RCW 32.20.035
140 words·~1 min read·
/wa/title-32/chapter-32-20/32-20-035·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 s 336 ; 1989 c 97 s 2 .]