§ 33.40.040. Procedure on taking possession
Upon the director taking possession of any domestic association, the director shall proceed to liquidate the association unless, in the director's discretion, the director shall determine to call a meeting of the members to consider either a proportionate charge-off against the deposit accounts to permit the association thereafter to continue in business, or whether the association should proceed to voluntary liquidation under the management of its board of directors. In such event, if the director approves the decision of a majority in amount of the members present and voting, the director shall order such action to be taken.
During any period of voluntary liquidation, the director may take possession of the association and its assets and complete the liquidation whenever, in the director's discretion, this seems advisable.
[1994 c 92 § 457; 1982 c 3 § 67; 1945 c 235 § 105; Rem. Supp. 1945 § 3717-224. Prior: 1935 c 171 § 4; 1933 c 183 § § 70, 72, 78; 1919 c 169 § 13; 1913 c 110 § 20.]
Notes:
Severability -- 1982 c 3: See note following RCW 33.04.002.
Sections: Previous 33.40.010 33.40.020 33.40.030 33.40.040 33.40.050 33.40.060 33.40.070 33.40.075 33.40.080 33.40.110 33.40.120 33.40.130 33.40.150 Next
Last modified: April 7, 2009