Full text of Washington Revised Code of Washington § 32.32.055 — Supplemental share purchase subscription rights — Supplemental eligible account holder — Conditions., with citation guidance and answers to common questions.
§ 32.32.055. Supplemental share purchase subscription rights — Supplemental eligible account holder — Conditions.
In plans involving an eligibility record date that is more than fifteen months prior to the date of the latest amendment to the application for conversion filed prior to the director approval, a supplemental eligibility record date shall be determined whereby each supplemental eligible account holder of the converting savings bank shall receive, without payment, nontransferable subscription rights to purchase supplemental shares in an amount equal to the greatest of two hundred shares, one-tenth of one percent of the total offering of shares, or fifteen times the product (rounded down to the next whole number) obtained by multiplying the total number of shares of capital stock to be issued by a fraction of which the numerator is the amount of the qualifying deposit of the supplemental eligible account holder and the denominator is the total amount of the qualifying deposits of all supplemental eligible account holders in the converting savings bank on the supplemental eligibility record date.
(1) Subscription rights received pursuant to this section shall be subordinated to all rights received by eligible account holders to purchase shares pursuant to RCW
32.32.045 and
32.32.050.
(2) Any nontransferable subscription rights to purchase shares received by an eligible account holder in accordance with RCW
32.32.045 shall be applied in partial satisfaction of the subscription rights to be distributed pursuant to this section.
(3) In the event of an oversubscription for supplemental shares pursuant to this section, shares shall be allocated among the subscribing supplemental eligible account holders as follows:
(a) Shares shall be allocated among subscribing supplemental eligible account holders so as to permit each such supplemental account holder, to the extent possible, to purchase a number of shares sufficient to make the supplemental account holder's total allocation (including the number of shares, if any, allocated in accordance with RCW
32.32.045) equal to one hundred shares.
(b) Any shares not allocated in accordance with subsection (3)(a) of this section shall be allocated among the subscribing supplemental eligible account holders on such equitable basis, related to the amounts of their respective qualifying deposits, as may be provided in the plan of conversion.
Frequently Asked Questions About Washington § 32.32.055
What does Revised Code of Washington § 32.32.055 cover?
Section 32.32.055 ("Supplemental share purchase subscription rights — Supplemental eligible account holder — Conditions.") 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 § 32.32.055?
A common citation format is "Revised Code of Washington § 32.32.055" (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 § 32.32.055 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.
