Statutes > Washington Statutes > Title 32 - Mutual savings banks > 32.32 - Conversion of mutual savings bank to capital stock savings bank. > 32.32.050 - Stock purchase subscription rights received by officers, directors, and their associates -- Subordination.

32.32.050 - Stock purchase subscription rights received by officers, directors, and their associates -- Subordination.

Stock purchase subscription rights received by officers, directors, and their associates — Subordination.

Nontransferable subscription rights to purchase capital stock received by officers and directors and their associates of the converting savings bank based on their increased deposits in the converting savings bank in the one-year period preceding the eligibility record date shall be subordinated to all other subscriptions involving the exercise of nontransferable subscription rights to purchase shares pursuant to RCW 32.32.045.

[1981 c 85 § 9.]