§ 30B.53.030 — Approval by shareholders—Voting—Notice.

Washington § 30B.53.030

• Jurisdiction: Washington
• Title 30B: WASHINGTON TRUST INSTITUTIONS ACT
• Ch. 30B.53: STATE TRUST COMPANIES—MERGER, CONSOLIDATION, AND CONVERSION

Text

(1) To be effective, a merger that is to result in a trust company must be approved by the shareholders of each merging trust company by a vote of two-thirds of the outstanding voting shares of each class at a meeting called to consider such action. This vote shall constitute the adoption of the charter and bylaws of the resulting trust company, including the amendments in the merger agreement.

(2) Unless waived in writing, notice of the meeting of shareholders shall be given by publication in a newspaper of general circulation in the place where the principal office of each merging trust company is located, at least once each week for four successive weeks, and by mail, at least fifteen days before the date of the meeting, to each shareholder of record of each merging trust company at the address on the books of the shareholder's trust company. No notice of publication need be given if written waivers are received from the holders of two-thirds of the outstanding shares of each class of shares. The notice shall state that dissenting shareholders will be entitled to payment of the value of only those shares which are voted against approval of the plan.

Legislative History

[2019 c 389 s 98;2014 c 37 s 391.]