Washington Statutes
§ 33.48.120 — Conversion procedure—Creation of permanent loss reserve—Disposition of reserve upon liquidation.
Washington § 33.48.120
This text of Washington § 33.48.120 (Conversion procedure—Creation of permanent loss reserve—Disposition of reserve upon liquidation.) 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 § 33.48.120 (2026).
Text
The accumulated surplus and unallocated reserves of an association at the time of conversion to a stock association shall be designated as a permanent loss reserve against which any losses incurred on assets may be charged. In case of liquidation the remaining sum in said permanent loss reserve shall be distributed to the depositors in proportion to the withdrawable value of their deposit accounts at the time of liquidation. In liquidation, after payment of all liabilities and the withdrawable value of all types and classes of deposit accounts together with the remainder in the permanent loss reserve heretofore mentioned, any excess shall be paid pro rata to the stockholders.
Severability — 1982 c 3: See note following RCW 33.04.002 .
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Related
§ 33.04.002
Washington § 33.04.002
Legislative History
[1982 c 3 s 98;1955 c 122 s 13.]
Nearby Sections
15
§ 33.04.002
Legislative declaration, intent—Purpose.§ 33.04.004
Short title.§ 33.04.005
Definitions.§ 33.04.020
Director—Powers and duties.§ 33.04.022
Director—Powers under chapter19.144RCW.§ 33.04.025
Rules.§ 33.04.030
Compelling attendance of witnesses.§ 33.04.060
Appellate review.Cite This Page — Counsel Stack
Bluebook (online)
Washington § 33.48.120, Counsel Stack Legal Research, https://law.counselstack.com/statute/wa/33.48.120.