RCW 30B.10.080
Suspension and removal of directors, officers, and employees.
(1) In addition to the remedies set forth in RCW 30B.10.070, the director may, as applicable, issue and serve a current or former director, officer, manager, or employee of a state trust company or its affiliate with written notice of intent to remove such person from office or employment, or to prohibit such person from participating in the conduct of the affairs of the state trust company, its affiliate, or any depository institution, trust company, or affiliate of such depository institution or trust company, doing business in Washington state, whenever:
(a) Such person has committed an unsafe or unsound practice or a violation or practice involving a breach of fiduciary duty, personal dishonesty, recklessness, or incompetence; and
(b)(i) The state trust company has suffered or is likely to suffer substantial financial loss or other damage as a result of the person's acts or omissions as set forth in (a) of this subsection; or
(ii) The interests of beneficiaries, trustors, shareholders, or the general public could be seriously prejudiced by reason of the person's acts or omissions as set forth in (a) of this subsection.
(2) The director may also serve upon the same respondent a written notice and order suspending the respondent from further participation in any manner in the conduct of the affairs of the state trust company, its affiliate, or any depository institution, trust company, or affiliate of such depository institution or trust company, doing business in Washington state, pending resolution of the charges made pursuant to subsection (1) of this section, if the director determines that such an action is necessary for the protection of: The state trust company or its affiliate; the interests of beneficiaries, trustors, or shareholders of the state trust company or its affiliate; the interests of any depository institution or its depositors, trust beneficiaries, borrowers, or shareholders; or the general public.
(3) A suspension order issued by the director is effective upon service and, unless the superior court issues a stay of such order, such order shall remain in effect and enforceable until:
(a) The director dismisses the charges contained in the notice served on the person; or
(b) The effective date of a final order for removal of such person.
[ 2019 c 389 § 24; 2014 c 37 § 341.]
Structure Revised Code of Washington
Title 30B - Washington Trust Institutions Act
Chapter 30B.10 - Director's Authority—Supervision and Examination—Enforcement.
30B.10.005 - Director supervision over authorized trust institutions.
30B.10.010 - Fee for examination.
30B.10.020 - Director to act under authority of the department's division of banks.
30B.10.030 - Generally accepted accounting principles.
30B.10.040 - Examination standards for state trust companies—Rule making—Special conditions.
30B.10.045 - Examinations—Requirements—Reciprocal agreements permitted—Records, books, and accounts.
30B.10.050 - Duties of persons subject to authority of director—Violations.
30B.10.060 - Governing administrative law and procedure.
30B.10.070 - Administrative orders—Penalties for violation.
30B.10.080 - Suspension and removal of directors, officers, and employees.
30B.10.090 - Subpoena power and examination under oath.
30B.10.100 - Effect of final orders against officers, directors, employees, and agents.
30B.10.110 - Director's authority to protect the public and state trust institutions.
30B.10.120 - Director's subpoenas.
30B.10.130 - Scope of chapter—Remedies.
30B.10.140 - Hearing—Who may conduct—Authority.
30B.10.150 - Notice of charges.
30B.10.160 - Hearing—Schedule—Default.
30B.10.170 - Hearing—Order—Review or appeal.
30B.10.180 - Emergency order—Judicial review.
30B.10.190 - Order of prohibition against third-party service providers—Grounds—Notice.
30B.10.210 - Authority of director to seek removal by the board of a state trust company.
30B.10.220 - Jurisdiction of courts as to the department's enforcement orders—Venue.