Washington § 32.32.220 Limitation on certain cash dividends within ten years of conversion.

Washington Statutes

§ 32.32.220 — Limitation on certain cash dividends within ten years of conversion.

Washington § 32.32.220

Title 32WASHINGTON SAVINGS BANK ACT

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

This text of Washington § 32.32.220 (Limitation on certain cash dividends within ten years of conversion.) 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 § 32.32.220 (2026).

Text

Except as provided in RCW 32.32.222 , no converted savings bank may, without the prior approval of the director, for a period of ten years after the date of its conversion, declare or pay a cash dividend on its capital stock in an amount in excess of one-half of the greater of:

(1)The savings bank's net income for the current fiscal year; or

(2)The average of the savings bank's net income for the current fiscal year and not more than two of the immediately preceding fiscal years. For purposes of this chapter, "net income" shall be determined by generally accepted accounting principles.

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Except as provided in RCW 32.32.222 , no converted savings bank may, without the prior approval of the director, for a period of ten years after the date of its conversion, declare or pay a cash dividend on its capital stock in an amount in excess of one-half of the greater of:

(1) The savings bank's net income for the current fiscal year; or

(2) The average of the savings bank's net income for the current fiscal year and not more than two of the immediately preceding fiscal years.

For purposes of this chapter, "net income" shall be determined by generally accepted accounting principles.