Washington Code 32.32.130 – Plan of conversion — Prohibited provisions
Current as of: 2023 | Check for updates
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The plan of conversion shall contain no provision which the director determines to be inequitable or detrimental to the applicant, its savings account holders, or other savings banks or to be contrary to the public interest.
Terms Used In Washington Code 32.32.130
- applicant: is a mutual savings bank which has applied to convert pursuant to this chapter. See Washington Code 32.32.025
- director: means any director of a corporation, any trustee of a mutual savings bank, or any person performing similar functions with respect to any organization whether incorporated or unincorporated. See Washington Code 32.32.025
- savings account: means deposits established in a mutual savings bank and includes certificates of deposit. See Washington Code 32.32.025