§ 711.645 — Notice of termination of suspension or restriction on payment of liabilities

Oregon § 711.645

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

Text

(1) At least 10 days before the date on which the suspension or restriction on the payment of liabilities is terminated, the Director of the Department of Consumer and Business Services shall cause a notice to be published in a newspaper circulated in the city, town or county in which the principal office of the Oregon stock bank is located. Only one publication of the notice is required.
(2) The notice shall specify:
(a) The date on which the suspension or restriction on the payment of liabilities will be removed;
(b) That the provisions of ORS 711.635 pertaining to the segregation of deposits will not be effective after that date; and
(c) That the segregated deposits after the removal of the restriction or suspension will be general deposits.
(3) On or before the date of the publication of the notice, the director shall mail, postage prepaid, to each depositor in the Oregon stock bank whose deposit has been segregated as provided by ORS 711.635 a copy of the notice addressed to the last-known address of each depositor as shown by the records of the Oregon stock bank.
(4) The director shall hand a copy of the notice to every depositor making a deposit in the Oregon stock bank after the date of the newspaper publication and up to the time the suspension or restriction on the payment of liabilities of the Oregon stock bank is removed.

Legislative History

1973 c.797 §298; 1997 c.631 §258