Washington § 30B.53.005 - Definitions.

Full text of Washington Revised Code of Washington § 30B.53.005 — Definitions., with citation guidance and answers to common questions.

§ 30B.53.005. Definitions.

Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
(1) "Acquiring person" means a person acquiring or seeking to acquire control of a state trust company, directly or indirectly.
(2) "Control," "controls," "controlled," and "controlling" mean:
(a) The ownership of or ability or power to vote, directly, acting through one or more other persons, or otherwise indirectly, twenty-five percent or more of the outstanding shares of a class of voting securities of a state trust company or other company;
(b) The ability to control the election of a majority of the board of a state trust company or other company;
(c) The power to exercise, directly or indirectly, a controlling influence over the management or policies of the state trust company or other company as determined by the director after notice and an opportunity for hearing; or
(d) The conditioning of the transfer of twenty-five percent or more of the outstanding shares or participation shares of a class of voting securities of a state trust company on the transfer of twenty-five percent or more of the outstanding shares of a class of voting securities of another state trust company or other company.
(3) "Merger" includes consolidation.
(4) "Merging trust company" means a party to a merger.
(5) "Resulting trust company" means the trust company resulting from a merger.
[ 2019 c 389 s 93; 2014 c 37 s 388.]

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Section 30B.53.005 ("Definitions.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

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