§ 711.160 — Action by director on plan of merger involving Oregon nonstock bank; appeal

Oregon § 711.160

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

Text

(1) Within 90 days after receiving the materials and fee specified in ORS 711.155, unless the time is extended by the Director of the Department of Consumer and Business Services in concurrence with the applicants, the director shall approve or disapprove the plan of merger. The director shall approve the plan of merger if the director finds that:
(a) The resulting insured nonstock institution meets the requirements of the Bank Act;
(b) The merger will not be detrimental to the safety and soundness of the resulting insured nonstock institution;
(c) The merger is not contrary to the public interest; and
(d) The director is satisfied that the merger is permitted by the state or federal supervisory authority having jurisdiction over the resulting insured nonstock institution.
(2) If the director disapproves a plan of merger, the director shall state any objections in writing and give the boards of the parties to the merger an opportunity to amend the plan of merger to obviate the objections. The amended plan of merger shall be submitted to the director for approval as if it were the original plan of merger.
(3) Any of the parties to the merger may appeal the decision of the director as provided in ORS 183.415 to 183.500.

Legislative History

1997 c.631 §277