Washington § 32.32.240 - Confidentiality of consideration to convert — Remedial measures for breach.

Full text of Washington Revised Code of Washington § 32.32.240 — Confidentiality of consideration to convert — Remedial measures for breach., with citation guidance and answers to common questions.

§ 32.32.240. Confidentiality of consideration to convert — Remedial measures for breach.

A savings bank which is considering converting pursuant to this chapter and its directors, officers, and employees shall keep this consideration in the strictest confidence and shall only discuss the potential conversion as would be consistent with the need to prepare information for filing an application for conversion. Should this confidence be breached the director may require remedial measures including:
(1) A public statement by the savings bank that its board of directors is currently considering converting pursuant to this chapter;
(2) Providing for an eligibility record date which shall be as of such a date prior to the adoption of the plan by the converting savings bank's board of directors as to assure the equitability of the conversion;
(3) Limitation of the subscription rights of any person violating or aiding the violation of this section to an amount deemed appropriate by the director; and
(4) Any other actions the director may deem appropriate and necessary to assure the fairness and equitability of the conversion.
[ 1994 c 92 s 369; 1981 c 85 s 47.]

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

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Frequently Asked Questions About Washington § 32.32.240

What does Revised Code of Washington § 32.32.240 cover?

Section 32.32.240 ("Confidentiality of consideration to convert — Remedial measures for breach.") 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 § 32.32.240?

A common citation format is "Revised Code of Washington § 32.32.240" (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 § 32.32.240 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.

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