RCW 32.32.055
Supplemental share purchase subscription rights—Supplemental eligible account holder—Conditions.
In plans involving an eligibility record date that is more than fifteen months prior to the date of the latest amendment to the application for conversion filed prior to the director approval, a supplemental eligibility record date shall be determined whereby each supplemental eligible account holder of the converting savings bank shall receive, without payment, nontransferable subscription rights to purchase supplemental shares in an amount equal to the greatest of two hundred shares, one-tenth of one percent of the total offering of shares, or fifteen times the product (rounded down to the next whole number) obtained by multiplying the total number of shares of capital stock to be issued by a fraction of which the numerator is the amount of the qualifying deposit of the supplemental eligible account holder and the denominator is the total amount of the qualifying deposits of all supplemental eligible account holders in the converting savings bank on the supplemental eligibility record date.
(1) Subscription rights received pursuant to this section shall be subordinated to all rights received by eligible account holders to purchase shares pursuant to RCW 32.32.045 and 32.32.050.
(2) Any nontransferable subscription rights to purchase shares received by an eligible account holder in accordance with RCW 32.32.045 shall be applied in partial satisfaction of the subscription rights to be distributed pursuant to this section.
(3) In the event of an oversubscription for supplemental shares pursuant to this section, shares shall be allocated among the subscribing supplemental eligible account holders as follows:
(a) Shares shall be allocated among subscribing supplemental eligible account holders so as to permit each such supplemental account holder, to the extent possible, to purchase a number of shares sufficient to make the supplemental account holder's total allocation (including the number of shares, if any, allocated in accordance with RCW 32.32.045) equal to one hundred shares.
(b) Any shares not allocated in accordance with subsection (3)(a) of this section shall be allocated among the subscribing supplemental eligible account holders on such equitable basis, related to the amounts of their respective qualifying deposits, as may be provided in the plan of conversion.
[ 1994 c 92 § 355; 1981 c 85 § 10.]
Structure Revised Code of Washington
Title 32 - Washington Savings Bank Act
Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank.
32.32.010 - Chapter exclusive—Prohibition on conversion without approval—Waiver of requirements.
32.32.020 - Request of noncompliance—Requirements.
32.32.030 - Prohibition on approval of certain applications for conversion.
32.32.035 - Requirements of plan of conversion.
32.32.040 - Issuance of capital stock—Price.
32.32.042 - Shares—Certificate not required.
32.32.045 - Stock purchase subscription rights—Eligible account holders.
32.32.060 - Sale of shares not sold in subscription offering—Methods—Conditions.
32.32.070 - Limitation on purchase of shares by officers, directors, and their associates—Amount.
32.32.085 - Savings account holder to receive withdrawable savings account(s)—Amount.
32.32.090 - Liquidation account—Establishment and maintenance required.
32.32.095 - Establishment of eligibility record date required.
32.32.100 - Capital stock—Voting rights.
32.32.105 - Amendment and termination of plan of conversion.
32.32.110 - Restriction on sale of shares of stock by directors and officers.
32.32.115 - Conditions on shares of stock subject to restriction on sale.
32.32.125 - Reasonable expenses required.
32.32.130 - Plan of conversion—Prohibited provisions.
32.32.135 - Plan of conversion—Permissible provisions.
32.32.145 - Receipt of certain subscription rights by account holders permitted—Amount—Conditions.
32.32.150 - Permissible sales of insignificant residue of shares.
32.32.155 - Limitation on number of shares subscribed in subscription offering permitted.
32.32.160 - Minimum purchase requirement in exercise of subscription rights permitted.
32.32.165 - Stock option plan permitted—Reserved shares.
32.32.170 - Issuance of securities in lieu of capital stock permitted—References to capital stock.
32.32.175 - Approval of other equitable provisions.
32.32.185 - Liquidation account—Establishment required—Amount—Function.
32.32.190 - Liquidation account—Maintenance required—Subaccounts.
32.32.195 - Liquidation account—Distribution upon complete liquidation.
32.32.200 - Liquidation account—Determination of subaccount balances.
32.32.205 - Reduction of subaccount balance.
32.32.210 - Converted savings bank prohibited from repurchasing its stock without approval.
32.32.215 - Limitation on cash dividends.
32.32.220 - Limitation on certain cash dividends within ten years of conversion.
32.32.222 - Dividends on preferred stock.
32.32.225 - Prohibitions on offer, sale, or purchase of securities.
32.32.228 - Acquisition of control of a converted savings bank—State reciprocity—Definitions.
32.32.235 - Plan of conversion—Charter restrictions permitted.
32.32.240 - Confidentiality of consideration to convert—Remedial measures for breach.
32.32.245 - Public statement authorized.
32.32.255 - Statement, letter, and press release—Content permitted.
32.32.260 - Statement, letter, and press release—Contents prohibited—Inquiries.
32.32.265 - Notices of filing of application—Requests for subscription offering circular.
32.32.270 - Filing of notice and affidavit of publication required.
32.32.275 - Applications available for public inspection—Confidential information.
32.32.280 - Offers and sales of securities—Prohibitions.
32.32.285 - Distribution of offering circulars authorized.
32.32.295 - Review of price information by director.
32.32.300 - Underwriting commissions.
32.32.305 - Consideration of pricing information by director—Guidelines.
32.32.310 - Submission of information by applicant.
32.32.315 - Subscription offering—Distribution of order forms for the purchase of shares.
32.32.320 - Order forms—Final offering circular and detailed instructions.
32.32.325 - Subscription price.
32.32.330 - Order form—Contents.
32.32.335 - Order form—Additional provision authorized—Payment by withdrawal.
32.32.340 - Time period for completion of sale of all shares of capital stock.
32.32.345 - Copies of application for approval to be filed.
32.32.350 - Nonacceptance and return of applications.
32.32.355 - Continuity of corporate existence.
32.32.360 - Form of application.
32.32.365 - Representations upon filing of application.
32.32.370 - Representations upon filing of application—Exception.
32.32.375 - Application to furnish information.
32.32.380 - Application—Additional information required.
32.32.385 - Omission of certain information permitted—Conditions.
32.32.390 - Offering circular—Certain manner of presentation of required information prohibited.
32.32.395 - Form and contents of filings.
32.32.400 - Conformance required to order prohibiting the use of any filing.
32.32.405 - Application—Certain named persons—Filing of written consent required.
32.32.410 - Offering circular—Certain named persons—Filing of written consent required.
32.32.415 - Date of receipt—Date of filing.
32.32.425 - Appeal from refusal to approve application.
32.32.430 - Postconversion reports.
32.32.445 - Certain offers and announcements on securities prohibited.
32.32.450 - Certain offers and acquisitions prohibited.
32.32.455 - Nonapplicability of RCW 32.32.440 and 32.32.445.
32.32.460 - Nonapplicability of RCW 32.32.445 and 32.32.450.
32.32.465 - Nonapplicability of RCW 32.32.450.
32.32.470 - Approval of certain applications prohibited.
32.32.475 - Penalty for violations.
32.32.480 - Name of converted savings bank.
32.32.490 - Amendments to articles of incorporation.
32.32.495 - Directors—Election—Meetings—Quorum—Oath—Vacancies.
32.32.500 - Merger, consolidation, conversion, etc.—Approval—Concentration limits.
32.32.505 - Intent—References in the Revised Code of Washington.
32.32.525 - Prohibition on certain securities and purchases—Exception.