§ 32.32.515 — Guaranty fund.

Washington § 32.32.515

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

Text

The guaranty fund of a mutual savings bank converted under this chapter shall become surplus of the converted savings bank, but shall not be available after conversion for purposes other than those purposes for which a guaranty fund may be used by a mutual savings bank under Title 32 RCW. No contribution need be made to the guaranty fund by the converted savings bank after conversion. When any provision of any other chapter of this title refers to the amount of the guaranty fund for the purpose of determining the extent of the authority of a savings bank, and not for purposes of prescribing the use of funds in or contributions to the guaranty fund, such provision shall be deemed to refer to an amount including capital surplus and paid-in capital of a stock savings bank.

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

Legislative History

[1994 c 256 s 113;1981 c 85 s 102.]