Regulatory Alerts2008-12-03 | ISGC-2008-008-DOBAdded · Updated
Shortened (Ten Day) Notice of Shareholder Meetings Contained In Bylaws
The Washington State Department of Financial Institutions confirms that RCW 30.08.090 supersedes RCW 23B.07.050 regarding shareholder meeting notice periods for state-chartered banks. This statutory hierarchy permits banks to utilize a ten-day notice for shareholder meetings if such a provision is explicitly included in their bylaws. This exception allows for the expedited approval of articles of amendment required for the Capital Purchase Program under the Troubled Asset Relief Program.
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