Oregon § 716.120 Conditions precedent to transaction of business

Oregon Statutes

§ 716.120 — Conditions precedent to transaction of business

Oregon § 716.120

Vol.18

Title 53Financial Institutions

Ch. 716Savings Banks

This text of Oregon § 716.120 (Conditions precedent to transaction of business) 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. § 716.120 (2026).

Text

An Oregon savings bank shall not transact any business, except as incidental or necessary to its organization, until:

(1)It has received its charter from the Director of the Department of Consumer and Business Services; and

(2)The director is satisfied that either:

(a)In the case of an Oregon stock savings bank, the incorporators have obtained paid subscriptions in at least the amount of the initial approved paid-in capital; or

(b)In the case of an Oregon nonstock bank, the incorporators have made the deposit of the:

(A)Initial guaranty fund required by ORS 716.060.

(B)Expense fund required by ORS 716.070, and, if the director so requires, have entered into the agreement or undertaking with the director and filed the agreement and the security therefor as prescribed in ORS 716.070.

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An Oregon savings bank shall not transact any business, except as incidental or necessary to its organization, until:
(1) It has received its charter from the Director of the Department of Consumer and Business Services; and
(2) The director is satisfied that either:
(a) In the case of an Oregon stock savings bank, the incorporators have obtained paid subscriptions in at least the amount of the initial approved paid-in capital; or
(b) In the case of an Oregon nonstock bank, the incorporators have made the deposit of the:
(A) Initial guaranty fund required by ORS 716.060.
(B) Expense fund required by ORS 716.070, and, if the director so requires, have entered into the agreement or undertaking with the director and filed the agreement and the security therefor as prescribed in ORS 716.070.