RCW 31.12.664
Liquidation—Suspension or revocation of articles—Placement in involuntary liquidation—Appointment of liquidating agent—Notice—Procedure—Effect.
(1) As authorized by RCW 31.12.637, the director may appoint a liquidating agent for a credit union. Before appointing a liquidating agent, the director shall issue and serve notice on the credit union an order directing the credit union to show cause why its articles of incorporation should not be suspended or revoked, in accordance with chapter 34.05 RCW.
(2) If the credit union fails to adequately show cause, the director shall serve the credit union with an order directing the suspension or revocation of the articles of incorporation, placing the credit union in involuntary liquidation, appointing a liquidating agent under this section and RCW 31.12.667, and providing a statement of the findings on which the order is based.
(3) The suspension or revocation must be immediate and complete. Once the articles of incorporation are suspended or revoked, the credit union shall cease conducting business. The credit union may not accept any payment to share or deposit accounts, may not grant or pay out any new or previously approved loans, may not invest any of its assets, and may not declare or pay out any previously declared dividends. The liquidating agent of a credit union whose articles have been suspended or revoked may accept payments on loans previously paid out and may accept income from investments already made.
[ 1997 c 397 § 68; 1994 c 92 § 218; 1984 c 31 § 69. Formerly RCW 31.12.675.]
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.