Washington Code 31.12.707 – Completion of receivership — Merger, purchase, or liquidation — Secretary of state
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Upon the completion of a receivership through merger, purchase of assets and assumption of liabilities, or liquidation, the director shall terminate the credit union‘s authority to conduct business and certify that fact to the secretary of state. Upon certification, the credit union shall cease to exist and the secretary of state shall note that fact upon his or her records.
[ 1997 c 397 § 81.]
Terms Used In Washington Code 31.12.707
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.