Statutes > Washington Statutes > Title 32 - Mutual savings banks > 32.32 - Conversion of mutual savings bank to capital stock savings bank. > 32.32.065 - Limitation on subscription and purchase of shares by person with associate or group -- Amount.

32.32.065 - Limitation on subscription and purchase of shares by person with associate or group -- Amount.

Limitation on subscription and purchase of shares by person with associate or group — Amount.

The number of shares which any person together with any associate or group of persons acting in concert may subscribe for or purchase in the conversion shall not exceed five percent of the total offering of shares. For purposes of this section, the members of the converting savings bank's board of directors shall not be deemed to be associates or a group acting in concert solely as a result of their board membership.

[1981 c 85 § 12.]