30.04.555 - Reorganization as subsidiary of bank holding company -- Procedure.

Reorganization as subsidiary of bank holding company — Procedure.

A reorganization authorized under RCW 30.04.550 shall be carried out in the following manner:

     (1) A plan of reorganization specifying the manner in which the reorganization shall be carried out must be approved by a majority of the entire board of directors of the banking corporation. The plan shall specify the name of the acquiring corporation, the amount of cash, securities of the bank holding company, other consideration, or any combination thereof to be paid to the shareholders of the reorganizing corporation in exchange for their shares of the stock of the corporation. The plan shall also specify the exchange date or the manner in which such exchange date shall be determined, the manner in which the exchange shall be carried out, and such other matters, not inconsistent with this chapter, as shall be determined by the board of directors of the corporation.

     (2) The plan of reorganization shall be submitted to the shareholders of the reorganizing corporation at a meeting to be held on the call of the directors. Notice of the meeting of shareholders at which the plan shall be considered shall be given by prepaid first-class mail at least twenty days before the date of the meeting, to each stockholder of record of the banking corporation. The notice shall state that dissenting shareholders will be entitled to payment of the value of only those shares which are voted against approval of the plan.

[1994 c 256 § 38; 1986 c 279 § 41; 1982 c 196 § 2.]

Notes: Findings -- Construction -- 1994 c 256: See RCW 43.320.007.

Severability -- 1982 c 196: See note following RCW 30.04.550.