§ 32.32.525. Prohibition on certain securities and purchases -- Exception
After July 26, 1981, no converted savings bank may make any loan or discount on the security of its own capital stock, nor be the purchaser or holder of any such shares, unless the security or purchase is necessary to prevent loss upon a debt previously contracted in good faith, in which case the stocks so purchased or acquired shall be sold at public or private sale, or otherwise disposed of, within six months from the time of its purchase or acquisition. The prohibitions of this section do not apply to a purchase of shares approved by the director pursuant to RCW 32.32.210.
[1994 c 92 § 405; 1983 c 44 § 4; 1981 c 85 § 104.]
Sections: Previous 32.32.460 32.32.465 32.32.470 32.32.475 32.32.480 32.32.485 32.32.490 32.32.495 32.32.497 32.32.500 32.32.505 32.32.515 32.32.520 32.32.525 32.32.900 NextLast modified: April 7, 2009