§ 32.32.220. Limitation on certain cash dividends within ten years of conversion
Except as provided in RCW 32.32.222, no converted savings bank may, without the prior approval of the director, for a period of ten years after the date of its conversion, declare or pay a cash dividend on its capital stock in an amount in excess of one-half of the greater of:
(1) The savings bank's net income for the current fiscal year; or
(2) The average of the savings bank's net income for the current fiscal year and not more than two of the immediately preceding fiscal years.
For purposes of this chapter, "net income" shall be determined by generally accepted accounting principles.
[1994 c 92 § 364; 1985 c 56 § 23; 1981 c 85 § 43.]
Sections: Previous 32.32.185 32.32.190 32.32.195 32.32.200 32.32.205 32.32.210 32.32.215 32.32.220 32.32.222 32.32.225 32.32.228 32.32.230 32.32.235 32.32.240 32.32.245 NextLast modified: April 7, 2009