§ 32.32.045. Stock purchase subscription rights -- Eligible account holders
Each eligible account holder shall receive, without payment, nontransferable subscription rights to purchase capital stock in an amount equal to the greatest of two hundred shares, one-tenth of one percent of the total offering of shares, or fifteen times the product (rounded down to the next whole number) obtained by multiplying the total number of shares of capital stock to be issued by a fraction of which the numerator is the amount of the qualifying deposit of the eligible account holder and the denominator is the total amount of qualifying deposits of all eligible account holders in the converting savings bank. If the allotment made in this section results in an oversubscription, shares shall be allocated among subscribing eligible account holders so as to permit each such account holder, to the extent possible, to purchase a number of shares sufficient to make his total allocation equal to one hundred shares. Any shares not so allocated shall be allocated among the subscribing eligible account holders on such equitable basis, related to the amounts of their respective qualifying deposits, as may be provided in the plan of conversion.
[1981 c 85 § 8.]
Sections: Previous 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 32.32.080 NextLast modified: April 7, 2009