§ 32.32.475 — Penalty for violations.

Washington § 32.32.475

• Jurisdiction: Washington
• Title 32: WASHINGTON SAVINGS BANK ACT
• Ch. 32.32: CONVERSION OF MUTUAL SAVINGS BANK TO CAPITAL STOCK SAVINGS BANK

Text

For willful violation or assistance of such a violation of any provision of RCW 32.32.440 through 32.32.470 , any person who (1) has any connection with the management of a converting or converted savings bank, including any director, officer, employee, attorney, or agent, or (2) controls more than ten percent of the outstanding shares of any class of equity security or voting rights thereto of a converting or converted savings bank shall be subject to a civil penalty of not more than five hundred dollars (which penalty shall be cumulative to any other remedies) for each day that the violation continues, which penalty the director may recover by suit or otherwise for the director's own use. The director in his or her discretion may, at any time before collection of the penalty (whether before or after the bringing of any action or other legal proceedings, the obtaining of any judgment or other recovery, or the issuance or levy of any execution or other legal process thereof), compromise or remit in whole or in part the penalty.

Legislative History

[1994 c 92 s 400;1981 c 85 s 94.]