RCW 33.16.020
Directors—Qualifications—Eligibility.
The board of directors shall be elected at the annual meeting, unless the bylaws of the association otherwise provide.
A person shall not be a director of an association if the person has been adjudicated bankrupt or has taken the benefit of any assignment for the benefit of creditors or has suffered a judgment recovered against him or her for a sum of money to remain unsatisfied of record or unsuperseded on appeal for a period of more than three months.
To be eligible to hold the position of director of an association, a person must have savings or stock or a combination thereof in the sum or the aggregate sum of at least one thousand dollars. Such minimum amount shall not be reduced either by withdrawal or by pledge for a loan or in any other manner, so long as he or she remains a director of the association.
[ 2011 c 336 § 757; 1982 c 3 § 28; 1963 c 246 § 5; 1945 c 235 § 15; Rem. Supp. 1945 § 3717-134. Prior: 1933 c 183 §§ 12, 14; 1925 ex.s. c 144 § 3; 1919 c 169 § 3; 1913 c 110 § 4.]
NOTES:
Severability—1982 c 3: See note following RCW 33.04.002.
Structure Revised Code of Washington
Title 33 - Washington Savings Association Act
Chapter 33.16 - Directors, Officers, and Employees.
33.16.010 - Directors—Number—Vacancies.
33.16.020 - Directors—Qualifications—Eligibility.
33.16.030 - Directors—Prohibited acts.
33.16.050 - Removal of director for cause—When—Procedure.
33.16.060 - Fiduciary relationship of directors and officers.
33.16.080 - Officers—Election—Service.
33.16.090 - Board meetings—Notice—Quorum.
33.16.120 - Statement of assets and liabilities—Reports.
33.16.130 - Bonds of officers and employees.