Washington § 33.40.040 - Procedure on taking possession.

Full text of Washington Revised Code of Washington § 33.40.040 — Procedure on taking possession., with citation guidance and answers to common questions.

§ 33.40.040. Procedure on taking possession.

Upon the director taking possession of any domestic association, the director shall proceed to liquidate the association unless, in the director's discretion, the director shall determine to call a meeting of the members to consider either a proportionate charge-off against the deposit accounts to permit the association thereafter to continue in business, or whether the association should proceed to voluntary liquidation under the management of its board of directors. In such event, if the director approves the decision of a majority in amount of the members present and voting, the director shall order such action to be taken.
During any period of voluntary liquidation, the director may take possession of the association and its assets and complete the liquidation whenever, in the director's discretion, this seems advisable.
[ 1994 c 92 s 457; 1982 c 3 s 67; 1945 c 235 s 105; Rem. Supp. 1945 s 3717-224. Prior: 1935 c 171 s 4; 1933 c 183 ss 70, 72, 78; 1919 c 169 s 13; 1913 c 110 s 20.]

Notes

Severability—1982 c 3: See note following RCW 33.04.002.

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Frequently Asked Questions About Washington § 33.40.040

What does Revised Code of Washington § 33.40.040 cover?

Section 33.40.040 ("Procedure on taking possession.") 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 § 33.40.040?

A common citation format is "Revised Code of Washington § 33.40.040" (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 § 33.40.040 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

Not legal advice. Verify against the official source and consult a licensed attorney in Washington.