32.32.025  <<  32.32.030 >>   32.32.035

Prohibition on approval of certain applications for conversion.

No application for conversion may be approved by the director if:
(1) The plan of conversion adopted by the applicant's board of directors is not in accordance with this chapter;
(2) The conversion would result in a reduction of the applicant's net worth below requirements established by the director;
(3) The conversion may result in a taxable reorganization of the applicant under the United States Internal Revenue Code of 1954, as amended; or
(4) The converted savings bank does not meet the insurance requirements as established by the director.
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