Washington § 32.32.185 Liquidation account—Establishment required—Amount—Function.

Washington Statutes

§ 32.32.185 — Liquidation account—Establishment required—Amount—Function.

Washington § 32.32.185

Title 32WASHINGTON SAVINGS BANK ACT

Ch. 32.32CONVERSION OF MUTUAL SAVINGS BANK TO CAPITAL STOCK SAVINGS BANK

This text of Washington § 32.32.185 (Liquidation account—Establishment required—Amount—Function.) 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 § 32.32.185 (2026).

Text

Each converted savings bank shall, at the time of conversion, establish a liquidation account in an amount equal to the amount of net worth of the converting savings bank as of the latest practicable date prior to conversion. For the purposes of this section, the savings bank shall use the net worth figure no later than that set forth in its latest statement of financial condition contained in the final offering circular. The function of the liquidation account is to establish a priority on liquidation and, except as provided in RCW 32.32.215 , the existence of the liquidation account shall not operate to restrict the use or application of any of the net worth accounts of the converted savings bank.

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Each converted savings bank shall, at the time of conversion, establish a liquidation account in an amount equal to the amount of net worth of the converting savings bank as of the latest practicable date prior to conversion. For the purposes of this section, the savings bank shall use the net worth figure no later than that set forth in its latest statement of financial condition contained in the final offering circular. The function of the liquidation account is to establish a priority on liquidation and, except as provided in RCW 32.32.215 , the existence of the liquidation account shall not operate to restrict the use or application of any of the net worth accounts of the converted savings bank.