Wash. Admin. Code § 208-514-120 - Reorganization into mutual holding company form
(1) The mutual holding company may retain or
acquire assets of the mutual savings bank only to the extent permitted by the
director.
(2) A stock savings bank
established in connection with a reorganization shall reserve no authorized but
unissued shares, except as necessary to satisfy a stock option plan or issue
securities convertible into stock.
(3) A plan of reorganization shall contain
the provisions referenced in
RCW
32.32.035, except that it need not provide
for the sale of any stock and the aggregate price of any stock sold shall bear
the same proportion to total estimated pro forma market value of the subsidiary
savings bank(s) determined by an independent appraisal that the shares sold
bear to the total issued and outstanding shares of the savings
bank(s).
Notes
Statutory Authority: RCW 30.04.030 and 43.320.040. 00-17-141, amended and recodified as § 208-514-120, filed 8/22/00, effective 9/22/00. Statutory Authority: RCW 32.34.040 - [32.34.]050. 92-06-041, § 50-14-120, filed 2/28/92, effective 3/30/92.
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