Notwithstanding any restrictions, limitations, and requirements of law, in addition to all powers, express or implied, that a mutual savings bank has under the laws of this state, a mutual savings bank shall have the powers and authorities conferred upon a national bank after July 27, 2003, only if the director finds that the exercise of such powers and authorities:

     (1) Serves the convenience and advantage of depositors, borrowers, or the general public; and

     (2) Maintains the fairness of competition and parity between mutual savings banks and national banks.

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

     The restrictions, limitations, and requirements applicable to specific powers or authorities of national banks 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 § 5.]

NOTES:

     Severability -- 2003 c 24: See RCW 30.04.901.