21.20.720  <<  21.20.725 >>   21.20.727

Debenture companiesDebentures payable on demandInterestCertificates of debenture.

(1) A debenture company shall not issue any debenture payable on demand nor pay or accrue interest beyond the maturity date of any debenture.
(2) Debenture companies shall not issue certificates of debentures in passbook form, or in any other form which suggests to the holder that such moneys may be withdrawn on demand.
(3) Each certificate of debenture or an application for a certificate shall specify on the face of the certificate or application therefor, in twelve point bold face type or larger, that such debenture is not insured by the United States government, the state of Washington, or any agency thereof.

NOTES:

SeverabilityEffective dateImplementationApplication1988 c 244: See notes following RCW 21.20.700.
Effective dateConstruction1973 1st ex.s. c 171: See RCW 21.20.805.
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