A mutual savings bank may exercise the powers and authorities granted, after July 27, 2003, to federal mutual savings banks or their successors under federal law, only if the director finds that the exercise of such powers and authorities:

     (1) Serves the convenience and advantage of depositors and borrowers; and

     (2) Maintains the fairness of competition and parity between state-chartered savings banks and federal savings banks or their successors under federal law.

     As used in this section, "powers and authorities" include without limitation powers and authorities in corporate governance matters.

     The restrictions, limitations, and requirements applicable to specific powers or authorities of federal mutual savings banks or their successors under federal law shall apply to mutual savings banks exercising those powers or authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to exercising the powers or authorities granted mutual savings banks solely under this section.

[2003 c 24 § 8; 1999 c 14 § 19; 1996 c 2 § 25; 1994 c 256 § 99.]

NOTES:

     Severability -- 2003 c 24: See RCW 30.04.901.

     Severability -- 1999 c 14: See RCW 32.35.900.

     Severability -- 1996 c 2: See RCW 30.38.900.

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