Wash. Rev. Code § 32.32.235
Plan of conversion—Charter restrictions permitted
Washington · Revised Code of Washington Chapter 32.32 — Conversion of Mutual Savings Bank to Capital Stock Savings Bank · Status: effective
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- Wash. Rev. Code § 32.32.235, Plan of conversion—Charter restrictions permitted, Washington, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1504282
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Full text
To the extent permitted by applicable federal or state law, a plan of conversion may provide for a provision in the charter of the converted savings bank containing, in substance, the restriction set forth in RCW 32.32.230. There may also be included a restriction providing that the charter provision may be amended only by a vote of up to seventy-five percent of the votes eligible to be cast at a regular or special meeting of shareholders of the converted savings bank. If the converted savings bank elects to adopt the foregoing optional charter provision, the director shall impose, as a condition to approval of the conversion, a requirement that the converted savings bank fully enforce the charter provision.