30.49.020 - State bank to resulting national bank -- Laws applicable -- Vote required -- Termination of franchise. - Washington Statutes

State bank to resulting national bank — Laws applicable — Vote required — Termination of franchise.

This section is applicable where there is to be a resulting national bank.

     Nothing in the law of this state shall restrict the right of a state bank to merge with or convert into a resulting national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed at the time of the action for national banks merging with or converting into a resulting state bank by the law of the United States, and not by the law of this state, except that a vote of the holders of two-thirds of each class of voting stock of a state bank shall be required for the merger or conversion, and that on conversion by a state into a national bank the rights of dissenting stockholders shall be those specified in RCW 30.49.090.

     Upon the completion of the merger or conversion, the franchise of any merging or converting state bank shall automatically terminate.

[1955 c 33 § 30.49.020. Prior: 1953 c 234 § 2.]