Chapter 716 — Chapter 716
138 sections in this chapter.
ORS 716.010 [Repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.020 [Amended by 1973 c.797 §344; repealed by 1997 c.631 §567]
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ORGANIZATION
ORS 716.024 Provisions of Bank Act applicable to Oregon savings banks and Oregon stock savings banks. (1) The provisions of ORS chapter 706 relating to financial institutions, the following sections in the Bank Act and any other provisions of the Bank Act that by their terms pertain to Oregon savings banks shall apply to Oregon savings 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
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(2) In addition to the statutes listed in subsection (1) of this section, to the extent applicable, the following provisions of the Bank Act apply to Oregon stock savings banks: ORS 707.050, 707.110, 707.140, 707.195, 707.200 to 707.230, 707.244 to 707.250, 707.256, 707.258 to 70…
ORS 716.028 Application for authority to organize; fee; contents. Any number of persons, not less than five, desiring to organize an Oregon savings bank shall, as prospective incorporators, first file an application with the Director of the Department of Consumer and Business Services for authority to organize an Oregon savings bank. The applicants shall pay to the director at the time of their application a fee of $2,500, no part of which will be refunded. The application shall be signed by one of the applicants. The following information and documents shall be included in or with the application
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(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 prospective incorporator. (4) The proposed articles of incorporation. The following apply: (a) If the Oregon savings b…
ORS 716.029 [1985 c.762 §48; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.030 [Repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.032 Investigation and ruling on application. The Director of the Department of Consumer and Business Services shall investigate and rule on the application for authority to organize in the manner specified for institutions in ORS 707.080, 707.090 and 707.145. [1973 c.797 §347; 1977 c.135 §30; 1997 c.631 §333]
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[Repealed or reserved.]
ORS 716.036 [1973 c.797 §348; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.040 Articles of incorporation; contents. (1) Not less than five persons may associate themselves by articles of incorporation to form an Oregon savings bank, either as an Oregon stock savings bank or as an Oregon nonstock bank. If the Oregon savings bank is organized as an Oregon stock savings bank, its articles of incorporation shall conform to the provisions set forth in ORS 707.110. If the Oregon savings bank is organized as an Oregon nonstock bank, its articles of incorporation shall conform to the provisions of subsection (2) of this section, be executed in duplicate, signed by the incorporators and submitted to the Director of the Department of Consumer and Business Services
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(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 the city or town and county. (c) The address, including street…
ORS 716.050 Approval of articles; certificate of incorporation; filing. (1) If the Director of the Department of Consumer and Business Services finds that the articles of incorporation conform to law, the director shall, within 60 days after receiving the articles of incorporation and when all fees have been paid
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(a) Indorse on each of the duplicate originals the word “Filed,” and the month, day and year of the filing. (b) File one of the duplicate originals in the office of the director. (c) Issue a certificate of incorporation to which the director shall affix the other duplicate origin…
ORS 716.055 Creation of guaranty and expense funds. Before an Oregon nonstock bank may conduct its business, its incorporators shall create
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(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…
ORS 716.060 Maintenance of guaranty fund or liquidation account. (1) The guaranty fund or liquidation account consists of payments in cash made by the incorporators and of all sums credited to the guaranty fund as required by ORS 716.780 or federal law
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(2) If a financial institution that is converting to another type of financial institution has a guaranty fund or liquidation account, the Oregon nonstock bank that results from the conversion must maintain the guaranty fund or liquidation account and may use the guaranty fund or…
ORS 716.070 Expense fund. (1) The incorporators of an Oregon nonstock bank shall create an expense fund by depositing to the credit of the Oregon nonstock bank in cash an amount determined by the Director of the Department of Consumer and Business Services. They shall also enter into an agreement or undertaking with the director as trustee for the depositors with the Oregon nonstock bank to make further contributions in cash to the expense fund of the Oregon nonstock bank as may be necessary to pay the operating expenses until the Oregon nonstock bank can pay them from its earnings, in addition to the dividends as declared and credited to its depositors. The agreement or undertaking shall fix the liability of the incorporators jointly and severally for a reasonable amount as approved or determined by the director. In addition to the undertaking of the incorporators, the director may require a surety bond executed by an entity authorized to transact, within this state, the business of surety, or an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008. The agreement or undertaking and letter of credit or surety bond shall be filed in the office of the director
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(2) The amounts contributed to the expense fund of the Oregon nonstock bank by the incorporators is not a liability of the Oregon nonstock bank except as provided in ORS 716.800. [Amended by 1973 c.797 §353; 1991 c.331 §117; 1997 c.631 §337]
ORS 716.080 Issuance of charter. (1) The Director of the Department of Consumer and Business Services shall examine the condition of an Oregon nonstock bank when the Oregon nonstock bank files with or submits to the director
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(a) A copy of its articles of incorporation, as required by ORS 716.040; (b) A list of incorporators, showing name, address, sums paid into the guaranty and expense fund, sworn to by the president or cashier; (c) The sworn statement of an officer that all requirements of law have…
ORS 716.085 [1985 c.786 §52; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.090 [Amended by 1973 c.797 §355; 1975 c.544 §44a; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.100 Effect of failure to complete organization; liabilities. (1) If an Oregon savings bank fails to complete its organization and receive from the Director of the Department of Consumer and Business Services a charter within one year after the date of filing its articles of incorporation, the Oregon savings bank shall cease to exist and the articles of incorporation are void
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(2) All persons purporting to act as or on behalf of an Oregon savings bank, knowing there was no incorporation, are jointly and severally liable for all liabilities created while so acting. [Amended by 1973 c.797 §356; 1997 c.631 §339]
ORS 716.110 [Amended by 1959 c.185 §14; 1973 c.797 §357; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.120 Conditions precedent to transaction of business. An Oregon savings bank shall not transact any business, except as incidental or necessary to its organization, until
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(1) It has received its charter from the Director of the Department of Consumer and Business Services; and (2) The director is satisfied that either: (a) In the case of an Oregon stock savings bank, the incorporators have obtained paid subscriptions in at least the amount of the …
ORS 716.130 [Repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.135 Amendment of articles of incorporation. (1) An Oregon nonstock bank may amend its articles of incorporation, from time to time, in any and as many respects as may be desired, so long as its articles of incorporation as amended contain only such provisions as might be lawfully contained in original articles of incorporation at the time of making such amendment
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(2) In particular, and without limitation upon such general power of amendment, an Oregon nonstock bank may amend its articles of incorporation, from time to time, so as: (a) To change its corporate name. (b) To change its period of duration. (c) To change, enlarge or diminish it…
ORS 716.140 Resolution for amending articles. The articles of incorporation of an Oregon nonstock bank may be amended by a resolution adopted by a majority of the directors of the Oregon nonstock bank. Any number of amendments may be submitted to the directors and voted upon by them at one meeting. [1979 c.88 §19; 1997 c.631 §342]
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[Repealed or reserved.]
ORS 716.145 Form and content of articles of amendment. The articles of amendment shall be executed in duplicate by the Oregon nonstock bank by its president or a vice president and by its cashier, its secretary or an assistant secretary, and shall set forth
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(1) The name of the Oregon nonstock bank. (2) If the amendment alters or changes any provision of the original or amended articles of incorporation, an identification by reference or description of the affected provision and a statement of its text as it is amended to read. If th…
ORS 716.150 [1979 c.88 §21; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.155 [1979 c.88 §22; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.160 Restated articles of incorporation; procedure; contents. (1) An Oregon nonstock bank may by action taken in the same manner as required for amendment of its articles of incorporation adopt restated articles of incorporation. The restated articles of incorporation may contain any changes in the articles of incorporation that could be made by amendment regularly adopted. Adoption of restated articles of incorporation containing any such changes shall have the effect of amending the existing articles of incorporation to conform to the restated articles of incorporation. Restated articles of incorporation shall contain a statement that they supersede the theretofore existing articles of incorporation and amendments thereto
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(2) Restated articles of incorporation shall contain all the statements required by this chapter to be included in original articles of incorporation except that no statement shall be made with respect to the number, names and addresses of directors constituting the initial board…
ORS 716.180 Bylaws. The initial bylaws of an Oregon savings bank shall be adopted by its board of directors. The power to alter, amend or repeal the bylaws or adopt new bylaws shall be vested in the board of directors unless, in the case of an Oregon stock savings bank, such power is reserved to the stockholders by the articles of incorporation or bylaws. The bylaws may contain any provisions for the regulation and management of the affairs of the Oregon savings bank as are not inconsistent with law or the articles of incorporation. [1997 c.631 §364]
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[Repealed or reserved.]
ORS 716.185 Registered agent; registered office. (1) Each Oregon savings bank shall continuously maintain in this state a registered agent and registered office that may be, but need not be, the same as any of its places of business
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(2) A registered agent shall be: (a) An individual who resides in this state and whose business office is identical to the registered office; (b) A domestic corporation, domestic limited liability company, domestic professional corporation or domestic nonprofit corporation whose …
ORS 716.187 Changes in registered office or agent. (1) An Oregon savings bank may change its registered office or registered agent by delivering to the Director of the Department of Consumer and Business Services for filing a statement of change that sets forth
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(a) The name of the Oregon savings bank; (b) If the registered office is to be changed, the address, including street and number, of the new registered office; (c) If the registered agent is to be changed, the name of the new registered agent and that the new agent has consented …
ORS 716.190 Resignation of registered agent; discontinuance of registered office. (1) A registered agent may resign as agent upon delivering a signed statement to the Director of the Department of Consumer and Business Services and giving notice in the form of a copy of the statement to the Oregon savings bank. The statement may include a statement that the registered office is also discontinued
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(2) Upon delivery of the signed statement, the director shall file the resignation statement. The copy of the statement given to the Oregon savings bank under subsection (1) of this section shall be addressed to the Oregon savings bank at its mailing address or principal office a…
ORS 716.195 Service of process on Oregon savings bank. (1) The registered agent appointed by an Oregon savings bank shall be an agent of the Oregon savings bank upon whom any process, notice or demand required or permitted by law to be served upon the Oregon savings bank may be served
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(2) The Director of the Department of Consumer and Business Services shall be an agent of an Oregon savings bank, including a dissolved Oregon savings bank, upon whom any such process, notice or demand may be served whenever the Oregon savings bank fails to appoint or maintain a …
ORS 716.205 Salaries of certain directors. (1) Subject to the written approval of the Director of the Department of Consumer and Business Services, the board of directors of a savings bank may fix the fee to be paid directors who are not acting as officers or employees of the savings bank
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(2) An attorney for a savings bank, although a director thereof, may receive a reasonable compensation for professional services. [1973 c.797 §359]
ORS 716.210 Number and qualifications of directors. (1) The board of directors of an Oregon savings bank shall manage and control the affairs of the Oregon savings bank. The board shall consist of not fewer than five members
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(2) A person shall not be a director of an Oregon savings bank if the person: (a) Has been adjudicated a bankrupt, taken the benefit of any insolvency law or made a general assignment for the benefit of creditors within the 10 years immediately prior to the person’s election as a…
ORS 716.220 [Repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.230 [Repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.240 [Repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.250 [Repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.260 [Amended by 1957 c.169 §1; 1969 c.211 §1; repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.270 [Amended by 1973 c.797 §361; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.280 [Amended by 1973 c.797 §362; 1983 c.37 §27; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.285 [1975 c.544 §51; 1979 c.88 §26; 1985 c.786 §48; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.290 [Amended by 1973 c.797 §363; 1981 c.192 §25; 1985 c.786 §49; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.295 [1977 c.135 §32; 1985 c.786 §50; repealed by 1997 c.631 §567]
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[Repealed or reserved.]
ORS 716.300 [Repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.310 [Repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.320 Removal of director; vacation of director’s office. (1) A board member of an Oregon nonstock bank may be removed from office by the affirmative vote of three-fourths of the directors at any regular meeting of the board if
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(a) The board member’s conduct is of such character as to be injurious to the Oregon nonstock bank; (b) A written copy of the charges made against the board member has been served upon the board member personally, and upon the Director of the Department of Consumer and Business S…
ORS 716.330 [Amended by 1973 c.797 §365; repealed by 1997 c.631 §567]
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INVESTMENTS AND LOANS
ORS 716.410 Limitations on investments. A savings bank may invest its assets only as provided by ORS 716.420 to 716.590. [Amended by 1973 c.797 §366; 1979 c.88 §27]
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[Repealed or reserved.]
ORS 716.420 Permitted investments. An Oregon savings bank may invest the funds mentioned in ORS 716.410
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(1) In the obligations specified in ORS 708A.115 (1), without limitation. (2) Subject to a limitation of five percent of the assets of the Oregon savings bank, in the obligations specified in ORS 708A.115 (2). (3) In shares of any mutual fund or unit trust, the assets of which ar…
ORS 716.430 [Repealed by 1959 c.185 §15]
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[Repealed or reserved.]