§ 33.16.030 — Directors—Prohibited acts.

Washington § 33.16.030

• Jurisdiction: Washington
• Title 33: WASHINGTON SAVINGS ASSOCIATION ACT
• Ch. 33.16: DIRECTORS, OFFICERS, AND EMPLOYEES

Text

A director of a savings and loan association shall not, except to the extent permitted for a director of a federal savings and loan association:

(1) Have any interest, direct or indirect, in the gains or profits of the association, except to receive dividends, or interest upon his or her contribution to the contingent fund or upon his or her deposit accounts. However, nothing in this subsection shall prevent an officer from receiving his or her authorized compensation nor from participating in a benefit program under RCW 33.16.150 , nor prevent a director from receiving an authorized director's fee;

Receive and retain, directly or indirectly, for his or her own use any commission on any loan, or purchase of real property or securities, made by the association;

(2) Become an endorser, surety, or guarantor, or in any manner an obligor, for any loan made by the association;

(3) For himself or herself or as agent, partner, stockholder, or officer of another, directly or indirectly, borrow from the association, except as hereinafter provided.

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

Severability — 1982 c 3: See note following RCW 33.04.002 .

Legislative History

[1994 c 256 s 122;1982 c 3 s 29;1945 c 235 s 16; Rem. Supp. 1945 s 3717-135. Prior: 1933 c 183 ss 21, 62.]