§ 711.090 — Conversion of Oregon bank or Oregon trust company to corporation or limited liability company

Oregon § 711.090

• Jurisdiction: Oregon
• Vol.: 18
• Title 53: Financial Institutions
• Ch. 711: Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency

Text

(1) An Oregon bank or Oregon trust company organized as a corporation under ORS chapter 707 or 709 may be converted to a limited liability company. An Oregon bank or Oregon trust company organized as a limited liability company may be converted to a corporation. The conversion shall be accomplished by the approval of a plan of conversion under ORS 711.095 and the filing of articles of conversion under ORS 711.100.
(2) The plan of conversion shall set forth:
(a) The name of the Oregon bank or Oregon trust company prior to the conversion;
(b) The name of the Oregon bank or Oregon trust company after the conversion;
(c) A summary of the material terms and conditions of the conversion;
(d) The manner and basis of converting the ownership interests of each owner into the ownership interests or obligations of the converted Oregon bank or Oregon trust company, or into cash or other property, in whole or in part; and
(e) Any additional information required by the Director of the Department of Consumer and Business Services.
(3) The plan of conversion may set forth other provisions relating to the conversion.

Legislative History

2005 c.134 §6