Statutes > Washington Statutes > Title 32 - Mutual savings banks > 32.32 - Conversion of mutual savings bank to capital stock savings bank. > 32.32.115 - Conditions on shares of stock subject to restriction on sale.

32.32.115 - Conditions on shares of stock subject to restriction on sale.

Conditions on shares of stock subject to restriction on sale.

In connection with shares of capital stock subject to restriction on sale for a period of time:

     (1) Each certificate for the stock shall bear a legend giving appropriate notice of the restriction;

     (2) Appropriate instructions shall be issued to the transfer agent for the capital stock with respect to applicable restrictions on transfer of any such restricted stock; and

     (3) Any shares issued as a stock dividend, stock split, or otherwise with respect to any such restricted stock shall be subject to the same restrictions as may apply to the restricted stock.

[1985 c 56 § 18; 1981 c 85 § 22.]