Washington § 32.32.060 - Sale of shares not sold in subscription offering — Methods — Conditions.

Full text of Washington Revised Code of Washington § 32.32.060 — Sale of shares not sold in subscription offering — Methods — Conditions., with citation guidance and answers to common questions.

§ 32.32.060. Sale of shares not sold in subscription offering — Methods — Conditions.

Any shares of the converting savings bank not sold in the subscription offering shall either be sold in a public offering through an underwriter or directly by the converting savings bank in a direct community marketing, subject to the applicant demonstrating to the director the feasibility of the method of sale and to such conditions as may be provided in the plan of conversion. The conditions shall include, but not be limited to:
(1) A condition limiting purchases by each officer and director or their associates in this phase of the offering to one-tenth of one percent of the total offering of shares.
(2) A condition limiting purchases by any person and that person's associates in this phase of the offering to a number of shares or a percentage of the total offering so long as the limitation does not exceed two percent of the shares to be sold in the total offering.
(3) A condition that any direct community offering by the converting savings bank shall give a preference to natural persons residing in the counties in which the savings bank has an office. The methods by which preference shall be given shall be approved by the director.
[ 1994 c 92 s 356; 1981 c 85 s 11.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 32.32.060

What does Revised Code of Washington § 32.32.060 cover?

Section 32.32.060 ("Sale of shares not sold in subscription offering — Methods — 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 § 32.32.060?

A common citation format is "Revised Code of Washington § 32.32.060" (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 § 32.32.060 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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