Revised Code of Washington - RCW Title 31 Miscellaneous Loan Agencies - Chapter 31.20 Development Credit Corporations

31.20.010 Creation under general corporation laws authorized
Organizations to provide development credit are authorized to be created under the general corporation laws of the state, with all of the powers, privileges and ...

31.20.020 Purposes specified
The purposes of development credit corporations as authorized herein shall be: (1) To promote, aid, and, through the united efforts of the institutions and corporations ...

31.20.030 Corporate powers
In furtherance of the purposes set forth in RCW 31.20.020, and in addition to the powers conferred by the general laws relating to corporations, this ...

31.20.040 Minimum capital stock
No development credit corporation shall be organized with a capital stock of less than twenty-five thousand dollars, which shall be paid into the treasury of ...

31.20.050 Board of directors
All the corporate powers of a development credit corporation shall be exercised by a board of not less than nine directors who shall be residents ...

31.20.060 Members power to loan funds to corporation
Any member, as set forth in RCW 31.20.070, shall have power and authority to loan any of their funds to any development credit corporation of ...

31.20.070 Members of corporation enumerated
The members of a development credit corporation shall consist of such banks, trust companies, savings banks, mutual savings banks, savings and loan associations, building and ...

31.20.080 Members duty to loan funds to corporation -- Maximum limits -- Proration of calls
Each member of a development credit corporation shall lend funds to the development credit corporation as and when called upon by it to do so ...

31.20.090 Withdrawal from membership
Upon notice given one year in advance a member of the corporation may withdraw from membership in the corporation at the expiration date of such ...

31.20.100 Surplus reserve required
A development credit corporation shall set apart a surplus of not less than ten percent of its net earnings in each and every year until ...

31.20.110 Funds to be deposited in designated depository
A development credit corporation shall not deposit any of its funds in any institution unless such institution has been designated as a depository by a ...

31.20.120 Money deposits prohibited
A development credit corporation shall not receive money on deposit.[1959 c 213 § 12.] ...

31.20.130 Publication of annual statement of assets and liabilities
A development credit corporation, on or before February 15th of each year, shall publish in three consecutive issues of a newspaper of general circulation in ...

31.20.140 Participation in federal act authorized
Any development credit corporation desiring to qualify and participate in the federal Small Business Investment Act of 1958 and as hereafter amended may do so ...