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30B.38.080 Notice of subsequent merger, closing, etc.

WA Rev Code § 30B.38.080 (2019) (N/A)
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RCW 30B.38.080 Notice of subsequent merger, closing, etc.

Each out-of-state trust institution that maintains an office in Washington state or otherwise conducts trust business in Washington state pursuant to this chapter, or the home state regulator of such trust institution, shall give at least thirty days' prior written notice, or in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the director of:

(1) Any merger, consolidation, or other transaction that would cause a change of control with respect to such out-of-state trust institution or any bank holding company that controls such trust institution, as determined by the definition of "control" set forth in RCW 30B.53.005;

(2) Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or

(3) The closing or disposition of any office in Washington state.

[ 2019 c 389 § 52; 2014 c 37 § 374.]

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30B.38.090 Functionally unregulated out-of-state trust institutions.