30.42.050 - Acquisition or serving on board of directors or trustees of other financial institutions prohibited. - Washington Statutes

Acquisition or serving on board of directors or trustees of other financial institutions prohibited.

An alien bank shall not take over or acquire an existing federal or state-chartered bank, trust company, mutual savings bank, savings and loan association, or credit union or any branch of any such bank, trust company, mutual savings bank, savings and loan association, or credit union in this state; nor shall any designee, officer, agent or employee of an alien bank serve on the board of directors of any federal or state bank, trust company, savings and loan association, or credit union, or the board of trustees of a mutual savings bank.

[1973 1st ex.s. c 53 § 5.]