Wash. Admin. Code § 326-20-070

Current through Register Vol. 24-23, December 1, 2024

Section 326-20-070 - Counting ownership held in trust

In determining whether the fifty-one percent ownership requirement is met, no stock or ownership held in trust shall be counted, except in the following cases:

(1) Where both the trustee and the beneficiary are minorities, or both are women, or both are socially and economically disadvantaged individuals, and the trustee meets the control requirement; or

(2) Where the stock or ownership is held in an irrevocable trust for the benefit of a minority, a woman, or a socially and economically disadvantaged individual, and the minority, woman, or socially and economically disadvantaged beneficiary meets the control requirement.

Wash. Admin. Code § 326-20-070

Statutory Authority: RCW 39.19.030 and 39.19.120. 04-08-093, § 326-20-070, filed 4/6/04, effective 5/7/04. Statutory Authority: RCW 39.19.030(7). 92-11-007, § 326-20-070, filed 5/11/92, effective 6/11/92. Statutory Authority: 1983 c 120 §3(7). 83-22-045 (Order 83-3), § 326-20-070, filed 10/28/83.