Washington § 32.50.020 Director may appoint representative—Restrictions placed on savings bank.

Washington Statutes

§ 32.50.020 — Director may appoint representative—Restrictions placed on savings bank.

Washington § 32.50.020

Title 32WASHINGTON SAVINGS BANK ACT

Ch. 32.50SUPERVISORY DIRECTION BY THE DIRECTOR OF FINANCIAL INSTITUTIONS

This text of Washington § 32.50.020 (Director may appoint representative—Restrictions placed on savings bank.) 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 § 32.50.020 (2026).

Text

During the period of supervisory direction the director may appoint a representative to supervise such savings bank and may provide that the savings bank may not do any of the following during the period of supervisory direction, without the prior approval of the director or the appointed representative:

(1)Dispose of, convey, or encumber any of the assets;

(2)Withdraw any of its bank accounts;

(3)Lend any of its funds;

(4)Invest any of its funds;

(5)Transfer any of its property; or

(6)Incur any debt, obligation, or liability.

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During the period of supervisory direction the director may appoint a representative to supervise such savings bank and may provide that the savings bank may not do any of the following during the period of supervisory direction, without the prior approval of the director or the appointed representative:

(1) Dispose of, convey, or encumber any of the assets;

(2) Withdraw any of its bank accounts;

(3) Lend any of its funds;

(4) Invest any of its funds;

(5) Transfer any of its property; or

(6) Incur any debt, obligation, or liability.