§ 32.32.185. Liquidation account -- Establishment required -- Amount -- Function
Each converted savings bank shall, at the time of conversion, establish a liquidation account in an amount equal to the amount of net worth of the converting savings bank as of the latest practicable date prior to conversion. For the purposes of this section, the savings bank shall use the net worth figure no later than that set forth in its latest statement of financial condition contained in the final offering circular. The function of the liquidation account is to establish a priority on liquidation and, except as provided in RCW 32.32.215, the existence of the liquidation account shall not operate to restrict the use or application of any of the net worth accounts of the converted savings bank.
[1981 c 85 § 36.]
Sections: Previous 32.32.150 32.32.155 32.32.160 32.32.165 32.32.170 32.32.175 32.32.180 32.32.185 32.32.190 32.32.195 32.32.200 32.32.205 32.32.210 32.32.215 32.32.220 NextLast modified: April 7, 2009