33.12.150 - Contingent fund as reserve -- Members' rights to fund limited.

Contingent fund as reserve — Members' rights to fund limited.

The contingent fund shall constitute a reserve for the absorption of losses of a mutual association.

     Members do not have, individually or collectively, any right or claim to the contingent fund except upon dissolution of the association.

[1982 c 3 § 27; 1981 c 84 § 3; 1963 c 246 § 4; 1961 c 222 § 2; 1945 c 235 § 51; Rem. Supp. 1945 § 3717-170. Prior: 1933 c 183 §§ 63, 67; 1925 ex.s. c 144 § 7; 1919 c 169 § 8; 1913 c 110 §§ 13, 14; 1903 c 116 § 5; 1890 p 56 § 31.]

Notes: Severability -- 1982 c 3: See note following RCW 33.04.002.