Other Languages(1) A state‑chartered savings and loan association may legally form and manage a subsidiary service corporation only to perform functions which are incidental and either necessary or proper to the association's purposes, assuming further that having those functions performed by a separate corporation is more efficient.
The definition of the term "person" as used in section 58, chapter 235, Laws of 1945 (§ 3717-177 Rem. Supp. 1945), as amended by section 5, chapter 257, Laws of 1947 (§ 3717-177 Rem. Supp. 1947), must be construed to include a "corporation" and a savings and loan association may not loan an amount in excess of 2% of its assets to a corporation without the prior written approval of the supervisor.
The state chartered savings and loan association may make any unsecured loan which a federal savings and loan association may make as authorized by federal law and regulation.
The Supervisor of the Division of Savings and Loan may cancel and void unpaid checks which are deposited with him at the close of liquidation proceedings pursuant to §§ 108 and 112, chapter 235, Laws of 1945 (3717-227 and 3717-231, Rem. Supp. 1945) and deposit the funds represented by such checks in a liquidation account for the payment of claims during the five‑year waiting period. Such funds may be deposited in a savings and loan association pursuant to the provisions of § 1, chapter 105, Laws of 1951 (new section added to Title 33 RCW).
Undertaking of incorporators of building and loan association with Supervisor as to additional contributions to expense fund may provide for reimbursement of contributions on same general basis as is provided with respect to contributions to contingent fund, except as to dividends thereon.
It is not necessary that the contingent fund of a savings and loan association should have attained the ultimate requirement of 5% of the amount due savings members as prescribed by § 33.12.140 RCW, before reimbursement of contributions to the expense fund may be made. However, the minimum semi-annual [[semiannual]]credits to the contingent fund prescribed by RCW 33.12.150 (§ 51, chapter 235, Laws of 1945), must have been made to the contingent fund and the expense fund itself built up from profits as the supervisor shall direct, before the incorporators may be reimbursed for their contributions to the expense fund.
Article VIII, section 7 and Article XII, section 9 of the state constitution do not prohibit the deposit of public funds available for investment, in savings and loan associations, in an amount up to that insured by the Federal Savings and Loan Insurance Corporation.