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31.12.402  <<  31.12.404 >>   31.12.408

RCW 31.12.404

Additional powers — Powers conferred on federal credit union — Authority of director.

(1) Notwithstanding any other provision of law, and in addition to all powers and authorities, express or implied, that a credit union has under the laws of this state, a credit union has the powers and authorities that a federal credit union had on December 31, 1993, or a subsequent date not later than July 22, 2001.

     (2) Notwithstanding any other provision of law, and in addition to the powers and authorities, express or implied, that a credit union has under subsection (1) of this section, a credit union has the powers and authorities that a federal credit union has, and an out-of-state credit union operating a branch in Washington has, subsequent to July 22, 2001, if the director finds that the exercise of the power and authority serves the convenience and advantage of members of credit unions, and maintains the fairness of competition and parity between credit unions and federal or out-of-state credit unions. However, a credit union:

     (a) Must still comply with RCW 31.12.408; and

     (b) Is not granted the field of membership powers or authorities of any out-of-state credit union operating a branch in Washington.

     (3) The restrictions, limitations, and requirements applicable to specific powers or authorities of federal or out-of-state credit unions apply to credit unions exercising those powers or authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to the specific exercise of the powers or authorities granted credit unions solely under this section.

     (4) As used in this section, "powers and authorities" include, but are not limited to, powers and authorities in corporate governance matters.

[2001 c 83 § 15; 1997 c 397 § 31. Prior: 1994 c 256 § 75; 1994 c 92 § 187; 1987 c 338 § 1; 1984 c 31 § 15. Formerly RCW 31.12.136.]

Notes:

     Findings -- Construction -- 1994 c 256: See RCW 43.320.007.