§ 707.200 — Payments by subscribers of full amount of stock subscriptions; escrow

Oregon § 707.200

• Jurisdiction: Oregon
• Vol.: 18
• Title 53: Financial Institutions
• Ch. 707: Organization to Conduct Banking Business; Stockholders, Directors and

Text

Before a charter for a newly organized institution or Oregon stock savings bank is issued, the subscribers to the stock of the institution or Oregon stock savings bank shall pay in the full amount of the subscribers’ stock subscriptions, which must total an aggregate amount that is not less than the initial paid-in capital that the Director of the Department of Consumer and Business Services approved. The subscribers shall pay the amount by deposit with an escrow agent that is acceptable to the director for release upon the issuance of a charter. The subscribers shall pay in cash or by exchange of real property and improvements on real property. The director must approve the real property and improvements as provided in ORS 707.050, but in the absence of fraud in the transaction, the judgment of the board of directors as to the adequacy of the real property and improvements as consideration for the stock being purchased is conclusive. An institution or Oregon stock savings bank may not issue any share of stock until the charter for the institution or Oregon stock savings bank has been issued.

Legislative History

Amended by 1973 c.797 §66; 1983 c.296 §2; 1985 c.786 §26; 1987 c.216 §3; 1997 c.631 §54; 2015 c.244 §21