LegalFix
Sign In

32.32.185 Liquidation account—Establishment required—Amount—Function.

WA Rev Code § 32.32.185 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

RCW 32.32.185 Liquidation account—Establishment required—Amount—Function.

Each converted savings bank shall, at the time of conversion, establish a liquidation account in an amount equal to the amount of net worth of the converting savings bank as of the latest practicable date prior to conversion. For the purposes of this section, the savings bank shall use the net worth figure no later than that set forth in its latest statement of financial condition contained in the final offering circular. The function of the liquidation account is to establish a priority on liquidation and, except as provided in RCW 32.32.215, the existence of the liquidation account shall not operate to restrict the use or application of any of the net worth accounts of the converted savings bank.

[ 1981 c 85 § 36.]

Previous Section
32.32.180 Amount of qualifying deposit of eligible account holder or supplemental eligible account holder.
Next Section
32.32.190 Liquidation account—Maintenance required—Subaccounts.