43.163.110 - Restrictions on authority's activity. - Washington Statutes

Restrictions on authority's activity.

Notwithstanding any other provision of this chapter, the authority shall not:

     (1) Give any state money or property or loan any state money or credit to or in aid of any individual, association, company, or corporation, or become directly or indirectly the owner of any stock in or bonds of any association, company, or corporation;

     (2) Issue bills of credit or accept deposits of money for time or demand deposit, administer trusts, engage in any form or manner in, or in the conduct of, any private or commercial banking business, or act as a savings bank or savings and loan association other than as provided in this chapter;

     (3) Be or constitute a bank or trust company within the jurisdiction or under the control of the director of financial institutions, the comptroller of the currency of the United States of America or the treasury department thereof;

     (4) Be or constitute a bank, broker or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange or securities dealers' law of the United States of America or the state;

     (5) Engage in the financing of housing as provided for in chapter 43.180 RCW;

     (6) Engage in the financing of health care facilities as provided for in chapter 70.37 RCW; or

     (7) Engage in financing higher education facilities as provided for in chapter 28B.07 RCW.

[1994 c 92 § 499; 1989 c 279 § 12.]