Washington § 32.34.050 - Business trusts for the benefit of depositors.

Full text of Washington Revised Code of Washington § 32.34.050 — Business trusts for the benefit of depositors., with citation guidance and answers to common questions.

§ 32.34.050. Business trusts for the benefit of depositors.

A savings bank not having capital stock may establish a business trust for the benefit of its depositors, with the approval of the director and subject to such rules as the director may adopt. The director may permit this business trust to become a mutual holding company owning all shares of an interim stock savings bank, the sole purpose of which shall be to merge into the mutual savings bank that formed the business trust. The depositors in an unconverted savings bank which has merged with the subsidiary of such a mutual holding company, in the event of a later conversion of this mutual holding company to the stock form, shall retain all their rights to their deposits in the savings bank, and shall also receive, without payment, nontransferable rights to subscribe for the stock of the holding company, and rights to a liquidation account maintained by the holding company in proportion to their deposits in the savings bank, to the same extent that they would receive these rights in a stock conversion of the savings bank as prescribed in chapter 32.32 RCW.
[ 1994 c 92 s 409; 1985 c 56 s 35.]

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

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Frequently Asked Questions About Washington § 32.34.050

What does Revised Code of Washington § 32.34.050 cover?

Section 32.34.050 ("Business trusts for the benefit of depositors.") 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 § 32.34.050?

A common citation format is "Revised Code of Washington § 32.34.050" (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 § 32.34.050 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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