RCW 32.08.130
Reimbursement fund.
When the portion of the guaranty fund created from earnings amounts to not less than five thousand dollars (including in the case of a savings bank converted from a building and loan or savings and loan association or society the amount of the initial guaranty fund), the board of trustees, with the written consent of the director, may establish a reimbursement fund from which to repay contributors to the expense fund and the initial guaranty fund (excepting the initial guaranty fund in the case of a bank converted from a building and loan or savings and loan association or society), and may transfer to the reimbursement fund any unexpended balance of contributions to the expense fund. At the close of each dividend period the trustees may place to the credit of the reimbursement fund not more than one percent of the net earnings of the bank during that period. Payments from the reimbursement fund may be made from time to time in such amounts as the board of trustees shall determine, and shall be made first to the contributors to the expense fund in proportion to their contributions thereto until they shall have been repaid in full, and then shall be made to the contributors to the guaranty fund in proportion to their contributions thereto until they shall have been repaid in full. In case of the liquidation of the savings bank before the contributions to the expense fund and the initial guaranty fund have been fully repaid as above contemplated, any portion of the contributions not needed for the payment of the expenses of liquidation and the payment of depositors in full shall be paid to the contributors to the expense fund in proportion to their contributions thereto until they have been repaid in full, and then shall be paid to the contributors to the guaranty fund in proportion to their contributions thereto until they have been repaid in full.
[ 1994 c 92 § 318; 1955 c 13 § 32.08.130. Prior: 1945 c 135 § 1; 1927 c 178 § 1; 1915 c 175 § 9; Rem. Supp. 1945 § 3321.]
Structure Revised Code of Washington
Title 32 - Washington Savings Bank Act
Chapter 32.08 - Organization and Powers.
32.08.010 - Authority to organize—Incorporators—Certificate.
32.08.020 - Notice of intention.
32.08.030 - Submission of certificate—Proof of service of notice.
32.08.040 - Examination and action by director.
32.08.050 - Appeal from adverse decision.
32.08.060 - Procedure upon approval.
32.08.061 - Extension of period of existence—Procedure.
32.08.070 - Authorization certificate.
32.08.080 - Conditions precedent to reception of deposits.
32.08.090 - Expense fund—Agreement to contribute further—Security.
32.08.110 - Guaranty fund—Purpose.
32.08.115 - Guaranty fund—Payment of interest and dividends—Legislative declaration.
32.08.116 - Guaranty fund—Payment of interest and dividends—When authorized.
32.08.120 - Guaranty fund—Replenishment—Dividends.
32.08.130 - Reimbursement fund.
32.08.145 - Safe deposit companies.
32.08.148 - Operation of branch outside Washington—Powers and authorities.
32.08.150 - Certificates of deposit.
32.08.157 - Additional powers—Powers and authorities of banks.
32.08.160 - Writing of fire insurance restricted.
32.08.170 - Effect of failure to organize or commence business.
32.08.180 - Extension of existence.
32.08.190 - May borrow from home loan bank.
32.08.225 - Sale, purchase, etc., of interest rate exchange agreements, loans, or interests therein.