Mergers or consolidations—Application—Approval

(1) Subject to written approval of the director, one or more general business development companies may merge into or consolidate with each other consistent with *chapter 30.49 RCW. (2) Upon ninety days advance application to and written approval of the director, a historic business development company may convert its charter to that of a general business development company. An application for conversion shall contain a cover letter requesting conversion, the proposed articles of amendments and bylaws amendments, a modified business plan, and other relevant information in form and substance similar to the requirements of a de novo application for a general business development company as provided in RCW 31.24.020. In making a determination of whether to approve or deny such a conversion, the director shall consider: (a) The historic performance and safety and soundness of the historic business development company; (b) Whether the conversion to a general business development company will have a likelihood of continuing to fulfill the purposes of this chapter; (c) Whether the applicant will have a likelihood of remaining safe and sound as a general business development company and pursuant to its proposed modified business plan; and(d) Whether the proposed conversion would serve, or otherwise not detract from, the needs and convenience of the community served by the business development company.