32.32.215 - Limitation on cash dividends. - Washington Statutes

Limitation on cash dividends.

Except as provided in RCW 32.32.222, no converted savings bank may declare or pay a cash dividend unless the declaration or payment of the dividend would be in accordance with the requirements of RCW 30.04.180 and would not have the effect of reducing the net worth of the converted savings bank below (1) the amount required for the liquidation account or (2) the amount required by the director.

[1994 c 92 § 363; 1985 c 56 § 22; 1981 c 85 § 42.]