Washington § 30A.08.010 Incorporators—Paid-in capital stock, surplus, and undivided profits—Requirements.

Washington Statutes

§ 30A.08.010 — Incorporators—Paid-in capital stock, surplus, and undivided profits—Requirements.

Washington § 30A.08.010

Title 30AWASHINGTON COMMERCIAL BANK ACT

Ch. 30A.08ORGANIZATION AND POWERS

This text of Washington § 30A.08.010 (Incorporators—Paid-in capital stock, surplus, and undivided profits—Requirements.) is published on Counsel Stack Legal Research, covering Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wash. Rev. Code § 30A.08.010 (2026).

Text

When authorized by the director, as hereinafter provided, one or more natural persons, citizens of the United States, may incorporate a bank in the manner herein prescribed. No bank shall incorporate for less amount nor commence business unless it has a paid-in capital stock, surplus and undivided profits in the amount as may be determined by the director after consideration of the proposed location, management, and the population and economic characteristics for the area, the nature of the proposed activities and operation of the bank, and other factors deemed pertinent by the director. Each bank shall before commencing business have subscribed and paid into it in the same manner as is required for capital stock, an amount equal to at least ten percent of the capital stock above required,

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When authorized by the director, as hereinafter provided, one or more natural persons, citizens of the United States, may incorporate a bank in the manner herein prescribed. No bank shall incorporate for less amount nor commence business unless it has a paid-in capital stock, surplus and undivided profits in the amount as may be determined by the director after consideration of the proposed location, management, and the population and economic characteristics for the area, the nature of the proposed activities and operation of the bank, and other factors deemed pertinent by the director. Each bank shall before commencing business have subscribed and paid into it in the same manner as is required for capital stock, an amount equal to at least ten percent of the capital stock above required, that shall be carried in the undivided profit account and may be used to defray organization and operating expenses of the company. Any sum not so used shall be transferred to the surplus fund of the company before any dividend shall be declared to the stockholders.

Findings — Construction — 1994 c 256: See RCW 43.320.007 .

Legislative History

[2014 c 37 s 150. Prior:1994 c 256 s 41;1994 c 92 s 42;1986 c 279 s 17;1973 1st ex.s. c 104 s 3;1969 c 136 s 3;1955 c 33 s 30.08.010; prior:1947 c 131 s 1;1929 c 72 s 4;1923 c 115 s 2;1917 c 80 s 19; Rem. Supp. 1947 s 3226. Formerly RCW30.08.010.]