716.010 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
Oregon Revised Statutes
Chapter 716 — Savings Banks
138 sections716.020 [Amended by 1973 c.797 §344; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.024 Provisions of Bank Act applicable to Oregon savings banks and Oregon stock savings banks
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, …
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,…
716.029 [1985 c.762 §48; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.030 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
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.
716.036 [1973 c.797 §348; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.040 Articles of incorporation; contents
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 sa…
716.050 Approval of articles; certificate of incorporation; filing
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: Indorse on each of the duplicate originals the word “Filed,” and the month, day and year of the filing. File one of th…
716.055 Creation of guaranty and expense funds
Before an Oregon nonstock bank may conduct its business, its incorporators shall create: A guaranty fund, as provided in ORS 716.060, for the protection of its depositors against loss on its investments, and An expense fund, as provided in ORS 716.070, to pay the expense of organizing the Oregon nonstock bank and the operating expenses.
716.060 Maintenance of guaranty fund or liquidation account
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. 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 …
716.070 Expense fund
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…
716.080 Issuance of charter
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: A copy of its articles of incorporation, as required by ORS 716.040; A list of incorporators, showing name, address, sums paid into the guaranty and expense fund, sworn …
716.085 [1985 c.786 §52; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.090 [Amended by 1973 c.797 §355; 1975 c.544 §44a; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.100 Effect of failure to complete organization; liabilities
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. All persons purporting to act as or on behalf…
716.110 [Amended by 1959 c.185 §14; 1973 c.797 §357; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
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: It has received its charter from the Director of the Department of Consumer and Business Services; and The director is satisfied that either: In the case of an Oregon stock savings bank, the incorporators have obtained paid subscriptions i…
716.130 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.135 Amendment of articles of incorporation
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. In particular, and without limitation up…
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.
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: The name of the Oregon nonstock bank. If the amendment alters or changes any provision of the original or amended articles of incorporation, an identifica…
716.150 [1979 c.88 §21; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.155 [1979 c.88 §22; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.160 Restated articles of incorporation; procedure; contents
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 co…
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…
716.185 Registered agent; registered office
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. A registered agent shall be: An individual who resides in this state and whose business office is identical to the registered office; A domestic corporation, domestic limited l…
716.187 Changes in registered office or agent
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: The name of the Oregon savings bank; If the registered office is to be changed, the address, including street and number, of the new registered office…
716.190 Resignation of registered agent; discontinuance of registered office
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. Upon delivery of the signed statement, the di…
716.195 Service of process on Oregon savings bank
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. The Director of the Department of Consumer and Business Services shall be an agent of an Oregon savings bank, including a dissolved…
716.205 Salaries of certain directors
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. An attorney for a savings bank, although a director thereof, may receive a reasonable compensation for professional…
716.210 Number and qualifications of directors
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. A person shall not be a director of an Oregon savings bank if the person: Has been adjudicated a bankrupt, taken the benefit of any insolvency law or made a general assignment for the bene…
716.220 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.230 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.240 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.250 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.260 [Amended by 1957 c.169 §1; 1969 c.211 §1; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.270 [Amended by 1973 c.797 §361; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.280 [Amended by 1973 c.797 §362; 1983 c.37 §27; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.285 [1975 c.544 §51; 1979 c.88 §26; 1985 c.786 §48; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.290 [Amended by 1973 c.797 §363; 1981 c.192 §25; 1985 c.786 §49; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.295 [1977 c.135 §32; 1985 c.786 §50; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.300 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.310 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.320 Removal of director; vacation of director’s office
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: The board member’s conduct is of such character as to be injurious to the Oregon nonstock bank; A written copy of the charges made against the board member has been served upon the board memb…
716.330 [Amended by 1973 c.797 §365; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.410 Limitations on investments
A savings bank may invest its assets only as provided by ORS 716.420 to 716.590.
716.420 Permitted investments
An Oregon savings bank may invest the funds mentioned in ORS 716.410: In the obligations specified in ORS 708A.115 (1), without limitation. Subject to a limitation of five percent of the assets of the Oregon savings bank, in the obligations specified in ORS 708A.115 (2). In shares of any mutual fund or unit trust, the assets of which are invested solely i…
716.430 [Repealed by 1959 c.185 §15]repealed
No operative statutory text appears at this designation in the selected edition.
716.440 [Repealed by 1959 c.185 §10 (716.441 enacted in lieu of 716.440)]repealed
No operative statutory text appears at this designation in the selected edition.
716.441 Investments in equipment trust certificates
A savings bank may invest the funds mentioned in ORS 716.410 in equipment trust certificates that are, at the time of purchase, rated in one of the three highest grades by a recognized investment service organization that has been engaged regularly and continuously for a period of not less than 10 years in rating bonds. Not more than 15 percent of the asset…
716.450 Investments in certain obligations
An Oregon savings bank may invest the funds mentioned in ORS 716.410: In the notes of any person, with a pledge as collateral of securities or personal property which are eligible for investment under ORS 716.410 to 716.590 and have an actual cash market value at least 25 percent greater than the amount of the loan. In the obligations of any person secured…
716.460 Investments in demand notes secured by deposit accounts
A savings bank may invest the funds mentioned in ORS 716.410 in promissory notes made payable on demand to the order of the savings bank, secured by the pledge and assignment of a time or savings account or any other kind of deposit account, including but not limited to an automatic savings to checking transfer account or a negotiable order of withdrawal acc…
716.470 [Amended by 1959 c.185 §13; 1961 c.277 §1; 1965 c.215 §1; 1967 c.198 §1; 1969 c.211 §3; 1971 c.219 §4; 1973 c.797 §371; renumbered 716.552]renumbered
No operative statutory text appears at this designation in the selected edition.
716.480 [Amended by 1973 c.797 §373; renumbered 716.578]renumbered
No operative statutory text appears at this designation in the selected edition.
716.490 [Amended by 1973 c.797 §374; renumbered 716.582]renumbered
No operative statutory text appears at this designation in the selected edition.
716.500 [Amended by 1973 c.797 §375; renumbered 716.584]renumbered
No operative statutory text appears at this designation in the selected edition.
716.510 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.520 Investments in bankers’ acceptances, bills of exchange, savings or time accounts; limits
A savings bank may invest the funds mentioned in ORS 716.410 in: Bankers’ acceptances and bills of exchange of the kind and maturities made eligible by law for rediscount with Federal Reserve Banks, if they are accepted by an institution or a national bank. Bills of exchange drawn by the seller on the purchaser of goods and accepted by the purchaser, if th…
716.530 Investments in corporate bonds, notes and debentures
A savings bank may invest the funds mentioned in ORS 716.410 in the bonds, notes and debentures of any corporation incorporated under the laws of and operating in any state of the United States, which are rated at the time of purchase under authority of this section in one of the four highest grades by a recognized service organization that has been regularl…
716.535 Investments in common stock of federally chartered corporation providing secondary mortgage sale markets and Federal Home Loan Bank
A savings bank may invest the funds mentioned in ORS 716.410 in the common stock of: Any federally chartered corporation that is chartered for the purpose of providing secondary markets for the sale of mortgages by savings banks. The Federal Home Loan Bank.
716.540 Investments in obligations of reconstruction and development banks
A savings bank may invest not more than five percent of its assets in each of the following categories of investments: In obligations issued or guaranteed by the International Bank for Reconstruction and Development. In obligations issued or guaranteed by the Inter-American Development Bank. In obligations issued or guaranteed by the Asian Development Ban…
716.542 [1963 c.408 §1; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.543 [1973 c.638 §2; repealed by 1975 c.544 §62]repealed
No operative statutory text appears at this designation in the selected edition.
716.545 Investments in bonds of Dominion of Canada
A savings bank may invest the funds mentioned in ORS 716.410 in bonds issued by the Dominion of Canada for which the faith of the Dominion of Canada is pledged, or bonds issued or guaranteed by a province of the Dominion of Canada. Such investments may be made only if: The interest and principal of such bonds is payable in the United States, or with exchang…
716.550 [1959 c.185 §4; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.552 Investments in notes or bonds secured by real estate mortgages or trust deeds
A savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds, secured by first or junior mortgages or deeds of trust upon real estate.
716.554 Participation in investments in notes or bonds secured by real estate mortgages or trust deeds
In participation with other mortgagees, a savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds secured by mortgage or deed of trust upon real estate. An agreement setting forth the manner in which the participating mortgagees shall administer the mortgage and acquired real estate, if any, shall be executed on behalf of each of the mo…
716.555 [1959 c.185 §5; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.556 Investment in loans secured by pledged notes or bonds
A savings bank may invest in loans secured by pledge of the notes or bonds specified in ORS 716.552, if the notes or bonds pledged as collateral are at least 25 percent more than the loans which they secure.
716.558 Investment in notes or bonds secured by mortgages or trust deeds on real property leases
A savings bank may invest the funds mentioned in ORS 716.410, in notes or bonds secured by mortgage or deed of trust upon leasehold estates in real property, if the lease is binding upon the owners of the fee title to the leased premises, in full force and free from default.
716.560 [1959 c.185 §6; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.562 Investment in notes or bonds secured by mortgages or trust deeds to finance building construction and improvement
A savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds secured by a mortgage, deed of trust or similar instrument to finance the construction of buildings and improvements appurtenant thereto, if before making the investment, the savings bank requires sufficient guarantee from the contractor, builder or owner for the completion of the…
716.564 Investment in notes or bonds secured by mortgages or trust deeds to finance real estate development
A savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds secured by a mortgage, deed of trust or other instrument for the purpose of financing the acquisition and development of land for primarily commercial, industrial or residential usage. A loan may be made on real estate which is to be improved with the developments to be paid for f…
716.565 [1959 c.185 §7; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.566 Documents to be furnished by borrower in real estate loans
In loans upon real property, the borrower shall furnish the savings bank with: A note or bond secured by a mortgage or deed of trust on the real estate upon which the loan is made; and A policy of title insurance issued by a reliable title insurance company authorized to insure titles within the state in which the property is situated.
716.568 Requirement of insurance for loan secured by mortgage, trust deed or other instrument on real estate
If a loan is secured by mortgage, deed of trust or other similar instrument on real estate, the mortgage, deed of trust or other instrument shall contain provisions requiring the maintenance of insurance on the buildings on the premises to the reasonable amount as stipulated in the mortgage, deed of trust or other instrument. The policy shall be payable, in …
716.570 [1959 c.185 §8; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.572 Mortgage loan applications; conditions for granting loan; manner of holding mortgages and trust deeds
An application for a mortgage loan or renewal or extension of a mortgage loan shall be written and show the date, name of the applicant, amount of loan requested and the security offered. A mortgage loan shall be granted only upon the written report of at least two members of the board of investment of the savings bank certifying on the application, accordi…
716.574 Purchase of real estate sale contract as loan; authority to acquire contracts
The purchase of a bona fide contract covering a sale of real estate is a loan on real estate within the meaning of ORS 716.552 to 716.574. A savings bank may acquire contracts covering a sale of real estate if all other requirements of ORS 716.552 to 716.574 are satisfied.
716.575 [1959 c.185 §9; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.576 [1973 c.797 §372; 1979 c.88 §29; 1981 c.192 §30; repealed by 1985 c.554 §13]repealed
No operative statutory text appears at this designation in the selected edition.
716.578 Purchase of notes secured by real estate from third persons
A savings bank may take and hold by purchase and assignment from third persons notes, bonds, mortgages and deeds of trust eligible for investment under ORS 716.552 to 716.574.
716.582 [Formerly 716.490; repealed by 1985 c.554 §13]repealed
No operative statutory text appears at this designation in the selected edition.
716.584 Limitations on single loans on real estate; exceptions
If deposits are less than $1 million, a single loan on real estate shall not exceed $10,000. When deposits exceed $1 million but are less than $2 million, a single loan on real estate shall not exceed two and one-half percent of the deposits. When deposits exceed $2 million, a single loan on real estate shall not exceed two percent of the savings bank’s depo…
716.586 Credit card transactions
A savings bank may issue and honor credit cards for the purpose of making loans to one or more persons. The loans shall be made by the means determined by the board of investment of the savings bank including, but not limited to, the means of paying to or for the account of a party the amount of a sales slip, voucher or other evidence of a transaction in whi…
716.588 Investments in certain corporate capital stocks; conditions; restrictions on corporate indebtedness
A savings bank may invest the funds mentioned in ORS 716.410 in the capital stock of a corporation organized under the laws of this state if: All of the capital stock of the corporation is owned by one or more savings banks organized under the laws of this state; The activities of the corporation are performed directly or through one or more wholly owned s…
716.590 Miscellaneous investments; conditions
A savings bank may invest the funds mentioned in ORS 716.410 in investments which do not qualify under any of the provisions of ORS 716.420 to 716.590, however an investment shall not be made under this section: If the amount of the investment exceeds one percent of the assets of the savings bank or 10 percent of the total amount of its guaranty fund, undiv…
716.592 Pledging assets to secure public funds
A savings bank may pledge its assets to secure public funds as provided under ORS chapter 295. For the purposes of this section, “public funds” has the meaning given that term in ORS 295.001.
716.594 Authority of Oregon savings bank to acquire corporation licensed as insurance producer; rules
An Oregon savings bank may acquire and hold all or part of the stock of a corporation that is or may thereafter be licensed as an insurance producer as required by ORS 744.053 to transact one or more of the classes of insurance described in ORS 744.062, subject to the following requirements: The acquisition and holding of such stock shall be subject to the …
716.600 Relationship to powers of federal savings banks
Notwithstanding any provision contained in ORS chapters 706 to 715, except as limited by articles of incorporation of an Oregon savings bank: Oregon savings banks are authorized to engage in those activities in which federal savings banks may engage and may acquire and retain those investments that federal savings banks may acquire and retain, subject to th…
716.610 General powers; licensing as insurance producer; rules
A savings bank, subject to the restrictions and limitations contained in this chapter, may: Receive time deposits and demand deposits of money without restriction. Offer time and savings accounts and other kinds of deposit accounts, including but not limited to automatic savings to checking transfer accounts and negotiable order of withdrawal accounts, to …
716.616 [1973 c.797 §380a; repealed by 1975 c.291 §1]repealed
No operative statutory text appears at this designation in the selected edition.
716.620 [Amended by 1969 c.211 §6; 1971 c.219 §7; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.622 [1973 c.797 §380b; repealed by 1981 c.192 §46]repealed
No operative statutory text appears at this designation in the selected edition.
716.626 Certificates indicating contribution to guaranty or expense funds
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. The certificate shall show that it does not constitute a liability of the Oregon nonstock bank, except as provided in ORS 716.800. A certificate shall not be transferred by…
716.630 Real estate held for use as place of business
The cost of the land and buildings to be used by an Oregon nonstock bank for the transaction of its business shall not exceed: 50 percent of the guaranty fund and undivided profits account of the Oregon nonstock bank; or 50 percent of the capital, as defined in ORS 708A.290, of the Oregon stock savings bank. The Director of the Department of Consumer and …
716.640 [Amended by 1957 c.161 §3; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.645 [1957 c.161 §2; 1973 c.797 §383; 1975 c.193 §12; 1977 c.135 §59; 1995 c.79 §355; 1995 c.313 §2; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.650 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.660 [Amended by 1961 c.57 §2; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.670 [Amended by 1973 c.797 §384; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
716.680 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.690 [Repealed by 1957 c.168 §2]repealed
No operative statutory text appears at this designation in the selected edition.
716.695 [1957 c.168 §1; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.700 [Repealed by 1957 c.168 §2]repealed
No operative statutory text appears at this designation in the selected edition.
716.710 [Amended by 1971 c.219 §9; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.720 [Amended by 1961 c.96 §2; 1971 c.219 §10; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.730 [Amended by 1969 c.193 §2; repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.740 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.750 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
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]repealed
No operative statutory text appears at this designation in the selected edition.
716.770 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.780 Crediting portion of net earnings to guaranty fund
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 com…
716.790 Computation of guaranty fund
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: Securities, other evidences of indebtedness and other interest-bearing obligations shall be…
716.800 Repayment of contributions made to expense fund and guaranty fund
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 f…
716.805 Determining earnings
Earnings of a savings bank shall be calculated on an accrual basis according to generally accepted accounting principles.
716.810 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.820 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.830 Payment of dividends; classification of depositors; certificates of deposit; notice of change of rate
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: To the guaranty fund any amount considered by the directors to…
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 j…
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.
716.855 [1975 c.544 §52; 1997 c.631 §359; renumbered 716.991 in 2001]renumbered
No operative statutory text appears at this designation in the selected edition.
716.860 [Amended by 1973 c.797 §393; repealed by 1975 c.544 §62]repealed
No operative statutory text appears at this designation in the selected edition.
716.870 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.880 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.890 [Repealed by 1973 c.797 §428]repealed
No operative statutory text appears at this designation in the selected edition.
716.900 Voluntary dissolution of Oregon nonstock banks; priority of payment
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, p…
716.905 Notice of intention to close; disposition of unclaimed deposits
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. All deposits and amounts reserved for creditors that remain unclaimed after six months from the date of the written notice required under subsection (1) of th…
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 Dep…
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.
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]repealed
No operative statutory text appears at this designation in the selected edition.
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]repealed
No operative statutory text appears at this designation in the selected edition.
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]repealed
No operative statutory text appears at this designation in the selected edition.
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]repealed
No operative statutory text appears at this designation in the selected edition.
716.990 [Amended by 1973 c.797 §401; 1985 c.762 §50; repealed by 1997 c.631 §567]repealed
No operative statutory text appears at this designation in the selected edition.
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. _______________