21.20.717 - Debenture companies -- Controlling person -- Exceptions. - Washington Statutes

Debenture companies — Controlling person — Exceptions.

(1) For purposes of the provisions of this chapter relating to debenture companies a person shall be deemed a controlling person if:

     (a) Such person directly or indirectly, or acting through one or more other persons owns, controls, or has power to vote twenty-five percent or more of any class of voting securities of a debenture company;

     (b) Such person controls in any manner the election of a majority of the directors or trustees of a debenture company; or

     (c) The director determines, after notice and opportunity for hearing, that such person, directly or indirectly, exercises a controlling influence over the management or policies of a debenture company.

     (2) The director may except, by order, for good cause shown, any person from subsection (1) of this section if the director finds the exception to be in the public interest and that the exception does not threaten the protection of investors.

[1987 c 421 § 3.]

Notes: Effective date -- Application -- Severability -- 1987 c 421: See notes following RCW 21.20.705.