussion of statutory and other requirements, the forms, documentation and
						general information needed, the fees payable to the division of banks and the
						secretary of state, plus a general discussion of the primary market area the
						applicants wish to serve and of economic resources of that area together with a
						brief review of existing financial institutions now serving that
						area.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-528-020, filed 8/22/00,
							effective 9/22/00; Order 21, § 50-28-020, filed
							8/6/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-528 - New state banks and trust companies - Application and investigation › Section 208-528-030 - Policy and guidelines

Current through Register Vol. 24-14, July 15, 2024
The notice of intention to organize a state bank or trust
						company shall be filed with the director in duplicate, on a form furnished by
						the division of banks. It is the established policy of the division of banks to
						require diligent and timely completion and submission of forms, schedules,
						surveys, economic studies, maps and all supporting data deemed necessary and
						required to conduct the statutory investigation. For the purpose of expediting
						the investigation and correlating said investigation with that of the Federal
						Deposit Insurance Corporation, in the event deposits of the proposed bank or
						trust company are to be insured by that agency, the schedules, statements and
						supporting data shall be organized under six basic general headings or
						factors:
(1) Financial history and
					condition.
(a) Pro forma statement of
					condition - beginning of business.
(b) Premises to be occupied by proposed bank,
					whether owned or leased, whether permanent or temporary, details as to
					description, costs, from whom purchased or leased, insurance coverage,
					estimated annual depreciation. If property is to be purchased or leased from a
					director, officer, a large shareholder, or an interest of any such, complete
					details should be furnished.
(c)
					Details as to proposed investment in and rental of furniture, fixtures and
					equipment.
(d) Relationships and
					associations with proposed bank of any of the sellers or lessors of land,
					buildings or equipment, either directly or indirectly.
(e) Organization expenses (which should not
					be borrowed from any source) - complete and detailed accounting is required for
					all expenses related to organization, including detailed account of actual
					legal work performed together with any additional costs anticipated prior to
					opening or costs incurred or work performed during the organization period for
					which disbursement has been deferred beyond the opening date.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-528 - New state banks and trust companies - Application and investigation › Section 208-528-040 - Fees

Current through Register Vol. 24-14, July 15, 2024
The filing fee to accompany the notice of intention to organize
						a bank or trust company shall be that established by WAC 208-512-045, as now or
						hereafter amended. If the application is withdrawn by applicants before a field
						investigation is undertaken a refund will be made based upon retention of that
						portion deemed adequate to cover processing and preliminary investigation
						costs. The retained portion shall be the greater of:
(1) $500.00, or
(2) Estimated number of hours times the
					current hourly rate as established by WAC 208-512-045 as devoted to processing
					and preliminary review and investigation.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 01-06-024, §
										208-528-040, filed 2/27/01,
							effective 3/30/01; 00-17-141, recodified as §
										208-528-040, filed 8/22/00,
							effective 9/22/00; Order 21, § 50-28-040, filed
							8/6/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-528 - New state banks and trust companies - Application and investigation › Section 208-528-050 - Field investigation

Current through Register Vol. 24-14, July 15, 2024
The required field investigation will be undertaken promptly
						upon submission of the notice of intention to organize a bank or trust company
						accompanied by statutory fees, provided the required documentation is
						determined by preliminary review to be complete in all respects. If, in the
						judgment of the director, matters of substantive nature are missing or
						incomplete the notice of intent to organize and submitted documents may be
						returned to the correspondent of record. If the matters deemed incomplete be of
						relatively minor nature the applicants may be notified in writing thereof and
						given a reasonable time to make corrections or submit additional information or
						schedules required. For purposes of section 5, chapter 104, Laws of 1973 1st
						ex. sess. (RCW    30.08.030), a notice of intention to organize a bank or trust
						company shall not be deemed to be received by the director unless and until all
						of the information required by the director has been provided to
						him.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-528-050, filed 8/22/00,
							effective 9/22/00; Order 21, § 50-28-050, filed
							8/6/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-528 - New state banks and trust companies - Application and investigation › Section 208-528-060 - Adoption of form

Current through Register Vol. 24-14, July 15, 2024
The division of banks hereby adopts for use of all persons
						requesting permission to organize a state bank or trust company, the form
						attached hereto as Appendix No. 1, entitled "Notice of intention to organize a
						state bank or trust company."
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-528-060, filed 8/22/00,
							effective 9/22/00; Order 21, § 50-28-060, filed
							8/6/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-528 - New state banks and trust companies - Application and investigation › Section 208-528-070 - Payment on subscription for the capital stock

Current through Register Vol. 24-14, July 15, 2024
The subscription agreement with prospective purchasers of the
						capital stock of a proposed new bank or trust company shall not contain any
						agreement for any amount to be paid in advance for the purpose of defraying
						organization costs. No payment on subscription for stock shall be made until
						the articles of incorporation have been approved by the director of the
						department of financial institutions and filed with the secretary of
						state.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-528-070, filed 8/22/00,
							effective 9/22/00; Order 30, § 50-28-070, filed
							10/2/75.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-528 - New state banks and trust companies - Application and investigation › Section 208-528-990 - Appendix I - Form - Notice of intention to organize a state bank or trust company

Current through Register Vol. 24-14, July 15, 2024
APPENDIX I
NOTICE OF INTENTION TO ORGANIZE A
STATE BANK OR TRUST COMPANY
To the Director of the Department of Financial
						Institutions:
We, the undersigned, as proposed incorporators and subscribing
						shareholders, being natural persons and citizens of the United States of
						America, make application for permission to organize a
(state bank
						or trust company)
under the title of . . . . . . to be located in
						. . . . . ., County of . . . . . . . ., State of Washington, with capital
						stock of
$. . . . . . . ., surplus of $. . . . . . . ., and undivided
						profits of $ . . . . . . . . . . ..
We submit herewith the proposed articles of incorporation for
						examination together with all such data, information, schedules, maps and
						supporting documentation specified by statute and regulations as necessary and
						required to conduct the statutory investigation.
We enclose Cashier's Check for $2,000 to apply upon the
						statutory cost of investigation. If the cost of the investigation to be made
						exceeds $2,000, we agree to pay such excess in accordance with WAC
						208-512-040.
We designate . . . . . . . ., whose address is . . . . . . . ., as correspondent of records to receive all instructions and correspondence in
						connection with this application.
SUBSCRIBED at . . . . . . . . ,Washington, this . . . . day of
						. . . . . . . ., 19. ..
* . . . . . . . . . . ..
* . . . . . . . . . . ..
* . . . . . . . . . . ..
* . . . . . . . . . . ..
* . . . . . . . . . . ..
* . . . . . . . . . . ..
Enclosure:
$2,000 Cashier's Check
Payable to the Division of Banks
(*) Please type name under signature.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-528-990, filed 8/22/00,
							effective 9/22/00; Order 21, Appendix I -- Form (codified as WAC 50-28-990),
							filed 8/6/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-532 - Establishment of alien banks in Washington - Procedure › Section 208-532-010 - Purpose

Current through Register Vol. 24-14, July 15, 2024
The purpose of this chapter is to ensure compliance with and
						provide the rules and regulations necessary to administer the provisions and
						requirements of chapter 53, Laws of 1973 1st ex. sess.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-18-103, recodified
							as §
										208-532-010, filed 9/6/00,
							effective 10/7/00; Order 23, § 50-32-010, filed
							8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-532 - Establishment of alien banks in Washington - Procedure › Section 208-532-020 - Definitions

Current through Register Vol. 24-14, July 15, 2024
For purposes of these rules and regulations, the following
						terms are defined as:
(1)
Act -
chapter 53, Laws of 1973 1st ex. sess.
(2)
Application -
"Application"
					means an application of an alien bank to the director of the department of
					financial institutions for a certificate of authority to establish and operate
					an agency, branch or bureau in the state of Washington.
(3)
Domiciliary country -
"Domiciliary country" means the foreign country under the laws of which
					the alien bank is organized.
(4)
Fiscal year -
"Fiscal year" means the fiscal year of the alien
					bank.
(5)
Depositary -
"Depositary" shall mean a bank with its principal place of business
					within the state of Washington selected by the alien bank and approved by the
					director, for the deposit of the cash or liquid assets required by section 7
					and 12 of the act.
(6)
Rules
					and regulations -
"Rules and regulations" means all of Title 208 WAC.
					Alien banks in conducting authorized banking business shall be subject to such
					rules and regulations under the same terms and conditions as applied to banks
					organized under the laws of this state to the extent that such rules and
					regulations as applied to alien banking operations are consistent with the
					intent and purposes of the alien bank act and subject to limitations and
					restrictions imposed by these alien bank rules and regulations.
(7)
Section -
Section numbers
					referred to herein are those found in chapter 53, Laws of 1973 1st ex.
					sess.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-18-103, amended and
							recodified as §
										208-532-020, filed 9/6/00,
							effective 10/7/00; Order 23, § 50-32-020, filed
							8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-532 - Establishment of alien banks in Washington - Procedure › Section 208-532-030 - Application procedure

Current through Register Vol. 24-14, July 15, 2024
An application by an alien bank to establish and operate an
						office or bureau in the state of Washington shall be made on the form
						prescribed in Appendices 1, 2 or 3, whichever is applicable.
An application shall not be deemed complete if, in the opinion
						of the director, the applicant has not supplied all of the required information
						or the information supplied is deficient. After receipt of the completed
						application, the director shall conduct his required investigation.
(1)
Office.
The director shall
					notify the applicant of denial or conditional approval of an application for a
					certificate for an agency or branch within 180 days of his receipt of the
					completed application.
If the application for a certificate for an agency or branch is
						conditionally approved, the applicant must supply the following documents
						executed by the governing board and properly sworn to before a U.S. Consular
						Official within 60 days of notification.
(a) Appointment of the director of the
					department of financial institutions as agent
(b) Designation of bank's agent for service
					in Washington
(c) Letter of
					guaranty
(d) Appointment of
					depositary(ies)
(e) Certificate of
					allocation and assignment of capital
(f) Depositary agreements for assigned and
					allocated capital
(g) A power of
					attorney in favor of the person designated to be in charge of the business and
					affairs of the office.
The applicant shall also provide proof of fidelity bond
						coverage and the oath of the managing officer of the Washington office.
After receipt of these documents and after the director is
						satisfied that all statutory requirements have been met, he shall issue his
						certificate.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-532 - Establishment of alien banks in Washington - Procedure › Section 208-532-040 - Examination - Frequency - Scope

Current through Register Vol. 24-14, July 15, 2024
The accountant selected to audit the books of account of an
						alien office shall be an independent accountant licensed to practice by the
						state of Washington and who is not an employee, officer, or holder of the
						securities of the alien bank or its subsidiaries. Such accountant must have
						knowledge and experience with respect to auditing books of international
						corporations. A resume' of such accountant wherein the knowledge and experience
						is set forth must accompany the alien bank's request that such accountant be
						approved by the director. The report of such independent accountant shall be
						based upon an audit made in accordance with generally accepted auditing
						standards without limitation on its scope and shall be
						unqualified.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-18-103, amended and
							recodified as §
										208-532-040, filed 9/6/00,
							effective 10/7/00; Order 23, § 50-32-040, filed
							8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-532 - Establishment of alien banks in Washington - Procedure › Section 208-532-050 - Fees

Current through Register Vol. 24-14, July 15, 2024
(1) The fees to
					accompany the filing of an application and attendant investigation are
					prescribed in WAC 208-512-045, as now or hereafter amended.
(2) Cost of examination. The examination fees
					charged to an alien bank for the examination of an office or bureau shall be
					the estimated actual cost of each examination calculated under the same terms
					and conditions as for state chartered banks and trust companies.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 01-06-024, §
										208-532-050, filed 2/27/01,
							effective 3/30/01; 00-18-103, recodified as §
										208-532-050, filed 9/6/00,
							effective 10/7/00; Order 23, § 50-32-050, filed
							8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-532 - Establishment of alien banks in Washington - Procedure › Section 208-532-060 - Records and books of account

Current through Register Vol. 24-14, July 15, 2024
Records and books of account of an alien bank office shall be
						kept as though the Washington office was conducted as a separate and distinct
						entity with its assets and liabilities entirely separate and apart from other
						operations of its head office and its subsidiaries or affiliated corporations.
						Books and accounts shall be maintained, where possible, as are the books and
						accounts of banks chartered by the state of Washington, to:
(1) Facilitate the preparation of required
					reports of condition.
(2)
					Facilitate the preparation of the required report of income.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-18-103, recodified
							as §
										208-532-060, filed 9/6/00,
							effective 10/7/00; Order 23, § 50-32-060, filed
							8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-532 - Establishment of alien banks in Washington - Procedure › Section 208-532-070 - Branch records

Current through Register Vol. 24-14, July 15, 2024
An alien branch shall:
(1) Identify United States domiciled
					creditors.
(2) Segregate and
					maintain controls for:
(a) Demand
					deposits.
(b) Time deposits.
for each class of depositors specified and authorized in
						section 11(1)(i) through (vii) of the act.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-532 - Establishment of alien banks in Washington - Procedure › Section 208-532-080 - Agency records

Current through Register Vol. 24-14, July 15, 2024
With consideration to the statutory requirements imposed upon
						an approved agency of an alien bank by section 18 of the act, an agency shall
						maintain controls and records relating to the making of loans and guaranteeing
						obligations for the financing of the international movement of goods and
						services and for all operational needs including working capital and short-term
						operating needs and for the acquisition of fixed assets to:
(a) Readily identify the customer and basis
					upon which the loan or guaranty was granted;
(b) The purpose and terms of such loan or
					guaranty; and
(c) The precise
					manner in which the business of the customer is directly related to the
					international movement of goods and services.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-18-103, recodified
							as §
										208-532-080, filed 9/6/00,
							effective 10/7/00; Order 23, § 50-32-080, filed
							8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-532 - Establishment of alien banks in Washington - Procedure › Section 208-532-090 - Reports - Required reports

Current through Register Vol. 24-14, July 15, 2024
Each alien bank shall file the following periodic reports
						relating to the financial condition of the office:
(1) Examination (audit) report by an
					accountant approved by the director as of the last business day of the fiscal
					year as prescribed by section 14 of the act.
(2) Reports of resources and liabilities as
					required by banks chartered by the state of Washington as prescribed by RCW
					   30.08.180 and 30.08.190, together with proof of publication. An agency need not
					publish such reports.
(3) Annual
					report of income on calendar year basis as a special report as required of
					banks chartered by the state of Washington (RCW    30.08.190).
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-18-103, amended and
							recodified as §
										208-532-090, filed 9/6/00,
							effective 10/7/00; Order 23, § 50-32-090, filed
							8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-532 - Establishment of alien banks in Washington - Procedure › Section 208-532-100 - Notice concerning deposit insurance

Current through Register Vol. 24-14, July 15, 2024
Every alien bank branch, the deposits of which are not insured
						by the Federal Deposit Insurance Corporation, shall display at its place of
						business in Washington a sign at least seven inches by three inches at each
						window or place where deposits are accepted stating that deposits are not
						insured by the Federal Deposit Insurance Corporation. A statement may be
						included on the same sign to the effect that deposits of U.S. domiciled
						depositors are partially protected by capital maintained pursuant to RCW
						   30.42.120(1).
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-18-103, recodified
							as §
										208-532-100, filed 9/6/00,
							effective 10/7/00; Order 25, § 50-32-100, filed
							3/21/74.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-536 - Administration of trust companies - Investments, etc › Section 208-536-010 - Definitions

Current through Register Vol. 24-14, July 15, 2024
For purposes of this chapter, the following words are defined
						as:
(1) "Fiduciary powers" means the
					power to act in any fiduciary capacity authorized by the state of Washington
					including, but not limited to, trustee, executor, administrator, registrar of
					stocks and bonds, guardian of estates, assignee, receiver, agent, custodian,
					investment adviser, if the trust company receives a fee for its investment
					advice, escrow agent, corporate bond paying and transfer agent, escrow holder,
					managing agent, depositary, committee of estates of incompetents, and any
					capacity in which the trust company possesses investment discretion on behalf
					of another.
(2) "Trust department"
					means that group or groups of officers and employees of a trust company
					organized under the supervision of officers or employees to whom are designated
					by the board of directors the performance of the fiduciary responsibilities of
					the trust company, whether or not the group or groups are so named.
(3) "Agency" means the fiduciary relationship
					in which title to the property constituting the agency does not pass to the
					trust institution but remains in the owner of the property, who is known as the
					principal, and in which the agent is charged with certain specific duties with
					respect to the property.
(4)
					"Agency coupled with an interest" means an agency in which the agent has a
					legal interest in the subject matter. Such an agency is not terminated
					automatically, as are other agencies, by the death of the principal but
					continue in effect until the agent can realize upon its legal
					interest.
(5) "Managing agent"
					means the fiduciary relationship assumed by a trust company upon the creation
					of an account which names the trust company as agent and confers investment
					discretion upon the trust company.
(6) "Trust company" as used herein shall also
					include banks which are authorized to exercise trust powers.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, recodified
							as §
										208-536-010, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   43.320.010, 43.329.040 and 30.04.030.
							99-01-119, § 50-36-010, filed 12/18/98, effective 1/18/99; Order 22,
							§ 50-36-010, filed 8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-536 - Administration of trust companies - Investments, etc › Section 208-536-020 - Administration of fiduciary powers

Current through Register Vol. 24-14, July 15, 2024
(1)
(a) The
					board of directors is responsible for the proper exercise of fiduciary powers
					by the trust company. All matters pertinent thereto, including the
					determination of policies, the investment and disposition of property held in a
					fiduciary capacity, and the direction and review of the actions of all
					officers, employees, and committees utilized by the trust company in the
					exercise of its fiduciary powers, are the responsibility of the board. In
					discharging this responsibility, the board of directors may assign, by action
					duly entered in the minutes, the administration of such of the trust company's
					fiduciary powers as it may consider proper to assign to such director(s),
					officer(s), employee(s) or committee(s) as it may designate.
(b) No fiduciary account shall be accepted
					without the prior approval of the board, or of the director(s), officer(s) or
					committee(s) to whom the board may have designated the performance of that
					responsibility. A written record shall be made of such acceptances and of the
					relinquishment or closing out of all fiduciary accounts. Upon the acceptance of
					an account for which the trust company has investment responsibilities a prompt
					review of the assets shall be made. The board shall also ensure that at least
					once during every calendar year thereafter, all the assets held in or for each
					fiduciary account where the bank has investment responsibilities are reviewed
					to determine the advisability of retaining or disposing of such
					assets.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-536 - Administration of trust companies - Investments, etc › Section 208-536-030 - Audit of the trust department

Current through Register Vol. 24-14, July 15, 2024
A committee of directors, exclusive of any active officers of
						the trust company, shall at least once during each calendar year make suitable
						audits of the trust department or cause suitable audits to be made by auditors
						responsible only to the board of directors, and at such time shall ascertain
						whether the department has been administered in accordance with law, this
						regulation and sound fiduciary principles. The board of directors may elect, in
						lieu of such periodic audits, to adopt an adequate continuous audit system. A
						report of the audits and examination required under this section, together with
						the action taken thereon, shall be noted in the minutes of the board of
						directors.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, recodified
							as §
										208-536-030, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   43.320.010, 43.329.040 and 30.04.030.
							99-01-119, § 50-36-030, filed 12/18/98, effective 1/18/99; Order 22,
							§ 50-36-030, filed 8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-536 - Administration of trust companies - Investments, etc › Section 208-536-040 - Collective investment funds - Funds authorized

Current through Register Vol. 24-14, July 15, 2024
Any trust company qualified to act as fiduciary in this state
						may establish common trust funds (referred to in this regulation as "collective
						investment funds") for the purpose of furnishing investments to itself as
						fiduciary, or to itself and others, as co-fiduciaries; and may, as such
						fiduciary or co-fiduciary, invest funds which it lawfully holds for investment
						in interests in such common trust funds, if such investment is not prohibited
						by the instrument, judgment, decree, or order creating such fiduciary
						relationship, and if, in the case of co-fiduciaries, the trust company procures
						the consent of its co-fiduciary or co-fiduciaries to such investment, and
						provided such investment is not in contravention with the provisions of chapter
						30.24 RCW:
(a) In a common trust fund
					maintained by the trust company exclusively for the collective investment and
					reinvestment of moneys contributed thereto by the trust company in its capacity
					as trustee, executor, administrator, or guardian.
(b) In a fund consisting solely of assets of
					retirement, pension, profit sharing, stock bonus or other trusts which are
					exempt from federal income taxation under the Internal Revenue Code.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, recodified
							as §
										208-536-040, filed 8/22/00,
							effective 9/22/00; Order 22, § 50-36-040, filed
							8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-536 - Administration of trust companies - Investments, etc › Section 208-536-070 - Collective investment funds - Audit

Current through Register Vol. 24-14, July 15, 2024
A trust company administering a collective investment fund
						shall at least once during each period of 12 months cause an adequate audit to
						be made of the collective investment fund by auditors responsible only to the
						board of directors of the trust company. In the event such audit is performed
						by independent public accountants, the reasonable expenses of such audit may be
						charged to the collective investment fund.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, recodified
							as §
										208-536-070, filed 8/22/00,
							effective 9/22/00; Order 22, § 50-36-070, filed
							8/14/73.