30.08.086 - Determination of capital impairment when capital consists of preferred stock. - Washington Statutes

Determination of capital impairment when capital consists of preferred stock.

If any part of the capital of a bank and trust company consists of preferred stock, the determination of whether or not the capital of such bank is impaired and the amount of such impairment shall be based on the value of its stock as established at the time it was issued, or its par value, if any, even though the amount which the holders of such preferred stock shall be entitled to receive in the event of retirement or liquidation shall be in excess of the originally established value or the par value of such preferred stock.

[1986 c 279 § 25; 1981 c 89 § 6.]

Notes: Severability -- 1981 c 89: See note following RCW 30.04.180.