State Codes and Statutes

Statutes > Oregon > Vol16 > 711

Chapter 711 — Merger;Conversion; Share Exchange; Acquisition; Liquidation; Insolvency

 

2009 EDITION

 

 

MERGER;CONVERSION; EXCHANGE; ACQUISITION

 

FINANCIALINSTITUTIONS

 

MERGER;CONVERSION; SHARE EXCHANGE; ACQUISITION

 

(Conversion)

 

711.065     Conversionof Oregon stock bank into insured stock institution

 

711.070     Conversionof financial institution into Oregon stock bank; application

 

711.075     Conversionof Oregon nonstock bank into financial institution

 

711.080     Conversionof financial institution into Oregon nonstock bank; application

 

711.085     Approvalof conversion of Oregon bank by board or shareholders

 

711.090     Conversionof Oregon bank or Oregon trust company to corporation or limited liabilitycompany

 

711.095     Approvalof plan of conversion; fee

 

711.100     Articlesof conversion; effective date of conversion

 

711.104     Rightsof member of Oregon bank or Oregon trust company to dissent to conversion fromlimited liability company to corporation; demand required; notice and offer topay for shares; cost of appraisal of shares

 

(Merger,Share Exchange and Acquisition)

 

711.125     Mergerof Oregon stock bank with insured stock institution; company acquiring sharesof Oregon stock bank through share exchange

 

711.130     Approvalof plan of merger or share exchange involving Oregon stock bank; contents ofplan; fee

 

711.135     Actionby director on plan of merger or share exchange involving Oregon stock bank;appeal

 

711.140     Approvalof merger or share exchange involving Oregon stock bank by stockholders

 

711.145     Effectivedate of merger or share exchange involving Oregon stock bank

 

711.150     Mergerof Oregon nonstock bank with insured nonstock institution

 

711.155     Approvalof merger involving Oregon nonstock bank; contents of plan; fee

 

711.160     Actionby director on plan of merger involving Oregon nonstock bank; appeal

 

711.165     Effectivedate of merger involving Oregon nonstock bank

 

711.170     Saleof assets and transfer of liabilities by Oregon bank; approval of director andboard of directors; fee; appeal

 

711.175     Stockholder’sright to dissent to merger, share exchange, transfer of assets or liabilitiesor conversion

 

711.180     Rightsof stockholder dissenting to merger, share exchange, transfer of assets orliabilities or conversion; demand required; notice and offer to pay for shares;costs of appraisal of shares; when rights not applicable

 

711.185     Stockholderwithdrawal of demand for payment for shares made under ORS 711.180

 

(GeneralProvisions)

 

711.190     Effectof merger or conversion of Oregon bank; rights, powers, duties and liabilitiesof resulting financial institution

 

711.195     Merger,conversion or acquisition of Oregon bank involving trust company

 

711.197     Conditionsfor resulting Oregon bank to conform with state law

 

711.199     Valuationof assets on books of resulting Oregon bank

 

VOLUNTARYLIQUIDATION; DISSOLUTION

 

711.215     Voluntaryliquidation on approval of stockholders and director; costs of specialexamination

 

711.217     Transactionsexempt from ORS 711.220 to 711.235

 

711.220     Noticeof voluntary liquidation; presentation of claims

 

711.225     Reportand transfer of unclaimed deposits

 

711.230     Claims;time within which presented; extension of time

 

711.235     Reportof liquidation to director; disposition of remaining assets

 

711.240     Supervisionand control by director

 

711.250     Engagingin banking or trust business prohibited after liquidation, transfer of depositliabilities or ceasing to do business for one year; dissolution

 

INSOLVENCY;LIQUIDATION BY DIRECTOR

 

711.400     Supervisionof liquidation by circuit court; called “supervising court”

 

711.405     Wheninstitution deemed insolvent; rules

 

711.410     Transferof assets after commission of act of insolvency or in contemplation ofinsolvency; exceptions

 

711.415     Receivingdeposits in excess of insurance while insolvent

 

711.419     Takingpossession of Oregon stock bank by director

 

711.430     Placingbusiness in control of director; notice

 

711.435     Resumptionof business of institution placed in control of director

 

711.440     Receiversand assignments for benefit of creditors; notice to and action by director

 

711.445     Noticeof taking possession of institution; prohibition against liens subsequent toinsolvency

 

711.450     Prohibitionagainst applying to enjoin director from continuing possession

 

711.465     Transferof liquidation functions to Federal Deposit Insurance Corporation

 

711.470     Subrogationrights of Federal Deposit Insurance Corporation

 

711.475     Inventoryof assets; filing notice of taking possession

 

711.480     Saleof assets

 

711.485     Borrowingfunds to pay closed institution expenditures

 

711.490     Capitalstock requirements of institution purchasing assets and assuming liabilities ofinsolvent institution

 

711.495     Actionby director to collect balance due on stock or stock assessment

 

711.500     Liabilityof transferor of stock made in contemplation of insolvency; proceedings torelieve stockholder of liability prohibited

 

711.505     Liabilityof fiduciary as stockholder; liability of estate and funds

 

711.510     Depositof money collected under ORS 711.495; security for deposit

 

711.515     “Depositor”defined; preferences among depositors

 

711.520     Priorityof claimants against assets of Oregon stock bank that is insolvent or inliquidation

 

711.525     Intereston deposits after Oregon stock bank closes

 

711.530     Noticeto creditors to present claims

 

711.535     Verificationand filing of claims; demand for preference

 

711.540     Approvalor rejection of claims

 

711.545     Objectionto approval of claims

 

711.550     Objectionto rejection of claims

 

711.554     Procedurefor determination of claims

 

711.560     Costsand disbursements in claim proceedings

 

711.565     Claimspresented after time expired

 

711.567     Supervisingcourt to bar claims to facilitate closing

 

711.570     Listsof claims

 

711.572     Liabilityof directors for distributing assets without payment of known debts

 

711.575     Dividendsto depositors

 

711.577     Deathof depositor; payment of claim

 

711.580     Safetydeposit boxes; removal of property

 

711.582     Dispositionof contents of safety deposit boxes

 

711.585     Selectionof agents to wind up affairs of institution; bond or letter of credit; dutiesof agent

 

711.590     Dispositionof unclaimed deposits; interest

 

711.595     Destructionof liquidation records in possession of director

 

711.600     Liquidationexpenses

 

711.605     Petitionsrelating to insolvent institutions; ruling by director; court review

 

711.615     Courtfiling fees

 

711.620     Suspendingor restricting payment of liabilities; duration

 

711.625     Takingpossession of Oregon stock bank by director; powers of director; expenses

 

711.630     Prorata withdrawals by depositors

 

711.635     Receivingnew deposits; segregation

 

711.640     Terminationof suspension or restriction on payment of liabilities

 

711.645     Noticeof termination of suspension or restriction on payment of liabilities

 

711.650     Segregationof deposits until termination notice has been given

 

711.655     Useof suspended deposits to pay indebtedness of depositor

 

711.660     Assignmentor transfer of capital stock while payment of liabilities suspended orrestricted

 

711.665     Suspensionor restriction of liability payment not evidence of insolvency

 

711.670     Compliancewith ORS 711.620 to 711.670 as defense to depositor’s action

 

PENALTIES

State Codes and Statutes

Statutes > Oregon > Vol16 > 711

Chapter 711 — Merger;Conversion; Share Exchange; Acquisition; Liquidation; Insolvency

 

2009 EDITION

 

 

MERGER;CONVERSION; EXCHANGE; ACQUISITION

 

FINANCIALINSTITUTIONS

 

MERGER;CONVERSION; SHARE EXCHANGE; ACQUISITION

 

(Conversion)

 

711.065     Conversionof Oregon stock bank into insured stock institution

 

711.070     Conversionof financial institution into Oregon stock bank; application

 

711.075     Conversionof Oregon nonstock bank into financial institution

 

711.080     Conversionof financial institution into Oregon nonstock bank; application

 

711.085     Approvalof conversion of Oregon bank by board or shareholders

 

711.090     Conversionof Oregon bank or Oregon trust company to corporation or limited liabilitycompany

 

711.095     Approvalof plan of conversion; fee

 

711.100     Articlesof conversion; effective date of conversion

 

711.104     Rightsof member of Oregon bank or Oregon trust company to dissent to conversion fromlimited liability company to corporation; demand required; notice and offer topay for shares; cost of appraisal of shares

 

(Merger,Share Exchange and Acquisition)

 

711.125     Mergerof Oregon stock bank with insured stock institution; company acquiring sharesof Oregon stock bank through share exchange

 

711.130     Approvalof plan of merger or share exchange involving Oregon stock bank; contents ofplan; fee

 

711.135     Actionby director on plan of merger or share exchange involving Oregon stock bank;appeal

 

711.140     Approvalof merger or share exchange involving Oregon stock bank by stockholders

 

711.145     Effectivedate of merger or share exchange involving Oregon stock bank

 

711.150     Mergerof Oregon nonstock bank with insured nonstock institution

 

711.155     Approvalof merger involving Oregon nonstock bank; contents of plan; fee

 

711.160     Actionby director on plan of merger involving Oregon nonstock bank; appeal

 

711.165     Effectivedate of merger involving Oregon nonstock bank

 

711.170     Saleof assets and transfer of liabilities by Oregon bank; approval of director andboard of directors; fee; appeal

 

711.175     Stockholder’sright to dissent to merger, share exchange, transfer of assets or liabilitiesor conversion

 

711.180     Rightsof stockholder dissenting to merger, share exchange, transfer of assets orliabilities or conversion; demand required; notice and offer to pay for shares;costs of appraisal of shares; when rights not applicable

 

711.185     Stockholderwithdrawal of demand for payment for shares made under ORS 711.180

 

(GeneralProvisions)

 

711.190     Effectof merger or conversion of Oregon bank; rights, powers, duties and liabilitiesof resulting financial institution

 

711.195     Merger,conversion or acquisition of Oregon bank involving trust company

 

711.197     Conditionsfor resulting Oregon bank to conform with state law

 

711.199     Valuationof assets on books of resulting Oregon bank

 

VOLUNTARYLIQUIDATION; DISSOLUTION

 

711.215     Voluntaryliquidation on approval of stockholders and director; costs of specialexamination

 

711.217     Transactionsexempt from ORS 711.220 to 711.235

 

711.220     Noticeof voluntary liquidation; presentation of claims

 

711.225     Reportand transfer of unclaimed deposits

 

711.230     Claims;time within which presented; extension of time

 

711.235     Reportof liquidation to director; disposition of remaining assets

 

711.240     Supervisionand control by director

 

711.250     Engagingin banking or trust business prohibited after liquidation, transfer of depositliabilities or ceasing to do business for one year; dissolution

 

INSOLVENCY;LIQUIDATION BY DIRECTOR

 

711.400     Supervisionof liquidation by circuit court; called “supervising court”

 

711.405     Wheninstitution deemed insolvent; rules

 

711.410     Transferof assets after commission of act of insolvency or in contemplation ofinsolvency; exceptions

 

711.415     Receivingdeposits in excess of insurance while insolvent

 

711.419     Takingpossession of Oregon stock bank by director

 

711.430     Placingbusiness in control of director; notice

 

711.435     Resumptionof business of institution placed in control of director

 

711.440     Receiversand assignments for benefit of creditors; notice to and action by director

 

711.445     Noticeof taking possession of institution; prohibition against liens subsequent toinsolvency

 

711.450     Prohibitionagainst applying to enjoin director from continuing possession

 

711.465     Transferof liquidation functions to Federal Deposit Insurance Corporation

 

711.470     Subrogationrights of Federal Deposit Insurance Corporation

 

711.475     Inventoryof assets; filing notice of taking possession

 

711.480     Saleof assets

 

711.485     Borrowingfunds to pay closed institution expenditures

 

711.490     Capitalstock requirements of institution purchasing assets and assuming liabilities ofinsolvent institution

 

711.495     Actionby director to collect balance due on stock or stock assessment

 

711.500     Liabilityof transferor of stock made in contemplation of insolvency; proceedings torelieve stockholder of liability prohibited

 

711.505     Liabilityof fiduciary as stockholder; liability of estate and funds

 

711.510     Depositof money collected under ORS 711.495; security for deposit

 

711.515     “Depositor”defined; preferences among depositors

 

711.520     Priorityof claimants against assets of Oregon stock bank that is insolvent or inliquidation

 

711.525     Intereston deposits after Oregon stock bank closes

 

711.530     Noticeto creditors to present claims

 

711.535     Verificationand filing of claims; demand for preference

 

711.540     Approvalor rejection of claims

 

711.545     Objectionto approval of claims

 

711.550     Objectionto rejection of claims

 

711.554     Procedurefor determination of claims

 

711.560     Costsand disbursements in claim proceedings

 

711.565     Claimspresented after time expired

 

711.567     Supervisingcourt to bar claims to facilitate closing

 

711.570     Listsof claims

 

711.572     Liabilityof directors for distributing assets without payment of known debts

 

711.575     Dividendsto depositors

 

711.577     Deathof depositor; payment of claim

 

711.580     Safetydeposit boxes; removal of property

 

711.582     Dispositionof contents of safety deposit boxes

 

711.585     Selectionof agents to wind up affairs of institution; bond or letter of credit; dutiesof agent

 

711.590     Dispositionof unclaimed deposits; interest

 

711.595     Destructionof liquidation records in possession of director

 

711.600     Liquidationexpenses

 

711.605     Petitionsrelating to insolvent institutions; ruling by director; court review

 

711.615     Courtfiling fees

 

711.620     Suspendingor restricting payment of liabilities; duration

 

711.625     Takingpossession of Oregon stock bank by director; powers of director; expenses

 

711.630     Prorata withdrawals by depositors

 

711.635     Receivingnew deposits; segregation

 

711.640     Terminationof suspension or restriction on payment of liabilities

 

711.645     Noticeof termination of suspension or restriction on payment of liabilities

 

711.650     Segregationof deposits until termination notice has been given

 

711.655     Useof suspended deposits to pay indebtedness of depositor

 

711.660     Assignmentor transfer of capital stock while payment of liabilities suspended orrestricted

 

711.665     Suspensionor restriction of liability payment not evidence of insolvency

 

711.670     Compliancewith ORS 711.620 to 711.670 as defense to depositor’s action

 

PENALTIES

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State Codes and Statutes

State Codes and Statutes

Statutes > Oregon > Vol16 > 711

Chapter 711 — Merger;Conversion; Share Exchange; Acquisition; Liquidation; Insolvency

 

2009 EDITION

 

 

MERGER;CONVERSION; EXCHANGE; ACQUISITION

 

FINANCIALINSTITUTIONS

 

MERGER;CONVERSION; SHARE EXCHANGE; ACQUISITION

 

(Conversion)

 

711.065     Conversionof Oregon stock bank into insured stock institution

 

711.070     Conversionof financial institution into Oregon stock bank; application

 

711.075     Conversionof Oregon nonstock bank into financial institution

 

711.080     Conversionof financial institution into Oregon nonstock bank; application

 

711.085     Approvalof conversion of Oregon bank by board or shareholders

 

711.090     Conversionof Oregon bank or Oregon trust company to corporation or limited liabilitycompany

 

711.095     Approvalof plan of conversion; fee

 

711.100     Articlesof conversion; effective date of conversion

 

711.104     Rightsof member of Oregon bank or Oregon trust company to dissent to conversion fromlimited liability company to corporation; demand required; notice and offer topay for shares; cost of appraisal of shares

 

(Merger,Share Exchange and Acquisition)

 

711.125     Mergerof Oregon stock bank with insured stock institution; company acquiring sharesof Oregon stock bank through share exchange

 

711.130     Approvalof plan of merger or share exchange involving Oregon stock bank; contents ofplan; fee

 

711.135     Actionby director on plan of merger or share exchange involving Oregon stock bank;appeal

 

711.140     Approvalof merger or share exchange involving Oregon stock bank by stockholders

 

711.145     Effectivedate of merger or share exchange involving Oregon stock bank

 

711.150     Mergerof Oregon nonstock bank with insured nonstock institution

 

711.155     Approvalof merger involving Oregon nonstock bank; contents of plan; fee

 

711.160     Actionby director on plan of merger involving Oregon nonstock bank; appeal

 

711.165     Effectivedate of merger involving Oregon nonstock bank

 

711.170     Saleof assets and transfer of liabilities by Oregon bank; approval of director andboard of directors; fee; appeal

 

711.175     Stockholder’sright to dissent to merger, share exchange, transfer of assets or liabilitiesor conversion

 

711.180     Rightsof stockholder dissenting to merger, share exchange, transfer of assets orliabilities or conversion; demand required; notice and offer to pay for shares;costs of appraisal of shares; when rights not applicable

 

711.185     Stockholderwithdrawal of demand for payment for shares made under ORS 711.180

 

(GeneralProvisions)

 

711.190     Effectof merger or conversion of Oregon bank; rights, powers, duties and liabilitiesof resulting financial institution

 

711.195     Merger,conversion or acquisition of Oregon bank involving trust company

 

711.197     Conditionsfor resulting Oregon bank to conform with state law

 

711.199     Valuationof assets on books of resulting Oregon bank

 

VOLUNTARYLIQUIDATION; DISSOLUTION

 

711.215     Voluntaryliquidation on approval of stockholders and director; costs of specialexamination

 

711.217     Transactionsexempt from ORS 711.220 to 711.235

 

711.220     Noticeof voluntary liquidation; presentation of claims

 

711.225     Reportand transfer of unclaimed deposits

 

711.230     Claims;time within which presented; extension of time

 

711.235     Reportof liquidation to director; disposition of remaining assets

 

711.240     Supervisionand control by director

 

711.250     Engagingin banking or trust business prohibited after liquidation, transfer of depositliabilities or ceasing to do business for one year; dissolution

 

INSOLVENCY;LIQUIDATION BY DIRECTOR

 

711.400     Supervisionof liquidation by circuit court; called “supervising court”

 

711.405     Wheninstitution deemed insolvent; rules

 

711.410     Transferof assets after commission of act of insolvency or in contemplation ofinsolvency; exceptions

 

711.415     Receivingdeposits in excess of insurance while insolvent

 

711.419     Takingpossession of Oregon stock bank by director

 

711.430     Placingbusiness in control of director; notice

 

711.435     Resumptionof business of institution placed in control of director

 

711.440     Receiversand assignments for benefit of creditors; notice to and action by director

 

711.445     Noticeof taking possession of institution; prohibition against liens subsequent toinsolvency

 

711.450     Prohibitionagainst applying to enjoin director from continuing possession

 

711.465     Transferof liquidation functions to Federal Deposit Insurance Corporation

 

711.470     Subrogationrights of Federal Deposit Insurance Corporation

 

711.475     Inventoryof assets; filing notice of taking possession

 

711.480     Saleof assets

 

711.485     Borrowingfunds to pay closed institution expenditures

 

711.490     Capitalstock requirements of institution purchasing assets and assuming liabilities ofinsolvent institution

 

711.495     Actionby director to collect balance due on stock or stock assessment

 

711.500     Liabilityof transferor of stock made in contemplation of insolvency; proceedings torelieve stockholder of liability prohibited

 

711.505     Liabilityof fiduciary as stockholder; liability of estate and funds

 

711.510     Depositof money collected under ORS 711.495; security for deposit

 

711.515     “Depositor”defined; preferences among depositors

 

711.520     Priorityof claimants against assets of Oregon stock bank that is insolvent or inliquidation

 

711.525     Intereston deposits after Oregon stock bank closes

 

711.530     Noticeto creditors to present claims

 

711.535     Verificationand filing of claims; demand for preference

 

711.540     Approvalor rejection of claims

 

711.545     Objectionto approval of claims

 

711.550     Objectionto rejection of claims

 

711.554     Procedurefor determination of claims

 

711.560     Costsand disbursements in claim proceedings

 

711.565     Claimspresented after time expired

 

711.567     Supervisingcourt to bar claims to facilitate closing

 

711.570     Listsof claims

 

711.572     Liabilityof directors for distributing assets without payment of known debts

 

711.575     Dividendsto depositors

 

711.577     Deathof depositor; payment of claim

 

711.580     Safetydeposit boxes; removal of property

 

711.582     Dispositionof contents of safety deposit boxes

 

711.585     Selectionof agents to wind up affairs of institution; bond or letter of credit; dutiesof agent

 

711.590     Dispositionof unclaimed deposits; interest

 

711.595     Destructionof liquidation records in possession of director

 

711.600     Liquidationexpenses

 

711.605     Petitionsrelating to insolvent institutions; ruling by director; court review

 

711.615     Courtfiling fees

 

711.620     Suspendingor restricting payment of liabilities; duration

 

711.625     Takingpossession of Oregon stock bank by director; powers of director; expenses

 

711.630     Prorata withdrawals by depositors

 

711.635     Receivingnew deposits; segregation

 

711.640     Terminationof suspension or restriction on payment of liabilities

 

711.645     Noticeof termination of suspension or restriction on payment of liabilities

 

711.650     Segregationof deposits until termination notice has been given

 

711.655     Useof suspended deposits to pay indebtedness of depositor

 

711.660     Assignmentor transfer of capital stock while payment of liabilities suspended orrestricted

 

711.665     Suspensionor restriction of liability payment not evidence of insolvency

 

711.670     Compliancewith ORS 711.620 to 711.670 as defense to depositor’s action

 

PENALTIES