§ 711.135 — Action by director on plan of merger or share exchange involving Oregon stock bank; appeal

Oregon § 711.135

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

Text

(1) Within 90 days after the Director of the Department of Consumer and Business Services receives the materials and fee specified in ORS 711.130, unless the director extends the time in concurrence with the applicants, the director shall approve or disapprove a plan of merger or plan of share exchange. The director shall approve the plan of merger or plan of share exchange if the director finds that:
(a) The transaction conforms with the provisions of the Bank Act;
(b) The transaction will not be detrimental to the safety and soundness of the resulting insured stock institution or the Oregon stock bank to be acquired through a share exchange;
(c) The transaction is not contrary to the public interest; and
(d) The director is satisfied that the state or federal supervisory authority that has jurisdiction over the resulting insured stock institution or acquiring company permits the transaction.
(2) If the director disapproves a plan of merger or plan of share exchange, the director shall state any objections in writing and give the boards of the parties to the transaction an opportunity to amend the plan of merger or plan of share exchange to obviate the objections. The amended plan of merger or plan of share exchange must be submitted to the director for approval as if the amended plan were the original plan of merger or plan of share exchange.
(3) Any of the parties to the transaction may appeal the decision of the director as provided in ORS 183.415 to 183.500.

Legislative History

1997 c.631 §272; 2015 c.244 §82