30.04.217 - Additional powers -- Powers and authorities of savings bank -- Restrictions.

Additional powers — Powers and authorities of savings bank — Restrictions.

(1) Notwithstanding any other provisions of law, in addition to all powers, express or implied, that a bank or trust company has under the laws of this state, a bank or trust company shall have the powers and authorities conferred upon a savings bank under Title 32 RCW, only if:

     (a) The bank or trust company notifies the director at least thirty days prior to the exercise of such power or authority by the bank or trust company, unless the director waives or modifies this requirement for notice as to the exercise of a power, authority, or category of powers or authorities by the bank or trust company;

     (b) The director finds that the exercise of such powers and authorities by the bank or by the trust company serves the convenience and advantage of depositors, borrowers, or the general public; and

     (c) The director finds that the exercise of such powers and authorities by the bank or by the trust company maintains the fairness of competition and parity between banks or trust companies and mutual savings banks.

     (2) As used in this section, "powers and authorities" include without limitation powers and authorities in corporate governance and operational matters.

     (3) The restrictions, limitations, and requirements applicable to specific powers or authorities of mutual savings banks shall apply to banks or trust companies exercising those powers or authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to exercising the powers or authorities granted banks or trust companies solely under this section.

[2010 c 88 § 13; 2003 c 24 § 1.]

Notes: Effective date -- 2010 c 88: See RCW 32.50.900.