RCW 33.48.250
Purchase by association of stock issued by it—Conditions.
An association may purchase stock issued by it in an amount not to exceed the amount of earned surplus or undivided profits available for dividends on its stock if: The stock so purchased is included for federal estate tax purposes in determining the gross estate of a decedent, and the amount paid for such purchase is entitled to be treated under section 303 of the Internal Revenue Code of 1954 (68A Stat. 3; 26 U.S.C. Sec. 1), or other applicable federal statute or the corresponding provision of any future federal revenue law, as a distribution in full payment in exchange for the stock so purchased, or such purchase is with the prior consent of the director, or such purchase is pursuant to a put option contained in a plan which has been approved by the director establishing an employee stock ownership plan for the association and its employees pursuant to the provisions of the act of congress entitled "Employee Retirement Income Security Act of 1974", as now constituted or hereafter amended, or Section 409 of the Internal Revenue Code of 1954, as now constituted or hereafter amended. Stock so purchased until sold shall be carried as treasury stock. Upon the purchase of any stock issued by the association, an amount equal to the purchase price shall be set aside from earned surplus or undivided profits available for dividends to a specific reserve account established for this purpose. Upon sale of any of such stock, the amount relating thereto in the specific reserve account shall be returned to the surplus or undivided profits account (as the case may be) and shall be available for dividends. Reacquired stock shall not be resold at less than its reacquisition cost, without the specific approval of the director, and shall not be resold or reissued except in accordance with RCW 33.48.220 through 33.48.240.
[ 1994 c 92 § 490; 1985 c 239 § 3; 1982 c 3 § 107; 1973 c 130 § 15.]
NOTES:
Severability—1982 c 3: See note following RCW 33.04.002.
Severability—1973 c 130: See note following RCW 33.24.350.
Structure Revised Code of Washington
Title 33 - Washington Savings Association Act
Chapter 33.48 - Stock Associations.
33.48.025 - Applicability of chapter 23B.06 RCW.
33.48.040 - Stock dividends, when.
33.48.080 - Member's proprietary interest—Subordinate to claims of creditors.
33.48.090 - Dividends only if interest paid on deposits.
33.48.100 - Conversion procedure—Domestic stock to domestic mutual association.
33.48.130 - Withdrawal of charter amendment or conversion application.
33.48.140 - Legislative intent—Chapter to control over conflicting provisions.
33.48.150 - Organizing permit—Required.
33.48.160 - Organizing permit—Application.
33.48.170 - Organizing permit—Conditions.
33.48.180 - Permit authorizing sale of stock—Applicability.
33.48.200 - Permit authorizing sale of stock—Application—Contents.
33.48.210 - Permit authorizing sale of stock—Examination and investigation—Issuance or denial.
33.48.220 - Recitation in permit to take subscriptions for stock.
33.48.230 - Sales of stock—Imposition of conditions.
33.48.240 - Organizing permit—Amendment, alteration, suspension, or revocation by director—Grounds.
33.48.250 - Purchase by association of stock issued by it—Conditions.
33.48.260 - Reduction of stock—Conditions.
33.48.270 - Reduction of stock—Disposition of surplus.
33.48.290 - RCW 33.48.150 through 33.48.280 inapplicable to foreign associations.