Title 53, Financial Institutions

(1) Notwithstanding any provision contained in ORS chapters 706 to 715, except as limited by articles of incorporation of an Oregon savings bank: (a) Oregon savings banks are authorized to engage in those activities in which federal savings banks may engage and may acquire and re…

A savings bank, subject to the restrictions and limitations contained in this chapter, may: (1) Receive time deposits and demand deposits of money without restriction. (2) Offer time and savings accounts and other kinds of deposit accounts, including but not limited to automatic …

(1) An Oregon nonstock bank may issue transferable certificates showing the amounts contributed by any incorporator or director to the guaranty or expense funds of the Oregon nonstock bank. (2) The certificate shall show that it does not constitute a liability of the Oregon nonst…

(1) The cost of the land and buildings to be used by an Oregon nonstock bank for the transaction of its business shall not exceed: (a) 50 percent of the guaranty fund and undivided profits account of the Oregon nonstock bank; or (b) 50 percent of the capital, as defined in ORS 70…

(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…

(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: (a) Secu…

(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 deposito…

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

(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,…

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 provi…

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 §39…

(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 me…

(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. (2) All deposits and amounts reserved for creditors that remain unclaimed a…

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 …

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]

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 civ…