Oregon § 707.665 General standards for officers

Oregon Statutes

§ 707.665 — General standards for officers

Oregon § 707.665

Vol.18

Title 53Financial Institutions

Ch. 707Organization to Conduct Banking Business; Stockholders, Directors and

This text of Oregon § 707.665 (General standards for officers) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 707.665 (2026).

Text

(1)An officer with discretionary authority shall discharge the duties of an officer under that authority:

(a)In good faith;

(b)With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and

(c)In a manner the officer reasonably believes is in the best interests of the institution or Oregon stock savings bank.

(2)In discharging the duties of an officer, an officer may rely on information, opinions, reports or statements, including financial statements and other financial data, that are prepared or presented by:

(a)One or more officers or employees of the institution or Oregon stock savings bank whom the officer reasonably believes are reliable and competent in the matters presented; or

(b)Legal counsel, public accountants or other person

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(1) An officer with discretionary authority shall discharge the duties of an officer under that authority:
(a) In good faith;
(b) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and
(c) In a manner the officer reasonably believes is in the best interests of the institution or Oregon stock savings bank.
(2) In discharging the duties of an officer, an officer may rely on information, opinions, reports or statements, including financial statements and other financial data, that are prepared or presented by:
(a) One or more officers or employees of the institution or Oregon stock savings bank whom the officer reasonably believes are reliable and competent in the matters presented; or
(b) Legal counsel, public accountants or other persons as to matters the officer reasonably believes are within the person’s professional or expert competence.
(3) An officer is not acting in good faith if the officer has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection (2) of this section unwarranted.