Washington § 33.16.030 - Directors — Prohibited acts.

Full text of Washington Revised Code of Washington § 33.16.030 — Directors — Prohibited acts., with citation guidance and answers to common questions.

§ 33.16.030. Directors — Prohibited acts.

A director of a savings and loan association shall not, except to the extent permitted for a director of a federal savings and loan association:
(1) Have any interest, direct or indirect, in the gains or profits of the association, except to receive dividends, or interest upon his or her contribution to the contingent fund or upon his or her deposit accounts. However, nothing in this subsection shall prevent an officer from receiving his or her authorized compensation nor from participating in a benefit program under RCW 33.16.150, nor prevent a director from receiving an authorized director's fee;
Receive and retain, directly or indirectly, for his or her own use any commission on any loan, or purchase of real property or securities, made by the association;
(2) Become an endorser, surety, or guarantor, or in any manner an obligor, for any loan made by the association;
(3) For himself or herself or as agent, partner, stockholder, or officer of another, directly or indirectly, borrow from the association, except as hereinafter provided.
[ 1994 c 256 s 122; 1982 c 3 s 29; 1945 c 235 s 16; Rem. Supp. 1945 s 3717-135. Prior: 1933 c 183 ss 21, 62.]

Notes

Findings—Construction—1994 c 256: See RCW 43.320.007.
Severability—1982 c 3: See note following RCW 33.04.002.

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Frequently Asked Questions About Washington § 33.16.030

What does Revised Code of Washington § 33.16.030 cover?

Section 33.16.030 ("Directors — Prohibited acts.") 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.

How do I cite Washington § 33.16.030?

A common citation format is "Revised Code of Washington § 33.16.030" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 33.16.030 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

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