§ 32.24.050. Liquidation of bank in unsound condition or insolvent
Whenever it appears to the director that any offense or delinquency referred to in RCW 32.24.040 renders a mutual savings bank in an unsound or unsafe condition to continue its business, or that it has suspended payment of its obligations, or is insolvent, such director may take possession thereof without notice.
Upon taking possession of any mutual savings bank, the director shall forthwith proceed to liquidate the business, affairs, and assets thereof and such liquidation shall be had in accordance with the provisions of law governing the liquidation of insolvent banks and trust companies.
[1994 c 92 § 343; 1955 c 13 § 32.24.050. Prior: 1931 c 132 § 7; RRS § 3375c.]
Sections: Previous 32.24.010 32.24.020 32.24.030 32.24.040 32.24.050 32.24.060 32.24.070 32.24.080 32.24.090 32.24.100 NextLast modified: April 7, 2009