ORS 709.520
Conversion to out-of-state trust company

  • conversion to Oregon trust company
  • procedures

(1)

An Oregon trust company may convert into an out-of-state trust company subject to the prior approval of the supervisory authority having jurisdiction over the proposed resulting trust company. Upon completion of such a conversion, the Oregon charter shall terminate, except for the purposes specified in ORS 711.190 (Effect of merger or conversion of Oregon bank).

(2)

An out-of-state trust company that follows the procedures prescribed by the supervisory authority having jurisdiction over the converting out-of-state trust company shall be granted a charter as an Oregon trust company by the Director of the Department of Consumer and Business Services if the director finds that the converting trust company meets the standards of the Bank Act for organization as an Oregon trust company. An out-of-state trust company may apply to convert to an Oregon trust company and obtain a charter as an Oregon trust company by filing with the director:

(a)

A certificate signed by the chief executive officer of the converting out-of-state trust company certifying that the board of directors has taken all necessary corporate action in compliance with the provisions of the laws of the supervisory authority having jurisdiction over the converting out-of-state trust company.

(b)

The articles of incorporation, approved by a majority of the stockholders of the converting out-of-state trust company, for the operation of the out-of-state trust company as an Oregon trust company. [1997 c.631 §230]

Source: Section 709.520 — Conversion to out-of-state trust company; conversion to Oregon trust company; procedures, https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html.

709.005
Certificate of authority to transact trust business 709.015
Organization as limited liability company 709.030
Approval to transact trust business 709.040
Securities eligible for deposit 709.050
Trust companies depositing securities guaranteed by mortgage insurance and mortgage participation certificates 709.060
Primary liability of deposit 709.070
Right of action against deposit 709.080
Charges for handling securities 709.110
Deposit of documents with notes or bonds 709.120
Substitution of deposit securities 709.130
Indemnity bond when cash and securities of fiduciary account exceed stockholders’ equity or members’ equity in trust company 709.140
Return of deposit 709.145
Investment of capital 709.150
General powers of trust companies 709.160
Solicitation and performance of legal business 709.170
Establishment of and investment in common trust funds 709.175
Limitation on investment of trust funds 709.190
Trust department kept separate 709.200
Acquisition or investment of trust property in own name or name of nominee 709.210
Disclosure of fiduciary character or terms of trust instrument 709.220
Handling of funds awaiting investment or distribution 709.240
Oath and bond exemption for trust company appointed as fiduciary 709.270
Disclosure of communications and writings 709.280
Loans to directors, officers, employees or affiliates 709.290
Closing of trust unduly delayed 709.300
Transaction of trust business by national bank 709.330
Sale or transfer of assets or liabilities 709.335
Digital signatures 709.340
Trust company quitting business 709.350
Successor trustee upon liquidation or receivership 709.390
Discontinuance of trust business 709.400
Order to start court action 709.410
Termination of right to do trust business 709.420
Actions or suits on claims 709.430
Release or payment of deposit pending suit 709.440
Director’s charges as prior lien on deposit 709.450
Sale and disposition of securities to pay expenses, costs and claims 709.460
Application of ORS 709.390 to 709.450 to merger or consolidation 709.520
Conversion to out-of-state trust company 709.525
Merger or acquisition 709.530
Applicability of ORS 711.190, 711.197 and 711.199 to merging or converting trust company 709.535
Sale of assets or transfer of liabilities 709.540
Rights of stockholder of trust company party to merger, share exchange or acquisition 709.600
Regulation of trust business by corporations formed prior to adoption of Bank Act 709.980
Civil penalties
Green check means up to date. Up to date

Current through early 2024

§ 709.520’s source at oregon​.gov