RCW 30A.42.070
Allocated paid-in capital—Requirements.
The capital allocated as required in RCW 30A.42.060(3) shall be maintained within this state at all times in cash or in director approved interest bearing bonds, notes, debentures, or other obligations: (1) Of the United States or of any agency or instrumentality thereof, or guaranteed by the United States; or (2) of this state, or of a city, county, town, or other municipal corporation, or instrumentality of this state or guaranteed by this state, or such other assets as the director may approve. Such capital shall be deposited with a bank qualified to do business in and having its principal place of business within this state, or in a national bank qualified to engage in banking in this state. Such bank shall issue a written receipt addressed and delivered to the director reciting that such deposit is being held for the sole benefit of the United States domiciled creditors of such alien bank's Washington office and that the same is subject to his or her order without offset for the payment of such creditors. For the purposes of this section, the term "creditor" shall not include any other offices, branches, subsidiaries, or affiliates of such alien bank. Subject to the approval of the director, reasonable arrangements may be made for substitution of securities. So long as it shall continue business in this state in conformance with this chapter and shall remain solvent, such alien bank shall be permitted to collect all interest and/or income from the assets constituting such allocated capital.
Should any securities so depreciate in market value and/or quality as to reduce the deposit below the amount required, additional money or securities shall be deposited promptly in amounts sufficient to meet such requirements. The director may make an investigation of the market value and of the quality of any security deposited at the time such security is presented for deposit or at any time thereafter. The director may make such charge as may be reasonable and proper for such investigation.
[ 2014 c 37 § 213; 1994 c 92 § 83; 1982 c 95 § 1; 1979 c 106 § 6; 1973 1st ex.s. c 53 § 7. Formerly RCW 30.42.070.]
NOTES:
Effective date—1982 c 95: "This act is necessary for the immediate preservation of the public peace, health, and safety, the support of the state government and its existing public institutions, and shall take effect July 1, 1982." [ 1982 c 95 § 9.]
Structure Revised Code of Washington
Title 30A - Washington Commercial Bank Act
30A.42.030 - Authorization and compliance with chapter required.
30A.42.040 - More than one office prohibited.
30A.42.060 - Conditions to be met before opening office in state.
30A.42.070 - Allocated paid-in capital—Requirements.
30A.42.080 - Separate assets—Books and records—Priority as to assets.
30A.42.090 - Approval of application—Criteria—Reciprocity.
30A.42.100 - Notice of approval—Filing—Time period for commencing business.
30A.42.105 - Power to make loans and to guarantee obligations.
30A.42.115 - Solicitation and acceptance of deposits.
30A.42.120 - Requirements for accepting deposits or transacting business.
30A.42.130 - Taking possession by director—Reasons—Disposition of deposits—Claims—Priorities.
30A.42.140 - Investigations—Examinations.
30A.42.145 - Examination reports and information—Confidential—Privileged—Penalty.
30A.42.150 - Loans subject to usury laws.
30A.42.155 - Powers and activities.
30A.42.160 - Powers as to real estate.
30A.42.180 - Approved agencies—Powers and activities.
30A.42.190 - Bonding requirements for officers and employees.
30A.42.200 - Books and accounts—English language.
30A.42.210 - Bureaus—Application procedure.
30A.42.220 - Bureaus—Approval—Certificate of authority—Time limit for commencing business.
30A.42.230 - Bureaus—Number—Powers.
30A.42.240 - Bureaus—Examinations.
30A.42.250 - Temporary facilities at trade fairs, etc.
30A.42.280 - Directors, officers, and employees—Duties, responsibilities and restrictions—Removal.
30A.42.290 - Compliance—Violations—Penalties.
30A.42.300 - Suspension or revocation of certificate to operate—Grounds.
30A.42.310 - Change of location.
30A.42.340 - Alien banks or branches in business on or before effective date.