(1) Subject to written approval of the director, one or more general business development companies may merge into or consolidate with each other consistent with chapter 30.49 RCW.

     (2) Upon ninety days advance application to and written approval of the director, a historic business development company may convert its charter to that of a general business development company. An application for conversion shall contain a cover letter requesting conversion, the proposed articles of amendments and bylaws amendments, a modified business plan, and other relevant information in form and substance similar to the requirements of a de novo application for a general business development company as provided in RCW 31.24.020. In making a determination of whether to approve or deny such a conversion, the director shall consider:

     (a) The historic performance and safety and soundness of the historic business development company;

     (b) Whether the conversion to a general business development company will have a likelihood of continuing to fulfill the purposes of this chapter;

     (c) Whether the applicant will have a likelihood of remaining safe and sound as a general business development company and pursuant to its proposed modified business plan; and

     (d) Whether the proposed conversion would serve, or otherwise not detract from, the needs and convenience of the community served by the business development company.

[2006 c 87 § 23.]