RCW 33.40.040
Procedure on taking possession.
Upon the director taking possession of any domestic association, the director shall proceed to liquidate the association unless, in the director's discretion, the director shall determine to call a meeting of the members to consider either a proportionate charge-off against the deposit accounts to permit the association thereafter to continue in business, or whether the association should proceed to voluntary liquidation under the management of its board of directors. In such event, if the director approves the decision of a majority in amount of the members present and voting, the director shall order such action to be taken.
During any period of voluntary liquidation, the director may take possession of the association and its assets and complete the liquidation whenever, in the director's discretion, this seems advisable.
[ 1994 c 92 § 457; 1982 c 3 § 67; 1945 c 235 § 105; Rem. Supp. 1945 § 3717-224. Prior: 1935 c 171 § 4; 1933 c 183 §§ 70, 72, 78; 1919 c 169 § 13; 1913 c 110 § 20.]
NOTES:
Severability—1982 c 3: See note following RCW 33.04.002.
Structure Revised Code of Washington
Title 33 - Washington Savings Association Act
Chapter 33.40 - Insolvency, Liquidation, Merger.
33.40.010 - Voluntary liquidation, merger, etc., authorized—Procedure.
33.40.020 - Director may take possession of domestic association on notice for delinquency.
33.40.030 - Possession without notice.
33.40.040 - Procedure on taking possession.
33.40.050 - Involuntary liquidation—Procedure—Federal insurance corporation as liquidator.
33.40.060 - Procedure to be as in receivership.
33.40.070 - Liquidator's powers.
33.40.075 - Investment of liquidation funds—Use of income.
33.40.080 - Disposition of records.
33.40.110 - Voluntary liquidation—Disposition of unclaimed dividends and records.
33.40.120 - Removal of liquidator—Appellate review.
33.40.130 - Payment of deposits accepted during economic emergency, preference.
33.40.150 - Appointment of provisional officers and directors.