With the approval of the director, any bank or mutual savings bank may at any time, through action of its board of directors or trustees, issue and sell its capital notes or debentures. Such capital notes or debentures shall be subordinate to the claims of depositors and other creditors. The holders of capital notes or debentures issued by a bank shall have such conversion rights as may be provided in the articles of incorporation with the approval of the director.
RCW 30A.36.020
Issuance and sale—Status—Conversion rights.
2014 c 37 s 205; 1994 c 92 s 76; 1979 c 106 s 5; 1955 c 33 s 30.36.020
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.