Revised Code of Washington - RCW Title 31 Miscellaneous Loan Agencies - Chapter 31.24 Industrial Development Corporations

31.24.005 Findings -- Declarations -- Intent
The legislature finds, declares, and intends that: (1) There exists substantial and growing need in Washington state to enhance the availability of financial assistance for ...

31.24.010 Definitions
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1) "Applicant" means a person who files with the director ...

31.24.020 Application -- Contents -- Articles of incorporation -- Fees -- Initial capital -- Approval
(1) Five or more persons, a majority of whom are residents of this state and three of which are federally insured depository institutions, who desire ...

31.24.023 Filing articles of incorporation -- Receipt of certificate of authority
(1) The director shall present the articles of incorporation, after approval by the director, to the secretary of state for filing. (2) An applicant is ...

31.24.025 Fees -- Director's discretion
The director may, consistent with the requirements for banks under Title 30 RCW, collect from an applicant or business development company, as applicable, application fees, ...

31.24.030 Corporate powers
In furtherance of its purposes and in addition to the powers now or hereafter conferred on business corporations by Title 23B RCW and upon limited ...

31.24.066 Plan of assessment -- Purpose -- Requirements -- Approval
(1) As part of a business plan approved by the department, an applicant or business development company may seek to maintain capital for purposes of ...

31.24.070 Powers of stockholders -- Voting rights -- Proxy voting -- Plan of assessment -- Dividends -- Rules
(1) The stockholders of the business development company have the following powers: (a) To determine the number of and elect directors as provided in RCW ...

31.24.073 Aggregate limit on loans and investments -- Single borrower or business
Unless part of an initial or amended business plan approved by the director, or as may otherwise be provided by rule adopted pursuant to RCW ...

31.24.075 Insider transactions
(1) A business development company may not be a party to, nor engage in, an insider transaction, unless such an insider transaction is approved or ...

31.24.080 Amendment of articles of incorporation -- Director's approval -- Filing
(1) The articles of incorporation of a business development company may be amended by the affirmative vote of two-thirds of the votes to which the ...

31.24.090 Board of directors -- Officers and agents -- Powers -- Election -- Meetings
(1) The business and affairs of a business development company shall be managed and conducted by a board of directors, a president, a secretary, a ...

31.24.100 Minimum capital, surplus, undivided profits, and net earnings
(1) A business development company shall maintain an amount of minimum capital, surplus, and undivided profits that, based upon the determination of the director, shall ...

31.24.110 No receipt of money on deposit
A business development company shall not receive money on deposit.[2006 c 87 § 14; 1963 c 162 § 11.] ...

31.24.120 Examinations by director of financial institutions -- Reports -- Authority of director
(1) The director shall exercise the same power and authority over business development companies organized under this chapter as exercised over banks and trust companies ...

31.24.130 First meeting -- Notice -- Duties of incorporators
(1) The first meeting of a business development company shall be called by a notice signed by three or more of the incorporators, stating the ...

31.24.140 Duration of business development company
Unless otherwise provided in the articles of incorporation, the period of duration of a business development company shall be perpetual, subject, however, to the right ...

31.24.150 Dissolution -- Method -- Distribution of assets
A business development company, upon the affirmative vote of two-thirds of the votes of the stockholders entitled to vote their shares, shall dissolve the business ...

31.24.160 Credit of state not pledged
Under no circumstances shall the credit of the state of Washington be pledged to any corporation organized under the provisions of this chapter.[1963 c 162 ...

31.24.170 Business development companies designated state development companies
Any business development company organized under this chapter shall be a state development company, as authorized under Title V of the small business investment act ...

31.24.190 Formation of historic business development company for purpose of preservation of historic buildings, areas, or neighborhoods
(1) In addition to the purposes specified in RCW 31.24.020 a historic business development company may be formed for one or more of the following ...

31.24.200 Insolvency and liquidation -- Chapter 30.44 RCW
Chapter 30.44 RCW applies to the insolvency and liquidation of a business development company organized under this chapter.[2006 c 87 § 21.] ...

31.24.205 Supervisory direction and conservatorship
The director has the same power and authority to exercise supervisory direction and conservatorship of, and to issue cease and desist orders upon, a business ...

31.24.210 Mergers or consolidations -- Application -- Approval
(1) Subject to written approval of the director, one or more general business development companies may merge into or consolidate with each other consistent with ...

31.24.215 Conversion of development credit corporation -- Application -- Approval -- Filing of articles -- Certificate of authority
(1) Notwithstanding any other provision of this chapter, a development credit corporation created under chapter 31.20 RCW, or any other company incorporated under Title 23B ...

31.24.220 Confidentiality and disclosure -- Examinations
The existing privileges, immunities, and requirements of confidentiality and disclosure with respect to examination records and information obtained by the director in conducting examinations, which ...

31.24.225 Business as a limited liability company
Notwithstanding any other provision of this chapter, a business development company organized under this chapter may be chartered as a limited liability company, or may ...

31.24.230 Simultaneous applications -- Business development company and nondepository lender of certain loans -- Procedure -- Fees
(1) An applicant may apply simultaneously for both a business development company charter, under this chapter, and for a license as a nondepository lender of ...

31.24.235 Rule making
The director has broad administrative authority and discretion to adopt rules to carry out the purposes of this chapter.[2006 c 87 § 31.] ...

31.24.900 Severability -- 1963 c 162
The provisions of this chapter are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision ...

31.24.901 Short title
This chapter shall be known and may be cited as the "business development company act."[2006 c 87 § 32.] ...