Ask Reggi Your Question Now
Can you summarize Title 30A WARC?
Revised Code of Washington > WASHINGTON COMMERCIAL BANK ACT
Short Summary
The provided legal document content pertains to the merger, consolidation, and conversion of state and national banks under the Washington Commercial Bank Act. It defines key terms such as ‘merging bank’, ‘converting bank’, ‘merger’, and ‘resulting bank’. The document outlines the requirements for approving a merger agreement, including the contents of the agreement and the approval process by the board of directors and the director. It also discusses the rights of dissenting shareholders in the context of a merger, consolidation, or conversion, including the process for determining the value of their shares. The document further addresses the automatic termination of charters, the use of names of merging or converting banks, and the continuity of business and corporate entity for resulting banks. It also covers provisions related to fiduciary positions, conformity with state law, valuation of assets, and the merger of banks with branches inside and outside the state of Washington. The document concludes with provisions regarding the severability of invalid provisions and the applicability of the chapter to national and state banks. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
State and national banks operating in Washington state
What does it govern?
Merger, consolidation, and conversion of state and national banks under the Washington Commercial Bank Act
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Washington