Wash. Rev. Code § 33.48.025
Applicability of chapter 23B.06 RCW
Except to the extent provided otherwise in this title, stock associations are subject to the provisions of chapter 23B.06 RCW.
Revised Code of Washington Chapter 33.48 — Stock Associations
Washington · statute · Wash. Rev. Code ch. 33.48 · 26 active provisions
Wash. Rev. Code § 33.48.030
Minimum amount of permanent stock required—Preferred or special classes of shares authorized
Stock associations shall have permanent stock which may be issued with or without par value but with a statement of value of nonpar stock in accordance with Title 23B RCW. The minimum amount of such stock shall be twenty-five thousand dollars in the case of associations outside of incorporated cities, or in cities of l…
Wash. Rev. Code § 33.48.040
Stock dividends, when
No dividends shall be declared on stock until the association has met the net worth and federal insurance requirements of the federal savings and loan insurance corporation. Subject to the provisions of this chapter, stock shall be entitled to such rate of dividend, if earned, as fixed by the board. Stock dividends may…
Wash. Rev. Code § 33.48.080
Member's proprietary interest—Subordinate to claims of creditors
Each member in a stock association shall have a proportionate proprietary interest in its assets and net earnings subordinate to the claims of its creditors with priorities as established by this chapter.
Wash. Rev. Code § 33.48.090
Dividends only if interest paid on deposits
No dividend shall be paid or credited upon shares of stock for any period in which the association has not declared and paid interest on deposits eligible to receive interest.
Wash. Rev. Code § 33.48.100
Conversion procedure—Domestic stock to domestic mutual association
A domestic stock association may convert to a domestic mutual association under the provisions of applicable statutes and regulations of proper federal and state supervisory authorities. In the event of compliance with such statutes and regulations an appraisal of the stock shall be made by the director, upon written r…
Wash. Rev. Code § 33.48.110
Conversion procedure—Mutual association to domestic stock association—Rules implementing section—Standard
Any mutual association, either domestic or federal, operating in the state of Washington may convert itself into a domestic stock association. The conversion shall be effected by the vote of two-thirds of the members present and voting in person or by proxy at any regular or special meeting of the members called for su…
Wash. Rev. Code § 33.48.120
Conversion procedure—Creation of permanent loss reserve—Disposition of reserve upon liquidation
The accumulated surplus and unallocated reserves of an association at the time of conversion to a stock association shall be designated as a permanent loss reserve against which any losses incurred on assets may be charged. In case of liquidation the remaining sum in said permanent loss reserve shall be distributed to…
Wash. Rev. Code § 33.48.130
Withdrawal of charter amendment or conversion application
The directors of an association which has voted to amend its charter or convert to another type of institution, may withdraw the application at any time prior to the issuance of the amended charter, by adopting a proper resolution and forwarding a copy to the director.
Wash. Rev. Code § 33.48.140
Legislative intent—Chapter to control over conflicting provisions
It is the intention of the legislature to grant, by this chapter, authority to create stock associations in this state, by either organization or conversion under its provisions, and in the event of conflict between the provisions of this chapter and other provisions of Title 33 RCW, such other provisions shall be cons…
Wash. Rev. Code § 33.48.150
Organizing permit—Required
No subscriptions or funds from proposed stockholders of any proposed association, prior to its incorporation and prior to a decision by the director on its application for approval of its articles of incorporation, may be solicited or taken until a verified application for an organizing permit has been filed and a perm…
Wash. Rev. Code § 33.48.160
Organizing permit—Application
The application for an organizing permit under RCW 33.48.150 shall be in writing, verified as provided by law for the verification of pleadings and shall be filed in the office of the director. Such application shall be signed by the proposed incorporators and shall include the following:(1) The names and addresses of…
Wash. Rev. Code § 33.48.170
Organizing permit—Conditions
The director may impose conditions in the director's organizing permit issued under RCW 33.48.150 concerning the deposit in escrow of funds collected pursuant to said permit, the manner of expenditure of such funds and such other conditions as he or she deems reasonable and necessary or advisable for the protection of…
Wash. Rev. Code § 33.48.180
Permit authorizing sale of stock—Applicability
No association shall sell, take subscriptions for, or issue any stock until the association applies for and secures from the director a permit authorizing it to sell stock.This section does not apply to an offering involving less than five hundred thousand dollars nor to an offering made under a registration statement…
Wash. Rev. Code § 33.48.190
Permit authorizing sale of guaranty stock—Required prior to sale of issued or outstanding stock
No issued and outstanding stock of an association shall be sold or offered for sale to the public, nor shall subscriptions be solicited or taken for such sales until the association or the selling stockholders have applied for and secured from the director a permit authorizing the sale of the guaranty stock.This sectio…
Wash. Rev. Code § 33.48.200
Permit authorizing sale of stock—Application—Contents
An application for a permit to sell stock shall be in writing and shall be filed in the office of the director by the association.The application shall include the following:(1) Regarding the association:(a) The names and addresses of its officers;(b) The location of its office;(c) An itemized account of its financial…
Wash. Rev. Code § 33.48.210
Permit authorizing sale of stock—Examination and investigation—Issuance or denial
Upon the filing of the application for a permit to sell stock, the director shall examine the application and other papers and documents filed therewith and he or she may make a detailed examination, audit, and investigation of the association and its affairs. If the director finds that the proposed plan for the issue…
Wash. Rev. Code § 33.48.220
Recitation in permit to take subscriptions for stock
Every permit to take subscriptions for stock shall recite in boldface type that the issuance thereof is permissive only and does not constitute a recommendation or endorsement of the stock permitted to be issued.
Wash. Rev. Code § 33.48.230
Sales of stock—Imposition of conditions
With respect to sales of stock by an association, the director may impose conditions requiring the impoundment of the proceeds from the sale of stock, limiting the expense in connection with the sale of such stock, and other conditions as he or she deems reasonable and necessary or advisable to insure the disposition o…
Wash. Rev. Code § 33.48.240
Organizing permit—Amendment, alteration, suspension, or revocation by director—Grounds
The director may amend, alter, suspend, or revoke any permit issued under RCW 33.48.150 if there is a violation of the terms and conditions of the permit or if the director determines that the subscription or proposed issue and sale is no longer fair, just, and equitable.
Wash. Rev. Code § 33.48.250
Purchase by association of stock issued by it—Conditions
An association may purchase stock issued by it in an amount not to exceed the amount of earned surplus or undivided profits available for dividends on its stock if: The stock so purchased is included for federal estate tax purposes in determining the gross estate of a decedent, and the amount paid for such purchase is…
Wash. Rev. Code § 33.48.260
Reduction of stock—Conditions
With the prior consent of the director, the stock of an association may be reduced by resolution of the board of directors approved by the vote or written consent of the holders of a majority in amount of the outstanding stock of the association to such amount as the director approves.
Wash. Rev. Code § 33.48.270
Reduction of stock—Disposition of surplus
Any surplus resulting from reduction of stock shall not be available for dividends or other distribution to stockholders except upon liquidation.
Wash. Rev. Code § 33.48.280
Paid-in or contributed surplus or surplus created by reduction of stock—Application and uses
An association may, by action of its board of directors and with the prior approval of the director, apply any part or all of any paid-in or contributed surplus or any surplus created by reduction of stock to the reduction or writing off of any deficit arising from losses or diminution in value of its assets, or may tr…
Wash. Rev. Code § 33.48.290
RCW 33.48.150 through 33.48.280 inapplicable to foreign associations
RCW 33.48.150 through 33.48.280 do not apply to foreign associations doing business in this state pursuant to the provisions of chapter 33.32 RCW.
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