§ 32.32.030. Prohibition on approval of certain applications for conversion
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.
[1994 c 92 § 353; 1981 c 85 § 5.]
Sections: Previous 32.32.010 32.32.015 32.32.020 32.32.025 32.32.030 32.32.035 32.32.040 32.32.042 32.32.045 32.32.050 32.32.055 32.32.060 32.32.065 32.32.070 32.32.075 NextLast modified: April 7, 2009