RCW 32.32.255
Statement, letter, and press release—Content permitted.
The statement, letter, and press release of the applicant issued pursuant to RCW 32.32.250, unless otherwise authorized by the director, shall contain only (but need not contain all of) the following:
(1) A statement that the board of directors has adopted a plan to convert the savings bank from a mutual savings bank to a capital stock savings bank;
(2) A statement that the plan of conversion is subject to approval by the director and by the appropriate federal regulatory authority or authorities (naming such an authority or authorities) before the plan can become effective and that account holders of the applicant will have an opportunity to file written comments including objections and materials supporting the objections with the director;
(3) A statement that the plan of conversion is contingent upon obtaining favorable tax rulings from the Internal Revenue Service or an appropriate tax opinion;
(4) A statement that there is no assurance that the approval of the director or the approval of any appropriate federal authority or authorities will be obtained, and also no assurance that the favorable tax rulings or tax opinion will be received;
(5) The proposed record date for determining the eligible account holders entitled to receive nontransferable subscription rights to purchase capital stock of the applicant;
(6) A brief statement describing the circumstances that would require supplemental eligible account holders to receive nontransferable subscription rights to purchase capital stock of the applicant;
(7) A brief description of the plan of conversion;
(8) The par value and approximate number of shares of capital stock to be issued and sold under the plan of conversion;
(9) A brief statement as to the extent to which directors, officers, and employees will participate in the conversion;
(10) A statement that savings account holders will continue to hold accounts in the converted savings bank identical as to dollar amount, rate of return, and general terms and that their accounts will continue to be insured by the Federal Deposit Insurance Corporation;
(11) A statement that borrowers' loans will be unaffected by conversion and that the amount, rate, maturity, security, and other conditions will remain contractually fixed as they existed prior to conversion;
(12) A statement that the normal business of the savings bank in accepting savings and making loans will continue without interruption; that the converted savings bank will continue after conversion to conduct its present services to savings account holders and borrowers under current policies to be carried on in existing offices and by the present management and staff;
(13) A statement that the plan of conversion may be substantively amended or terminated by the board of directors with the concurrence of the director; and
(14) A statement that questions of account holders may be answered by telephoning or writing to the savings bank.
[ 1994 c 92 § 371; 1981 c 85 § 50.]
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.