Creation of guaranty and expense funds. Before an Oregon nonstock bank may conduct its business, its incorporators shall create

(1) A guaranty fund, as provided in ORS 716.060, for the protection of its depositors against loss on its investments, and

(2) An expense fund, as provided in ORS 716.070, to pay the expense of organizing the Oregon nonstock bank and the operating expenses. [1973 c.797 §351; 1997 c.631 §335]