RCW 32.32.030
102 words·~1 min read·
/wa/title-32/chapter-32-32/32-32-030·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No application for conversion may be approved by the director if:
(1)The plan of conversion adopted by the applicant's board of directors is not in accordance with this chapter;
(2)The conversion would result in a reduction of the applicant's net worth below requirements established by the director;
(3)The conversion may result in a taxable reorganization of the applicant under the United States Internal Revenue Code of 1954, as amended; or
(4)The converted savings bank does not meet the insurance requirements as established by the director.
[ 1994 c 92 s 353 ; 1981 c 85 s 5 .]