RCW 31.12.474
Liquidation—Disposition of unclaimed funds.
(1) At a special meeting called for the purpose of liquidation, and upon the recommendation of at least two-thirds of the total members of the board of a credit union, the members of a credit union may elect to liquidate the credit union by a two-thirds majority vote of those members voting.
(2) Upon a vote to liquidate under subsection (1) of this section, a three-person liquidating committee must be elected to liquidate the assets of the credit union. The committee shall act in accordance with any requirements of the director and may be reasonably compensated by the board of the credit union. Each share account holder and depositor at the credit union is entitled to his, her, or its proportionate part of the assets in liquidation after all shares, deposits, and debts have been paid. The proportionate allocation shall be based on account balances as of a date determined by the board. For the purposes of liquidation, shares and deposits are equivalent. The assets of the liquidating credit union are not subject to contingent liabilities. Upon distribution of the assets, the credit union ceases to exist except for the purpose of discharging existing liabilities and obligations.
(3) Funds representing unclaimed dividends in liquidation and remaining in the hands of the liquidating committee for six months after the date of the final dividend must be deposited, together with all the books and papers of the credit union, with the director. The director may, one year after receipt, destroy such records, books, and papers as, in the director's judgment, are obsolete or unnecessary for future reference. The funds may be deposited in one or more financial institutions to the credit of the director, in trust for the members of the credit union entitled to the funds. The director may pay a portion of the funds to a person upon receipt of satisfactory evidence that the person is entitled to the funds. In case of doubt or conflicting claims, the director may require an order of the superior court of the county in which the principal place of business of the credit union was located, authorizing and directing the payment of the funds. The director may apply the interest earned by the funds toward defraying the expenses incurred in the holding and paying of the funds. Five years after the receipt of the funds, the funds still remaining with the director must be remitted to the state as unclaimed property.
[ 2001 c 83 § 25; 1997 c 397 § 44; 1994 c 92 § 223; 1984 c 31 § 74. Formerly RCW 31.12.725.]
NOTES:
Uniform unclaimed property act: Chapter 63.29 RCW.
Structure Revised Code of Washington
Title 31 - Miscellaneous Loan Agencies
Chapter 31.12 - Washington State Credit Union Act.
31.12.003 - Findings—Intent—1997 c 397.
31.12.015 - Declaration of policy.
31.12.025 - Use of words in name.
31.12.035 - Application for permission to organize—Approval.
31.12.055 - Manner of organizing—Articles of incorporation—Submission to director.
31.12.065 - Bylaws—Submission to director.
31.12.075 - Approval, denial of proposed credit union—Appeal.
31.12.085 - Filing upon approval—Fee—Notice to director—Authority to commence business.
31.12.105 - Amendment to articles of incorporation—Approval of director—Procedure.
31.12.115 - Amendment to bylaws—Approval of director required—Procedure.
31.12.185 - Annual membership meetings.
31.12.195 - Special membership meetings.
31.12.225 - Board of directors—Election of directors—Terms—Vacancies—Meetings—Rules.
31.12.235 - Directors—Qualifications—Operating officers and employees may serve.
31.12.251 - Removal of directors—No quorum.
31.12.255 - Board of directors—Powers and duties.
31.12.267 - Officials—Fiduciary duty—Information relied on—Definition.
31.12.269 - Directors and committee members—Limitations on personal liability—Exceptions.
31.12.285 - Suspension of members of board or supervisory committee by board—For cause.
31.12.335 - Supervisory committee—Duties.
31.12.365 - Directors and supervisory committee members—Compensation—Reimbursement—Rules.
31.12.367 - Risk—Bond coverage—Notice to director—Timing.
31.12.372 - Director may suspend any person, reason—Notice—Injunctions.
31.12.382 - Limitation on membership.
31.12.386 - Voting rights—Methods—Proxy—Under eighteen years of age.
31.12.388 - Expulsion of member—Challenge—Share and deposit accounts.
31.12.404 - Additional powers—Authority of director.
31.12.413 - Low-income credit unions—Director's approval required—Powers—Rules.
31.12.426 - Loans—Secured or unsecured loans.
31.12.428 - Limit on loan amount.
31.12.436 - Investment of funds—When investment later becomes impermissible.
31.12.438 - Investment in real property or leasehold interests—Limitations—Rules.
31.12.467 - Merger or conversion of federal, out-of-state, or foreign to state credit union.
31.12.474 - Liquidation—Disposition of unclaimed funds.
31.12.516 - Powers of director.
31.12.518 - Powers of director under chapter 19.144 RCW.
31.12.545 - Examinations and investigations—Reports—Access to records—Oaths—Subpoenas.
31.12.565 - Examination reports and specified other information confidential—Exceptions—Penalty.
31.12.567 - Reports—Financial and statistical data—As required by director.
31.12.569 - Generally accepted accounting principles.
31.12.571 - Notice of intent to establish branch—Another state or foreign jurisdiction.
31.12.575 - Removal or prohibition orders—Director's authority—Notice.
31.12.580 - Contents of notice under RCW 31.12.575—Hearing—Order.
31.12.585 - Prohibited acts—Notice—Cease and desist order.
31.12.595 - Temporary cease and desist order—Notice—Principal place of business—Superior court.
31.12.625 - Administrative hearing—Procedures.
31.12.630 - Authority of director to call special meeting of board.
31.12.633 - Authority of director to attend meetings of the board.
31.12.637 - Intervention by director—Conditions.
31.12.641 - Supervision by director—Notice—Compliance—Costs.
31.12.644 - Supervision by director—Certain acts prohibited.
31.12.647 - Supervision by director—Credit union request for review.
31.12.651 - Conservator—Authorized actions—Costs.
31.12.654 - Actions by conservator—Review.
31.12.657 - Lawsuits during period of conservatorship.
31.12.661 - Conservator serves until purposes are accomplished.
31.12.667 - Order directing involuntary liquidation—Procedure.
31.12.671 - Receivership—Appointment of receiver by director—Notice—Act without bond.
31.12.677 - Powers and duties of receiver.
31.12.681 - Claims against credit union in receivership—Notice.
31.12.687 - Expenses incurred by receiver.
31.12.691 - Liquidation dividends—Approval of court.
31.12.694 - Remaining assets—Distribution.
31.12.697 - Unclaimed liquidation dividends.
31.12.701 - Personal property—Receiver's duties.
31.12.704 - Proceeds of sale—Deposit or payment by receiver.
31.12.707 - Completion of receivership—Merger, purchase, or liquidation—Secretary of state.
31.12.711 - Director may terminate receivership—Expenses.
31.12.714 - Receivership files.
31.12.721 - Appointment by court of temporary receiver—Notice to director.
31.12.724 - Actions that are void—Felonious conduct—Penalties.
31.12.728 - Applicability of general receivership law.
31.12.850 - Prohibited acts—Criminal penalties.
31.12.853 - Prohibited acts—Civil penalties—Rules.
31.12.860 - Taxation of credit unions.
31.12.890 - Satellite facilities.
31.12.891 - Automated teller machines and night depositories security.
31.12.906 - Effective date—1997 c 397.
31.12.909 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.