21.20.725 - Debenture companies -- Debentures payable on demand--Interest--Certificates of debenture. - Washington Statutes

Debenture companies — Debentures payable on demand — Interest — Certificates of debenture.

(1) A debenture company shall not issue any debenture payable on demand nor pay or accrue interest beyond the maturity date of any debenture.

     (2) Debenture companies shall not issue certificates of debentures in passbook form, or in any other form which suggests to the holder that such moneys may be withdrawn on demand.

     (3) Each certificate of debenture or an application for a certificate shall specify on the face of the certificate or application therefor, in twelve point bold face type or larger, that such debenture is not insured by the United States government, the state of Washington, or any agency thereof.

[1988 c 244 § 4; 1973 1st ex.s. c 171 § 10.]

Notes: Severability -- Effective date -- Implementation -- Application -- 1988 c 244: See notes following RCW 21.20.700.

Effective date -- Construction -- Severability -- 1973 1st ex.s. c 171: See RCW 21.20.800 and 21.20.805.