Washington Code 33.16.030 – Directors — Prohibited acts
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A director of a savings and loan association shall not, except to the extent permitted for a director of a federal savings and loan association:
Terms Used In Washington Code 33.16.030
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) Have any interest, direct or indirect, in the gains or profits of the association, except to receive dividends, or interest upon his or her contribution to the contingent fund or upon his or her deposit accounts. However, nothing in this subsection shall prevent an officer from receiving his or her authorized compensation nor from participating in a benefit program under RCW 33.16.150, nor prevent a director from receiving an authorized director’s fee;
Receive and retain, directly or indirectly, for his or her own use any commission on any loan, or purchase of real property or securities, made by the association;
(2) Become an endorser, surety, or guarantor, or in any manner an obligor, for any loan made by the association;
(3) For himself or herself or as agent, partner, stockholder, or officer of another, directly or indirectly, borrow from the association, except as hereinafter provided.
[ 1994 c 256 § 122; 1982 c 3 § 29; 1945 c 235 § 16; Rem. Supp. 1945 § 3717-135. Prior: 1933 c 183 §§ 21, 62.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
Severability—1982 c 3: See note following RCW 33.04.002.