Washington § 33.48.120 - Conversion procedure — Creation of permanent loss reserve — Disposition of reserve upon liquidation.

Full text of Washington Revised Code of Washington § 33.48.120 — Conversion procedure — Creation of permanent loss reserve — Disposition of reserve upon liquidation., with citation guidance and answers to common questions.

§ 33.48.120. Conversion procedure — Creation of permanent loss reserve — Disposition of reserve upon liquidation.

The accumulated surplus and unallocated reserves of an association at the time of conversion to a stock association shall be designated as a permanent loss reserve against which any losses incurred on assets may be charged. In case of liquidation the remaining sum in said permanent loss reserve shall be distributed to the depositors in proportion to the withdrawable value of their deposit accounts at the time of liquidation. In liquidation, after payment of all liabilities and the withdrawable value of all types and classes of deposit accounts together with the remainder in the permanent loss reserve heretofore mentioned, any excess shall be paid pro rata to the stockholders.
[ 1982 c 3 s 98; 1955 c 122 s 13.]

Notes

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

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

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Frequently Asked Questions About Washington § 33.48.120

What does Revised Code of Washington § 33.48.120 cover?

Section 33.48.120 ("Conversion procedure — Creation of permanent loss reserve — Disposition of reserve upon liquidation.") 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.

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