32.32.505 - Intent -- References in the Revised Code of Washington.

Intent — References in the Revised Code of Washington.

(1) It is the intention of the legislature to grant, by this chapter, authority to permit conversions by mutual savings banks to capital stock form, and the rights, powers, restrictions, limitations, and requirements of Title 32 RCW shall apply to a converted mutual savings bank except that, in the event of conflict between the provisions of this chapter and other provisions of Title 32 RCW, the other provisions shall be construed in favor of the accomplishment of the purposes of this chapter.

     (2) References in the Revised Code of Washington as of the most recent effective date of any amendment, to mutual savings banks shall refer also to stock savings banks. References in the Revised Code of Washington to the board of trustees of a mutual savings bank shall refer also to the board of directors of a stock savings bank. The provisions of Title 30 RCW shall not apply to a converted savings bank except insofar as the provisions would apply to a mutual savings bank.

[1994 c 256 § 112; 1985 c 56 § 32; 1981 c 85 § 100.]

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