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Oregon Revised Statutes Financial Institutions § 716.040

Current as of January 01, 2023 | Updated by Findlaw Staff

(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.

(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 and number, and mailing address, if different, of its initial registered office and the name of its initial registered agent at that 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 guaranty fund 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 not less than five persons, at least three of whom shall be incorporators, who shall serve until their successors are regularly elected and qualified.

(3) The articles of incorporation also may contain any lawful provisions for the regulation of the business, for the conduct of the affairs of the Oregon nonstock bank, defining and regulating the powers of the directors or eliminating or limiting the personal liability of directors to the extent permitted under ORS 707.110 (5)(c).

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Cite this article: FindLaw.com - Oregon Revised Statutes Financial Institutions § 716.040 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-53-financial-institutions/or-rev-st-sect-716-040/

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