RCW 30A.12.180
Levy of assessments.
Whenever the director shall notify the board of directors of a bank to levy an assessment upon the stock of such corporation and the holders of two-thirds of the stock shall consent thereto, such board shall, within ten days from the issuance of such notice, adopt a resolution for the levy of such assessment, and shall immediately upon the adoption of such resolution serve notice upon each stockholder, personally or by mail, at his or her last known address, to pay such assessment; and that if the same be not paid within twenty days from the date of the issuance of such notice, his or her stock will be subject to sale and all amounts previously paid thereon shall be subject to forfeiture. If any stockholder fail within said twenty days to pay the assessment as provided in this section, it shall be the duty of the board of directors to cause a sufficient amount of the capital stock of such stockholder to be sold to make good the deficiency. The sale shall be held at such time and place as shall be designated by the board of directors and shall be either public or private, as the board shall deem best. At any time after the expiration of sixty days from the expiration of said twenty-day period the director may require any stock upon which the assessment remains unpaid to be canceled and deducted from the capital of the corporation. If such cancellation shall reduce the capital of the corporation below the minimum required by this title or its articles of incorporation the capital shall, within thirty days thereafter be increased to the required amount by original subscription, in default of which the director may take possession of such corporation in the manner provided by law in case of insolvency.
[ 2014 c 37 § 184; 1994 c 92 § 72; 1955 c 33 § 30.12.180. Prior: 1923 c 115 § 8; 1917 c 80 § 34; RRS § 3241. Formerly RCW 30.12.180.]
Structure Revised Code of Washington
Title 30A - Washington Commercial Bank Act
Chapter 30A.12 - Officers, Employees, and Stockholders.
30A.12.010 - Directors—Election—Meetings—Oath—Vacancies.
30A.12.020 - Meetings, where held—Corporate records.
30A.12.030 - Fidelity bonds—Casualty insurance.
30A.12.0401 - Written notice of charges under RCW 30A.12.042.
30A.12.060 - Loans to officers or employees.
30A.12.070 - Unsafe loans and discounts to directors or officers.
30A.12.090 - False entries, statements, etc.—Penalty.
30A.12.100 - Destroying or secreting records—Penalty.
30A.12.110 - Commission, etc., for procuring loan—Penalty.
30A.12.115 - Transactions in which director or officer has an interest.
30A.12.120 - Loans to officers or employees from trust funds—Penalty.
30A.12.130 - Trust company as legal representative—Oath by officer.
30A.12.180 - Levy of assessments.
30A.12.190 - General penalty—Effect of conviction.
30A.12.230 - Immunity of shareholders of bank insured by the federal deposit insurance corporation.