Washington Code 31.12.644 – Supervision by director — Certain acts prohibited
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During the period of supervisory direction, the director may prohibit the credit union from engaging in any of the following acts without prior approval:
Terms Used In Washington Code 31.12.644
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Director: means the director of financial institutions. See Washington Code 31.12.005
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(1) Disposing of, conveying, or encumbering any of its assets;
(2) Withdrawing any of its accounts at other financial institutions;
(3) Lending any of its funds;
(4) Investing any of its funds;
(5) Transferring any of its property; or
(6) Incurring any debt, obligation, or liability.
[ 1997 c 397 § 62.]