Chapter 716 — Chapter 716

ORS 716.650 [Repealed by 1973 c.797 §428]

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ORS 716.660 [Amended by 1961 c.57 §2; repealed by 1973 c.797 §428]

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ORS 716.670 [Amended by 1973 c.797 §384; repealed by 1997 c.631 §567]

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ORS 716.680 [Repealed by 1973 c.797 §428]

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ORS 716.690 [Repealed by 1957 c.168 §2]

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ORS 716.695 [1957 c.168 §1; repealed by 1973 c.797 §428]

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ORS 716.700 [Repealed by 1957 c.168 §2]

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ORS 716.710 [Amended by 1971 c.219 §9; repealed by 1973 c.797 §428]

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ORS 716.720 [Amended by 1961 c.96 §2; 1971 c.219 §10; repealed by 1973 c.797 §428]

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ORS 716.730 [Amended by 1969 c.193 §2; repealed by 1973 c.797 §428]

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ORS 716.740 [Repealed by 1973 c.797 §428]

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ORS 716.750 [Repealed by 1973 c.797 §428]

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ORS 716.760 [Amended by 1953 c.86 §2; 1965 c.214 §1; 1973 c.797 §385; 1975 c.544 §47a; 1981 c.7 §3; repealed by 1997 c.631 §567]

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ORS 716.770 [Repealed by 1973 c.797 §428]

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ORS 716.780 Crediting portion of net earnings to guaranty fund. (1) If at the close of any dividend period the guaranty fund of an Oregon nonstock bank is impaired or is less than 10 percent of the amount due to depositors, a sum not less than five percent of the net earnings for the period shall be deducted from the net earnings and credited to its guaranty fund, after declaration of dividends, if the deduction will not compel the Oregon nonstock bank to reduce its dividends to depositors below the rate of one percent per annum

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ORS 716.790 Computation of guaranty fund. (1) To determine the amount of a guaranty fund of an Oregon nonstock bank, the total liabilities due and accrued, undivided profits and net earnings since the last declaration of dividends shall be subtracted from the total assets. In determining the value of the assets

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ORS 716.800 Repayment of contributions made to expense fund and guaranty fund. (1) Contributions made by the incorporators or directors to the expense fund may be repaid pro rata to the contributors from that portion of the guaranty fund created from earnings if the payments will not reduce the guaranty fund below 10 percent of the total amount due depositors. If the Oregon nonstock bank liquidates before the contributions to the expense fund have been repaid, any contributions to the expense fund remaining after the payment of the expenses of liquidation and the payment to depositors in full may be repaid to the contributors pro rata

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ORS 716.805 Determining earnings. Earnings of a savings bank shall be calculated on an accrual basis according to generally accepted accounting principles. [1973 c.797 §389]

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ORS 716.810 [Repealed by 1973 c.797 §428]

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ORS 716.820 [Repealed by 1973 c.797 §428]

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ORS 716.830 Payment of dividends; classification of depositors; certificates of deposit; notice of change of rate. (1) Every Oregon nonstock bank shall regulate the rate of dividends upon the amounts to the credit of its time depositors so that time depositors receive dividends on their deposits in accordance with the terms of their respective deposit agreements with the Oregon nonstock bank, after transferring

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ORS 716.840 Liability of directors voting improper dividend. If any dividend is declared and credited in excess of profits earned together with surplus and undivided profits since the last declaration of dividends and appearing to the credit of the Oregon nonstock bank, after making the deduction for expenses and the guaranty fund as provided in ORS 716.780 and 716.830, the directors voting for the dividend shall be jointly and severally liable to the Oregon nonstock bank for the amount of the excess so declared and credited. [Amended by 1973 c.797 §391; 1975 c.544 §49a; 1997 c.631 §357]

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ORS 716.850 False advertising of surplus or guaranty fund prohibited. An Oregon nonstock bank shall not use any sign or notice or publish or circulate any advertisement in which the surplus or guaranty fund is stated in excess of its value, as determined under this chapter, unless the nature of the excess clearly appears. [Amended by 1973 c.797 §392; 1997 c.631 §358]

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ORS 716.855 [1975 c.544 §52; 1997 c.631 §359; renumbered 716.991 in 2001]

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ORS 716.860 [Amended by 1973 c.797 §393; repealed by 1975 c.544 §62]

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ORS 716.870 [Repealed by 1973 c.797 §428]

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ORS 716.880 [Repealed by 1973 c.797 §428]

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ORS 716.890 [Repealed by 1973 c.797 §428]

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ORS 716.900 Voluntary dissolution of Oregon nonstock banks; priority of payment. (1) Subject to the written approval of the Director of the Department of Consumer and Business Services and if necessary or expedient, the board of directors of an Oregon nonstock bank may adopt, by resolution passed by the affirmative vote of two-thirds of the directors, at a meeting called for that purpose, a plan to close the business, liquidate the assets, pay money due first to depositors, including those depositors whose deposits are uninsured, second to holders of consumer repurchase agreements, third to holders of capital notes, and then to other creditors, distribute the remaining assets, if any, as provided by this chapter and the plan of liquidation and surrender the corporate charter. The plan shall provide that any assets remaining after payment of depositors, holders of consumer repurchase agreements, capital noteholders and other creditors, and payment of the costs of liquidation and dissolution, shall be distributed to the time depositors and to other persons entitled thereto according to their several interests as determined by this chapter and the plan of liquidation. Each depositor shall receive a share of the remaining assets based on an apportionment as provided by the plan of dissolution approved by the director

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ORS 716.905 Notice of intention to close; disposition of unclaimed deposits. (1) Upon approval of a plan under ORS 716.900, the directors shall mail written notice of their intention to close the Oregon nonstock bank to the last-known address of all depositors and other creditors

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ORS 716.910 Report to director; termination of existence. After the directors of an Oregon nonstock bank have filed their report and deposited the unclaimed funds with the State Treasurer as required under ORS 716.905, the directors shall report their proceedings to the Director of the Department of Consumer and Business Services. Upon filing the report and the petition of the directors with the Director of the Department of Consumer and Business Services, the director shall order the charter surrendered, the directors discharged from liability accruing after the order, and the existence of the Oregon nonstock bank terminated. [Amended by 1973 c.797 §396; 1997 c.631 §362; 2019 c.678 §76]

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ORS 716.915 Voluntary liquidation. An Oregon stock savings bank may go into voluntary liquidation in accordance with the procedures and subject to the provisions set forth for institutions in ORS 711.215 to 711.250. [1997 c.631 §365]

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ORS 716.920 [1955 c.690 §3; 1971 c.219 §12; 1973 c.797 §397; 1977 c.135 §60; 1983 c.37 §32; 1983 c.367 §5; 1985 c.12 §14; 1985 c.762 §49; 1987 c.197 §10; 1987 c.445 §8; 1989 c.324 §74; repealed by 1997 c.631 §567]

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ORS 716.925 [1973 c.797 §398; 1977 c.135 §61; 1981 c.192 §34; 1983 c.37 §33; 1987 c.445 §9; repealed by 1997 c.631 §567]

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ORS 716.930 [1973 c.797 §399; 1977 c.135 §62; 1981 c.192 §35; 1983 c.37 §34; 1987 c.445 §10; repealed by 1997 c.631 §567]

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ORS 716.935 [1973 c.797 §400; 1977 c.135 §63; 1979 c.88 §31; 1981 c.192 §36; 1983 c.37 §35; repealed by 1997 c.631 §567]

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ORS 716.990 [Amended by 1973 c.797 §401; 1985 c.762 §50; repealed by 1997 c.631 §567]

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ORS 716.991 Civil penalties. Any person who violates ORS 716.850 shall forfeit and pay to the State Treasurer to be deposited in the Consumer and Business Services Fund a civil penalty in an amount determined by the Director of the Department of Consumer and Business Services of not more than $2,500. The civil penalty may be recovered as provided in ORS 706.980. [Formerly 716.855]

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