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716.010 [Repealed by1973 c.797 §428]
716.020 [Amended by1973 c.797 §344; repealed by 1997 c.631 §567]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]
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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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]