Wash. Rev. Code » Title 33 · Chapter 33.20
Revised Code of Washington

Wash. Rev. Code § 33.20.010 (2025)

Mutual association member's interest in assets—Meetings—Voting—Proxies

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Each member having deposits in a mutual association shall have a proportionate proprietary interest in its assets or net earnings subordinate to the claims of its other creditors. At any meeting of the members of a mutual association, each member shall be entitled to at least one vote. A mutual association, by its bylaws, may provide that each member shall be entitled to one vote for each one hundred dollars of the member's deposit account. At any meeting of the members, voting may be in person or by proxy. Proxies shall be in writing and signed by the member and, when filed with the secretary, shall continue in force until revoked or superseded by subsequent proxies. Written notice of the time and place of the holding of special meetings (other than the regular annual meeting) shall be mailed to each member at his or her last known address not more than thirty days, nor less than ten days prior to the meeting. The regular annual meeting of the mutual association shall be announced by publication of a notice thereof in a newspaper published in the city or town, or, if the association is not in a city or town, in the county in which the association is located at least ten days prior to the date of such meeting, or by ten days' written notice to the members mailed to the last known address of each member.
[ 2011 c 336 s 760; 1982 c 3 s 37; 1969 c 107 s 4; 1949 c 20 s 2; 1945 c 235 s 12; Rem. Supp. 1949 s 3717-131. Prior: 1933 c 183 ss 13, 39; 1919 c 169 s 4; 1913 c 110 s 5; 1903 c 116 s 6; 1890 p 56 s 39.]

Notes:

Severability—1982 c 3: See note following RCW 33.04.002.
Notes of Decisions
Cited in 4 cases, 1968–1979 · leading case: State ex rel. Graham v. City of Olympia, 497 P.2d 924 (Wash. 1972).
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State ex rel. Graham v. City of Olympia, 497 P.2d 924 (Wash. 1972). · cites it 4× “) RCW 33.20.010 provides in part: Each member having savings or deposits in an association shall have a proportionate proprietary interest in its assets or net earnings subordinate to the claims of its other creditors.”
Capital Sav. & Loan Ass'n v. United States, 221 Ct. Cl. 557 (Ct. Cl. 1979). “Wash. Rev. Code Ann. § 33.20.010 . Borrowers receive one vote, but they do not have a proprietary interest in the association.”
Williams v. Young, 494 P.2d 508 (Wash. Ct. App. 1972). “) 2 RCW 33.20.010 provides that an association, by its bylaws, may provide that each savings member shall be entitled to one vote for each one hundred dollars of his savings account.”
Keough v. Kittleman, 447 P.2d 77 (Wash. 1968). “1 Under RCW 33.20.010 a savings and loan association by its bylaws may provide that each savings member shall be entitled to one vote for each one hundred dollars of his savings account.”
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