33.12.014 - Powers conferred upon federal savings and loan association -- Reserve or other requirements -- Authority of director to adopt by rule -- Conditions. - Washington Statutes

Powers conferred upon federal savings and loan association — Reserve or other requirements — Authority of director to adopt by rule — Conditions.

Notwithstanding any other provision of law, in addition to all powers and authorities, express or implied, that an association has under this title, the director may make reasonable rules authorizing an association to exercise any of the powers and authorities conferred at the time of the adoption of the rules upon a federal savings and loan association doing business in this state, or may modify or reduce reserve or other requirements if an association is insured by the federal savings and loan insurance corporation, if the director finds that the exercise of the power or authorities:

     (1) Serves the convenience and advantage of depositors and borrowers; and

     (2) Maintains the fairness of competition and parity between state-chartered savings and loan associations and federally-chartered savings and loan associations.

As used in this section, "powers and authorities" include without limitation powers and authorities in corporate governance matters.

     The restrictions, limitations and requirements applicable to specific powers or authorities of federal savings and loan associations shall apply to associations exercising those powers or authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to exercising the powers or authorities granted associations solely by this section.

[1994 c 256 § 120; 1994 c 92 § 436; 1982 c 3 § 24; 1981 c 87 § 2.]

Notes: Reviser's note: This section was amended by 1994 c 92 § 436 and by 1994 c 256 § 120, each without reference to the other. Both amendments are incorporated in the publication of this section pursuant to RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).

Findings -- Construction -- 1994 c 256: See RCW 43.320.007.

Severability -- 1982 c 3: See note following RCW 33.04.002.