32.32.030 - Prohibition on approval of certain applications for conversion. - Washington Statutes

Prohibition on approval of certain applications for conversion.

No application for conversion may be approved by the director if:

     (1) The plan of conversion adopted by the applicant's board of directors is not in accordance with this chapter;

     (2) The conversion would result in a reduction of the applicant's net worth below requirements established by the director;

     (3) The conversion may result in a taxable reorganization of the applicant under the United States Internal Revenue Code of 1954, as amended; or

     (4) The converted savings bank does not meet the insurance requirements as established by the director.

[1994 c 92 § 353; 1981 c 85 § 5.]