Prohibition on approval of certain applications for conversion.

RCW 32.32.030
in effect
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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. 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.
Source: WA Statutes (Official Site)URL: https://app.leg.wa.gov/RCW/default.aspx?cite=32.32&full=trueFetched: 6/29/2026

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