State Codes and Statutes

Statutes > Oregon > Vol16 > 716

Chapter 716 — SavingsBanks

 

2009 EDITION

 

 

SAVINGSBANKS

 

FINANCIALINSTITUTIONS

 

ORGANIZATION

 

716.024     Provisionsof Bank Act applicable to Oregon savings banks and Oregon stock savings banks

 

716.028     Applicationfor authority to organize; fee; contents

 

716.032     Investigationand ruling on application

 

716.040     Articlesof incorporation; contents

 

716.050     Approvalof articles; certificate of incorporation; filing

 

716.055     Creationof guaranty and expense funds

 

716.060     Guarantyfund

 

716.070     Expensefund

 

716.080     Issuanceof charter

 

716.100     Effectof failure to complete organization; liabilities

 

716.120     Conditionsprecedent to transaction of business

 

716.135     Amendmentof articles of incorporation

 

716.140     Resolutionfor amending articles

 

716.145     Formand content of articles of amendment

 

716.160     Restatedarticles of incorporation; procedure; contents

 

716.180     Bylaws

 

716.185     Registeredagent; registered office

 

716.187     Changesin registered office or agent

 

716.190     Resignationof registered agent; discontinuance of registered office

 

716.195     Serviceof process on Oregon savings bank

 

DIRECTORS

 

716.205     Salariesof certain directors

 

716.210     Numberand qualifications of directors

 

716.320     Removalof director; vacation of director’s office

 

INVESTMENTSAND LOANS

 

716.410     Limitationson investments

 

716.420     Permittedinvestments

 

716.441     Investmentsin equipment trust certificates

 

716.450     Investmentsin certain obligations

 

716.460     Investmentsin demand notes secured by deposit accounts

 

716.520     Investmentsin bankers’ acceptances, bills of exchange, savings or time accounts; limits

 

716.530     Investmentsin corporate bonds, notes and debentures

 

716.535     Investmentsin common stock of federally chartered corporation providing secondary mortgagesale markets and Federal Home Loan Bank

 

716.540     Investmentsin obligations of reconstruction and development banks

 

716.545     Investmentsin bonds of Dominion of Canada

 

716.552     Investmentsin notes or bonds secured by real estate mortgages or trust deeds

 

716.554     Participationin investments in notes or bonds secured by real estate mortgages or trustdeeds

 

716.556     Investmentin loans secured by pledged notes or bonds

 

716.558     Investmentin notes or bonds secured by mortgages or trust deeds on real property leases

 

716.562     Investmentin notes or bonds secured by mortgages or trust deeds to finance buildingconstruction and improvement

 

716.564     Investmentin notes or bonds secured by mortgages or trust deeds to finance real estatedevelopment

 

716.566     Documentsto be furnished by borrower in real estate loans

 

716.568     Requirementof insurance for loan secured by mortgage, trust deed or other instrument onreal estate

 

716.572     Mortgageloan applications; conditions for granting loan; manner of holding mortgagesand trust deeds

 

716.574     Purchaseof real estate sale contract as loan; authority to acquire contracts

 

716.578     Purchaseof notes secured by real estate from third persons

 

716.584     Limitationson single loans on real estate; exceptions

 

716.586     Creditcard transactions

 

716.588     Investmentsin certain corporate capital stocks; conditions; restrictions on corporateindebtedness

 

716.590     Miscellaneousinvestments; conditions

 

716.592     Pledgingassets to secure public funds

 

716.594     Authorityof Oregon savings bank to acquire corporation licensed as insurance producer;rules

 

POWERS,DUTIES AND REGULATION

 

716.600     Relationshipto powers of federal savings banks

 

716.610     Generalpowers; licensing as insurance producer; rules

 

716.626     Certificatesindicating contribution to guaranty or expense funds

 

716.630     Realestate held for use as place of business

 

716.780     Creditingportion of net earnings to guaranty fund

 

716.790     Computationof guaranty fund

 

716.800     Repaymentof contributions made to expense fund and guaranty fund

 

716.805     Determiningearnings

 

716.830     Paymentof dividends; classification of depositors; certificates of deposit; notice ofchange of rate

 

716.840     Liabilityof directors voting improper dividend

 

716.850     Falseadvertising of surplus or guaranty fund prohibited

 

DISSOLUTION;LIQUIDATION

 

716.900     Voluntarydissolution of Oregon nonstock banks; priority of payment

 

716.905     Noticeof intention to close; disposition of unclaimed deposits

 

716.910     Reportto director; termination of existence

 

716.915     Voluntaryliquidation

 

CIVILPENALTIES

 

716.991     Civilpenalties

 

      716.010 [Repealed by1973 c.797 §428]

 

      716.020 [Amended by1973 c.797 §344; repealed by 1997 c.631 §567]

 

ORGANIZATION

 

      716.024Provisions of Bank Act applicable to Oregon savings banks and Oregon stock savingsbanks.(1) The provisions of ORS chapter 706 relating to financial institutions, thefollowing sections in the Bank Act and any other provisions of the Bank Actthat by their terms pertain to Oregon savings banks shall apply to Oregonsavings banks: ORS 707.075, 707.080, 707.090, 707.100, 707.120, 707.145,707.150, 707.155, 707.170, 707.180, 707.252, 707.254, 707.625, 707.642, 707.646(1), 707.660, 707.665, 707.670 to 707.764, 708A.175, 708A.405, 708A.410,708A.420 to 708A.535, 708A.590, 708A.600, 708A.640, 708A.645, 708A.655,708A.990, 711.405 to 711.670, 711.980 and 714.075.

      (2)In addition to the statutes listed in subsection (1) of this section, to theextent applicable, the following provisions of the Bank Act apply to Oregonstock savings banks: ORS 707.050, 707.110, 707.140, 707.195, 707.200 to707.230, 707.244 to 707.250, 707.256, 707.258 to 707.272, 707.350, 707.380 to707.410, 707.415, 707.610 to 707.623, 707.644, 707.646 (2) and 707.648. [1973c.797 §345; 1975 c.544 §44; 1977 c.555 §15; 1979 c.88 §24; 1981 c.192 §24; 1983c.37 §25; 1983 c.367 §4; 1985 c.762 §46; 1985 c.786 §46; 1985 c.796 §4; 1987c.197 §8a; 1989 c.324 §72; 1997 c.631 §331; 1999 c.506 §4]

 

      716.028Application for authority to organize; fee; contents. Any number ofpersons, not less than five, desiring to organize an Oregon savings bank shall,as prospective incorporators, first file an application with the Director ofthe Department of Consumer and Business Services for authority to organize anOregon savings bank. The applicants shall pay to the director at the time oftheir application a fee of $2,500, no part of which will be refunded. Theapplication shall be signed by one of the applicants. The following informationand documents shall be included in or with the application:

      (1)The corporate name.

      (2)The proposed location of the initial principal place of business.

      (3)The name, occupation, residence and post-office address of each prospectiveincorporator.

      (4)The proposed articles of incorporation. The following apply:

      (a)If the Oregon savings bank is to be organized as an Oregon stock savings bank,the articles of incorporation shall conform to the provisions set forth in ORS707.110; and

      (b)If the Oregon savings bank is to be organized as an Oregon nonstock bank, thearticles of incorporation shall conform to the provisions set forth in ORS716.040.

      (5)The names and residence addresses of the proposed senior officers and thenames, occupations and residence addresses of proposed initial directors.

      (6)If the Oregon savings bank is being organized as an Oregon stock savings bank,the number of shares of voting stock proposed to be subscribed for by theincorporators and each of the proposed directors and senior officers, and thenames of any other persons who are expected to subscribe for, to own or tocontrol more than 10 percent of the voting stock and the amount of stock forwhich each proposes to subscribe.

      (7)Evidence satisfactory to the director of the character, financialresponsibility and ability of the prospective incorporators, directors andsenior officers.

      (8)Evidence satisfactory to the director, in the form of a business plan and suchadditional information as the director may require, demonstrating that theproposed Oregon savings bank is likely to be financially successful.

      (9)The proposed operating policies of the Oregon savings bank.

      (10)Any other information that the director may require. [1973 c.797 §346; 1977c.135 §58; 1979 c.88 §25; 1997 c.631 §332; 2003 c.14 §444]

 

      716.029 [1985 c.762 §48;repealed by 1997 c.631 §567]

 

      716.030 [Repealed by1973 c.797 §428]

 

      716.032Investigation and ruling on application. The Director of the Department ofConsumer and Business Services shall investigate and rule on the applicationfor authority to organize in the manner specified for institutions in ORS707.080, 707.090 and 707.145. [1973 c.797 §347; 1977 c.135 §30; 1997 c.631 §333]

 

      716.036 [1973 c.797 §348;repealed by 1997 c.631 §567]

 

      716.040Articles of incorporation; contents. (1) Not less than five persons mayassociate themselves by articles of incorporation to form an Oregon savingsbank, either as an Oregon stock savings bank or as an Oregon nonstock bank. Ifthe Oregon savings bank is organized as an Oregon stock savings bank, its articlesof incorporation shall conform to the provisions set forth in ORS 707.110. Ifthe Oregon savings bank is organized as an Oregon nonstock bank, its articlesof incorporation shall conform to the provisions of subsection (2) of thissection, be executed in duplicate, signed by the incorporators and submitted tothe Director of the Department of Consumer and Business Services.

      (2)The articles of incorporation of an Oregon nonstock bank shall specify:

      (a)The name by which the Oregon nonstock bank is to be known.

      (b)The initial principal place where its business is to be transacted, naming thecity or town and county.

      (c)The address, including street and number, and mailing address, if different, ofits initial registered office and the name of its initial registered agent atthat office.

      (d)The name of each incorporator.

      (e)The term of its existence, which may be perpetual.

      (f)The purpose for which it is organized.

      (g)The sums that each incorporator will contribute in cash to the initial guarantyfund and the expense fund, as provided in ORS 716.060 and 716.070.

      (h)The initial board of directors of the Oregon nonstock bank, composed of notless than five persons, at least three of whom shall be incorporators, whoshall serve until their successors are regularly elected and qualified.

      (3)The articles of incorporation also may contain any lawful provisions for theregulation of the business, for the conduct of the affairs of the Oregonnonstock bank, defining and regulating the powers of the directors oreliminating or limiting the personal liability of directors to the extentpermitted under ORS 707.110 (5)(c). [Amended by 1973 c.797 §349; 1989 c.447 §2;1991 c.883 §12; 1997 c.631 §334; 2005 c.192 §12]

State Codes and Statutes

Statutes > Oregon > Vol16 > 716

Chapter 716 — SavingsBanks

 

2009 EDITION

 

 

SAVINGSBANKS

 

FINANCIALINSTITUTIONS

 

ORGANIZATION

 

716.024     Provisionsof Bank Act applicable to Oregon savings banks and Oregon stock savings banks

 

716.028     Applicationfor authority to organize; fee; contents

 

716.032     Investigationand ruling on application

 

716.040     Articlesof incorporation; contents

 

716.050     Approvalof articles; certificate of incorporation; filing

 

716.055     Creationof guaranty and expense funds

 

716.060     Guarantyfund

 

716.070     Expensefund

 

716.080     Issuanceof charter

 

716.100     Effectof failure to complete organization; liabilities

 

716.120     Conditionsprecedent to transaction of business

 

716.135     Amendmentof articles of incorporation

 

716.140     Resolutionfor amending articles

 

716.145     Formand content of articles of amendment

 

716.160     Restatedarticles of incorporation; procedure; contents

 

716.180     Bylaws

 

716.185     Registeredagent; registered office

 

716.187     Changesin registered office or agent

 

716.190     Resignationof registered agent; discontinuance of registered office

 

716.195     Serviceof process on Oregon savings bank

 

DIRECTORS

 

716.205     Salariesof certain directors

 

716.210     Numberand qualifications of directors

 

716.320     Removalof director; vacation of director’s office

 

INVESTMENTSAND LOANS

 

716.410     Limitationson investments

 

716.420     Permittedinvestments

 

716.441     Investmentsin equipment trust certificates

 

716.450     Investmentsin certain obligations

 

716.460     Investmentsin demand notes secured by deposit accounts

 

716.520     Investmentsin bankers’ acceptances, bills of exchange, savings or time accounts; limits

 

716.530     Investmentsin corporate bonds, notes and debentures

 

716.535     Investmentsin common stock of federally chartered corporation providing secondary mortgagesale markets and Federal Home Loan Bank

 

716.540     Investmentsin obligations of reconstruction and development banks

 

716.545     Investmentsin bonds of Dominion of Canada

 

716.552     Investmentsin notes or bonds secured by real estate mortgages or trust deeds

 

716.554     Participationin investments in notes or bonds secured by real estate mortgages or trustdeeds

 

716.556     Investmentin loans secured by pledged notes or bonds

 

716.558     Investmentin notes or bonds secured by mortgages or trust deeds on real property leases

 

716.562     Investmentin notes or bonds secured by mortgages or trust deeds to finance buildingconstruction and improvement

 

716.564     Investmentin notes or bonds secured by mortgages or trust deeds to finance real estatedevelopment

 

716.566     Documentsto be furnished by borrower in real estate loans

 

716.568     Requirementof insurance for loan secured by mortgage, trust deed or other instrument onreal estate

 

716.572     Mortgageloan applications; conditions for granting loan; manner of holding mortgagesand trust deeds

 

716.574     Purchaseof real estate sale contract as loan; authority to acquire contracts

 

716.578     Purchaseof notes secured by real estate from third persons

 

716.584     Limitationson single loans on real estate; exceptions

 

716.586     Creditcard transactions

 

716.588     Investmentsin certain corporate capital stocks; conditions; restrictions on corporateindebtedness

 

716.590     Miscellaneousinvestments; conditions

 

716.592     Pledgingassets to secure public funds

 

716.594     Authorityof Oregon savings bank to acquire corporation licensed as insurance producer;rules

 

POWERS,DUTIES AND REGULATION

 

716.600     Relationshipto powers of federal savings banks

 

716.610     Generalpowers; licensing as insurance producer; rules

 

716.626     Certificatesindicating contribution to guaranty or expense funds

 

716.630     Realestate held for use as place of business

 

716.780     Creditingportion of net earnings to guaranty fund

 

716.790     Computationof guaranty fund

 

716.800     Repaymentof contributions made to expense fund and guaranty fund

 

716.805     Determiningearnings

 

716.830     Paymentof dividends; classification of depositors; certificates of deposit; notice ofchange of rate

 

716.840     Liabilityof directors voting improper dividend

 

716.850     Falseadvertising of surplus or guaranty fund prohibited

 

DISSOLUTION;LIQUIDATION

 

716.900     Voluntarydissolution of Oregon nonstock banks; priority of payment

 

716.905     Noticeof intention to close; disposition of unclaimed deposits

 

716.910     Reportto director; termination of existence

 

716.915     Voluntaryliquidation

 

CIVILPENALTIES

 

716.991     Civilpenalties

 

      716.010 [Repealed by1973 c.797 §428]

 

      716.020 [Amended by1973 c.797 §344; repealed by 1997 c.631 §567]

 

ORGANIZATION

 

      716.024Provisions of Bank Act applicable to Oregon savings banks and Oregon stock savingsbanks.(1) The provisions of ORS chapter 706 relating to financial institutions, thefollowing sections in the Bank Act and any other provisions of the Bank Actthat by their terms pertain to Oregon savings banks shall apply to Oregonsavings banks: ORS 707.075, 707.080, 707.090, 707.100, 707.120, 707.145,707.150, 707.155, 707.170, 707.180, 707.252, 707.254, 707.625, 707.642, 707.646(1), 707.660, 707.665, 707.670 to 707.764, 708A.175, 708A.405, 708A.410,708A.420 to 708A.535, 708A.590, 708A.600, 708A.640, 708A.645, 708A.655,708A.990, 711.405 to 711.670, 711.980 and 714.075.

      (2)In addition to the statutes listed in subsection (1) of this section, to theextent applicable, the following provisions of the Bank Act apply to Oregonstock savings banks: ORS 707.050, 707.110, 707.140, 707.195, 707.200 to707.230, 707.244 to 707.250, 707.256, 707.258 to 707.272, 707.350, 707.380 to707.410, 707.415, 707.610 to 707.623, 707.644, 707.646 (2) and 707.648. [1973c.797 §345; 1975 c.544 §44; 1977 c.555 §15; 1979 c.88 §24; 1981 c.192 §24; 1983c.37 §25; 1983 c.367 §4; 1985 c.762 §46; 1985 c.786 §46; 1985 c.796 §4; 1987c.197 §8a; 1989 c.324 §72; 1997 c.631 §331; 1999 c.506 §4]

 

      716.028Application for authority to organize; fee; contents. Any number ofpersons, not less than five, desiring to organize an Oregon savings bank shall,as prospective incorporators, first file an application with the Director ofthe Department of Consumer and Business Services for authority to organize anOregon savings bank. The applicants shall pay to the director at the time oftheir application a fee of $2,500, no part of which will be refunded. Theapplication shall be signed by one of the applicants. The following informationand documents shall be included in or with the application:

      (1)The corporate name.

      (2)The proposed location of the initial principal place of business.

      (3)The name, occupation, residence and post-office address of each prospectiveincorporator.

      (4)The proposed articles of incorporation. The following apply:

      (a)If the Oregon savings bank is to be organized as an Oregon stock savings bank,the articles of incorporation shall conform to the provisions set forth in ORS707.110; and

      (b)If the Oregon savings bank is to be organized as an Oregon nonstock bank, thearticles of incorporation shall conform to the provisions set forth in ORS716.040.

      (5)The names and residence addresses of the proposed senior officers and thenames, occupations and residence addresses of proposed initial directors.

      (6)If the Oregon savings bank is being organized as an Oregon stock savings bank,the number of shares of voting stock proposed to be subscribed for by theincorporators and each of the proposed directors and senior officers, and thenames of any other persons who are expected to subscribe for, to own or tocontrol more than 10 percent of the voting stock and the amount of stock forwhich each proposes to subscribe.

      (7)Evidence satisfactory to the director of the character, financialresponsibility and ability of the prospective incorporators, directors andsenior officers.

      (8)Evidence satisfactory to the director, in the form of a business plan and suchadditional information as the director may require, demonstrating that theproposed Oregon savings bank is likely to be financially successful.

      (9)The proposed operating policies of the Oregon savings bank.

      (10)Any other information that the director may require. [1973 c.797 §346; 1977c.135 §58; 1979 c.88 §25; 1997 c.631 §332; 2003 c.14 §444]

 

      716.029 [1985 c.762 §48;repealed by 1997 c.631 §567]

 

      716.030 [Repealed by1973 c.797 §428]

 

      716.032Investigation and ruling on application. The Director of the Department ofConsumer and Business Services shall investigate and rule on the applicationfor authority to organize in the manner specified for institutions in ORS707.080, 707.090 and 707.145. [1973 c.797 §347; 1977 c.135 §30; 1997 c.631 §333]

 

      716.036 [1973 c.797 §348;repealed by 1997 c.631 §567]

 

      716.040Articles of incorporation; contents. (1) Not less than five persons mayassociate themselves by articles of incorporation to form an Oregon savingsbank, either as an Oregon stock savings bank or as an Oregon nonstock bank. Ifthe Oregon savings bank is organized as an Oregon stock savings bank, its articlesof incorporation shall conform to the provisions set forth in ORS 707.110. Ifthe Oregon savings bank is organized as an Oregon nonstock bank, its articlesof incorporation shall conform to the provisions of subsection (2) of thissection, be executed in duplicate, signed by the incorporators and submitted tothe Director of the Department of Consumer and Business Services.

      (2)The articles of incorporation of an Oregon nonstock bank shall specify:

      (a)The name by which the Oregon nonstock bank is to be known.

      (b)The initial principal place where its business is to be transacted, naming thecity or town and county.

      (c)The address, including street and number, and mailing address, if different, ofits initial registered office and the name of its initial registered agent atthat office.

      (d)The name of each incorporator.

      (e)The term of its existence, which may be perpetual.

      (f)The purpose for which it is organized.

      (g)The sums that each incorporator will contribute in cash to the initial guarantyfund and the expense fund, as provided in ORS 716.060 and 716.070.

      (h)The initial board of directors of the Oregon nonstock bank, composed of notless than five persons, at least three of whom shall be incorporators, whoshall serve until their successors are regularly elected and qualified.

      (3)The articles of incorporation also may contain any lawful provisions for theregulation of the business, for the conduct of the affairs of the Oregonnonstock bank, defining and regulating the powers of the directors oreliminating or limiting the personal liability of directors to the extentpermitted under ORS 707.110 (5)(c). [Amended by 1973 c.797 §349; 1989 c.447 §2;1991 c.883 §12; 1997 c.631 §334; 2005 c.192 §12]

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State Codes and Statutes

State Codes and Statutes

Statutes > Oregon > Vol16 > 716

Chapter 716 — SavingsBanks

 

2009 EDITION

 

 

SAVINGSBANKS

 

FINANCIALINSTITUTIONS

 

ORGANIZATION

 

716.024     Provisionsof Bank Act applicable to Oregon savings banks and Oregon stock savings banks

 

716.028     Applicationfor authority to organize; fee; contents

 

716.032     Investigationand ruling on application

 

716.040     Articlesof incorporation; contents

 

716.050     Approvalof articles; certificate of incorporation; filing

 

716.055     Creationof guaranty and expense funds

 

716.060     Guarantyfund

 

716.070     Expensefund

 

716.080     Issuanceof charter

 

716.100     Effectof failure to complete organization; liabilities

 

716.120     Conditionsprecedent to transaction of business

 

716.135     Amendmentof articles of incorporation

 

716.140     Resolutionfor amending articles

 

716.145     Formand content of articles of amendment

 

716.160     Restatedarticles of incorporation; procedure; contents

 

716.180     Bylaws

 

716.185     Registeredagent; registered office

 

716.187     Changesin registered office or agent

 

716.190     Resignationof registered agent; discontinuance of registered office

 

716.195     Serviceof process on Oregon savings bank

 

DIRECTORS

 

716.205     Salariesof certain directors

 

716.210     Numberand qualifications of directors

 

716.320     Removalof director; vacation of director’s office

 

INVESTMENTSAND LOANS

 

716.410     Limitationson investments

 

716.420     Permittedinvestments

 

716.441     Investmentsin equipment trust certificates

 

716.450     Investmentsin certain obligations

 

716.460     Investmentsin demand notes secured by deposit accounts

 

716.520     Investmentsin bankers’ acceptances, bills of exchange, savings or time accounts; limits

 

716.530     Investmentsin corporate bonds, notes and debentures

 

716.535     Investmentsin common stock of federally chartered corporation providing secondary mortgagesale markets and Federal Home Loan Bank

 

716.540     Investmentsin obligations of reconstruction and development banks

 

716.545     Investmentsin bonds of Dominion of Canada

 

716.552     Investmentsin notes or bonds secured by real estate mortgages or trust deeds

 

716.554     Participationin investments in notes or bonds secured by real estate mortgages or trustdeeds

 

716.556     Investmentin loans secured by pledged notes or bonds

 

716.558     Investmentin notes or bonds secured by mortgages or trust deeds on real property leases

 

716.562     Investmentin notes or bonds secured by mortgages or trust deeds to finance buildingconstruction and improvement

 

716.564     Investmentin notes or bonds secured by mortgages or trust deeds to finance real estatedevelopment

 

716.566     Documentsto be furnished by borrower in real estate loans

 

716.568     Requirementof insurance for loan secured by mortgage, trust deed or other instrument onreal estate

 

716.572     Mortgageloan applications; conditions for granting loan; manner of holding mortgagesand trust deeds

 

716.574     Purchaseof real estate sale contract as loan; authority to acquire contracts

 

716.578     Purchaseof notes secured by real estate from third persons

 

716.584     Limitationson single loans on real estate; exceptions

 

716.586     Creditcard transactions

 

716.588     Investmentsin certain corporate capital stocks; conditions; restrictions on corporateindebtedness

 

716.590     Miscellaneousinvestments; conditions

 

716.592     Pledgingassets to secure public funds

 

716.594     Authorityof Oregon savings bank to acquire corporation licensed as insurance producer;rules

 

POWERS,DUTIES AND REGULATION

 

716.600     Relationshipto powers of federal savings banks

 

716.610     Generalpowers; licensing as insurance producer; rules

 

716.626     Certificatesindicating contribution to guaranty or expense funds

 

716.630     Realestate held for use as place of business

 

716.780     Creditingportion of net earnings to guaranty fund

 

716.790     Computationof guaranty fund

 

716.800     Repaymentof contributions made to expense fund and guaranty fund

 

716.805     Determiningearnings

 

716.830     Paymentof dividends; classification of depositors; certificates of deposit; notice ofchange of rate

 

716.840     Liabilityof directors voting improper dividend

 

716.850     Falseadvertising of surplus or guaranty fund prohibited

 

DISSOLUTION;LIQUIDATION

 

716.900     Voluntarydissolution of Oregon nonstock banks; priority of payment

 

716.905     Noticeof intention to close; disposition of unclaimed deposits

 

716.910     Reportto director; termination of existence

 

716.915     Voluntaryliquidation

 

CIVILPENALTIES

 

716.991     Civilpenalties

 

      716.010 [Repealed by1973 c.797 §428]

 

      716.020 [Amended by1973 c.797 §344; repealed by 1997 c.631 §567]

 

ORGANIZATION

 

      716.024Provisions of Bank Act applicable to Oregon savings banks and Oregon stock savingsbanks.(1) The provisions of ORS chapter 706 relating to financial institutions, thefollowing sections in the Bank Act and any other provisions of the Bank Actthat by their terms pertain to Oregon savings banks shall apply to Oregonsavings banks: ORS 707.075, 707.080, 707.090, 707.100, 707.120, 707.145,707.150, 707.155, 707.170, 707.180, 707.252, 707.254, 707.625, 707.642, 707.646(1), 707.660, 707.665, 707.670 to 707.764, 708A.175, 708A.405, 708A.410,708A.420 to 708A.535, 708A.590, 708A.600, 708A.640, 708A.645, 708A.655,708A.990, 711.405 to 711.670, 711.980 and 714.075.

      (2)In addition to the statutes listed in subsection (1) of this section, to theextent applicable, the following provisions of the Bank Act apply to Oregonstock savings banks: ORS 707.050, 707.110, 707.140, 707.195, 707.200 to707.230, 707.244 to 707.250, 707.256, 707.258 to 707.272, 707.350, 707.380 to707.410, 707.415, 707.610 to 707.623, 707.644, 707.646 (2) and 707.648. [1973c.797 §345; 1975 c.544 §44; 1977 c.555 §15; 1979 c.88 §24; 1981 c.192 §24; 1983c.37 §25; 1983 c.367 §4; 1985 c.762 §46; 1985 c.786 §46; 1985 c.796 §4; 1987c.197 §8a; 1989 c.324 §72; 1997 c.631 §331; 1999 c.506 §4]

 

      716.028Application for authority to organize; fee; contents. Any number ofpersons, not less than five, desiring to organize an Oregon savings bank shall,as prospective incorporators, first file an application with the Director ofthe Department of Consumer and Business Services for authority to organize anOregon savings bank. The applicants shall pay to the director at the time oftheir application a fee of $2,500, no part of which will be refunded. Theapplication shall be signed by one of the applicants. The following informationand documents shall be included in or with the application:

      (1)The corporate name.

      (2)The proposed location of the initial principal place of business.

      (3)The name, occupation, residence and post-office address of each prospectiveincorporator.

      (4)The proposed articles of incorporation. The following apply:

      (a)If the Oregon savings bank is to be organized as an Oregon stock savings bank,the articles of incorporation shall conform to the provisions set forth in ORS707.110; and

      (b)If the Oregon savings bank is to be organized as an Oregon nonstock bank, thearticles of incorporation shall conform to the provisions set forth in ORS716.040.

      (5)The names and residence addresses of the proposed senior officers and thenames, occupations and residence addresses of proposed initial directors.

      (6)If the Oregon savings bank is being organized as an Oregon stock savings bank,the number of shares of voting stock proposed to be subscribed for by theincorporators and each of the proposed directors and senior officers, and thenames of any other persons who are expected to subscribe for, to own or tocontrol more than 10 percent of the voting stock and the amount of stock forwhich each proposes to subscribe.

      (7)Evidence satisfactory to the director of the character, financialresponsibility and ability of the prospective incorporators, directors andsenior officers.

      (8)Evidence satisfactory to the director, in the form of a business plan and suchadditional information as the director may require, demonstrating that theproposed Oregon savings bank is likely to be financially successful.

      (9)The proposed operating policies of the Oregon savings bank.

      (10)Any other information that the director may require. [1973 c.797 §346; 1977c.135 §58; 1979 c.88 §25; 1997 c.631 §332; 2003 c.14 §444]

 

      716.029 [1985 c.762 §48;repealed by 1997 c.631 §567]

 

      716.030 [Repealed by1973 c.797 §428]

 

      716.032Investigation and ruling on application. The Director of the Department ofConsumer and Business Services shall investigate and rule on the applicationfor authority to organize in the manner specified for institutions in ORS707.080, 707.090 and 707.145. [1973 c.797 §347; 1977 c.135 §30; 1997 c.631 §333]

 

      716.036 [1973 c.797 §348;repealed by 1997 c.631 §567]

 

      716.040Articles of incorporation; contents. (1) Not less than five persons mayassociate themselves by articles of incorporation to form an Oregon savingsbank, either as an Oregon stock savings bank or as an Oregon nonstock bank. Ifthe Oregon savings bank is organized as an Oregon stock savings bank, its articlesof incorporation shall conform to the provisions set forth in ORS 707.110. Ifthe Oregon savings bank is organized as an Oregon nonstock bank, its articlesof incorporation shall conform to the provisions of subsection (2) of thissection, be executed in duplicate, signed by the incorporators and submitted tothe Director of the Department of Consumer and Business Services.

      (2)The articles of incorporation of an Oregon nonstock bank shall specify:

      (a)The name by which the Oregon nonstock bank is to be known.

      (b)The initial principal place where its business is to be transacted, naming thecity or town and county.

      (c)The address, including street and number, and mailing address, if different, ofits initial registered office and the name of its initial registered agent atthat office.

      (d)The name of each incorporator.

      (e)The term of its existence, which may be perpetual.

      (f)The purpose for which it is organized.

      (g)The sums that each incorporator will contribute in cash to the initial guarantyfund and the expense fund, as provided in ORS 716.060 and 716.070.

      (h)The initial board of directors of the Oregon nonstock bank, composed of notless than five persons, at least three of whom shall be incorporators, whoshall serve until their successors are regularly elected and qualified.

      (3)The articles of incorporation also may contain any lawful provisions for theregulation of the business, for the conduct of the affairs of the Oregonnonstock bank, defining and regulating the powers of the directors oreliminating or limiting the personal liability of directors to the extentpermitted under ORS 707.110 (5)(c). [Amended by 1973 c.797 §349; 1989 c.447 §2;1991 c.883 §12; 1997 c.631 §334; 2005 c.192 §12]