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Washington Revised Code Title 31. Miscellaneous Loan Agencies § 31.24.210. Mergers or consolidations--Application--Approval

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Subject to written approval of the director, one or more general business development companies may merge into or consolidate with each other consistent with *chapter 30.49 RCW.

(2) Upon ninety days advance application to and written approval of the director, a historic business development company may convert its charter to that of a general business development company. An application for conversion shall contain a cover letter requesting conversion, the proposed articles of amendments and bylaws amendments, a modified business plan, and other relevant information in form and substance similar to the requirements of a de novo application for a general business development company as provided in RCW 31.24.020. In making a determination of whether to approve or deny such a conversion, the director shall consider:

(a) The historic performance and safety and soundness of the historic business development company;

(b) Whether the conversion to a general business development company will have a likelihood of continuing to fulfill the purposes of this chapter;

(c) Whether the applicant will have a likelihood of remaining safe and sound as a general business development company and pursuant to its proposed modified business plan; and

(d) Whether the proposed conversion would serve, or otherwise not detract from, the needs and convenience of the community served by the business development company.

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Cite this article: FindLaw.com - Washington Revised Code Title 31. Miscellaneous Loan Agencies § 31.24.210. Mergers or consolidations--Application--Approval - last updated January 01, 2025 | https://codes.findlaw.com/wa/title-31-miscellaneous-loan-agencies/wa-rev-code-31-24-210/

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