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Can you summarize WARC 30A.12.120?
Officers, employees, and stockholders. > Loans to officers or employees from trust fundsPenalty.
Short Summary
No corporation doing a trust business shall make any loan to any officer, or employee from its trust funds, nor shall it permit any officer, or employee to become indebted to it in any way out of its trust funds. Every officer, director, or employee of any such corporation, who knowingly violates this section, or who aids or abets any other person in any such violation, is guilty of a class B felony punishable according to chapter 9A.20 RCW. [ 2003 c 53 188; 1955 c 33 30.12.120. Prior: 1917 c 80 53; RRS 3260. Formerly RCW 30.12.120.] NOTES: Intent Effective date 2003 c 53: See notes following RCW 2.48.180.
Jurisdiction
Washington