33.44.090 - Transfer of securities upon conversion. - Washington Statutes

Transfer of securities upon conversion.

All mortgages, notes and other securities of any association that has been converted into a savings bank or commercial bank, shall on request of the bank, be delivered to it by the director of financial institutions or under the director's direction by any depositary having possession thereof. Every such bank shall, as soon as practicable and within such time and by such methods as the director may direct, cause its organization, its securities and investments, the character of its business and its methods of transacting the same to conform to the laws applicable to savings banks or commercial banks, as applicable.

[1994 c 92 § 468; 1982 c 3 § 77; 1927 c 177 § 3; 1917 c 154 § 3; RRS § 3756.]

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