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Washington Revised Code Title 32. Washington Savings Bank Act § 32.08.010. Authority to organize--Incorporators--Certificate

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

When authorized by the director, as hereinafter provided, not less than nine nor more than thirty persons may form a corporation to be known as a “mutual savings bank.” Such persons must be citizens of the United States; at least four-fifths of them must be residents of this state, and at least two-thirds of them must be residents of the county where the bank is to be located and its business transacted. They shall subscribe an incorporation certificate in triplicate which shall specifically state:

(1) The name by which the savings bank is to be known, which name shall include the words “mutual savings bank”;

(2) The place where the bank is to be located, and its business transacted, naming the city or town and county;

(3) The name, occupation, residence, and post office address of each incorporator;

(4) The sums which each incorporator will contribute in cash to the initial guaranty fund, and to the expense fund respectively, as provided in RCW 32.08.090 and 32.08.100;

(5) Any provision the incorporators elect to so set forth which is permitted by RCW 23B.17.030;

(6) Any other provision the incorporators elect to so set forth which is not inconsistent with this chapter;

(7) A declaration that each incorporator will accept the responsibilities and faithfully discharge the duties of a trustee of the savings bank, and is free from all the disqualifications specified in RCW 32.16.010.

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Cite this article: FindLaw.com - Washington Revised Code Title 32. Washington Savings Bank Act § 32.08.010. Authority to organize--Incorporators--Certificate - last updated January 01, 2025 | https://codes.findlaw.com/wa/title-32-washington-savings-bank-act/wa-rev-code-32-08-010/

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