ORS 711.435
Resumption of business of institution placed in control of director

(1)

If the Director of the Department of Consumer and Business Services determines upon taking charge of an institution that it is only temporarily short of available funds and that its assets are sufficient to pay its liabilities, leaving its stockholders’ equity unimpaired, or the stockholders will arrange to make good its stockholders’ equity, if impaired, the director may permit the officers and directors of the institution to arrange with its depositors and creditors for an extension of time for payment of the depositors and creditors.

(2)

When the director is satisfied that the stockholders’ equity of the institution has been brought into conformance with the Bank Act, the institution is solvent and has funds on hand with which to meet the demands made on it in the ordinary course of business, and the institution has arranged with its depositors and creditors for an extension of time to enable the institution to realize on its assets to meet the obligations, the director may within 60 days after taking charge of the institution permit it to resume business.

(3)

The institution shall pay, at the actual per diem cost, for the service of the director and the employees of the director in taking charge of and looking after the affairs of the institution during the time it was under control of the director. The money so received shall be deposited with the State Treasurer to be credited to the Consumer and Business Services Fund. [Amended by 1973 c.797 §255; 1997 c.631 §245]

Source: Section 711.435 — Resumption of business of institution placed in control of director, https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html.

711.065
Conversion of Oregon stock bank into insured stock institution 711.070
Conversion of financial institution into Oregon stock bank 711.075
Conversion of Oregon nonstock bank into financial institution 711.080
Conversion of financial institution into Oregon nonstock bank 711.085
Approval of conversion of Oregon bank by board or shareholders 711.090
Conversion of Oregon bank or Oregon trust company to corporation or limited liability company 711.095
Approval of plan of conversion 711.100
Articles of conversion 711.104
Rights of member of Oregon bank or Oregon trust company to dissent to conversion from limited liability company to corporation 711.125
Merger of Oregon stock bank with insured stock institution 711.130
Approval of plan of merger or share exchange involving Oregon stock bank 711.135
Action by director on plan of merger or share exchange involving Oregon stock bank 711.140
Approval of merger or share exchange involving Oregon stock bank by stockholders 711.145
Effective date of merger or share exchange involving Oregon stock bank 711.150
Merger of Oregon nonstock bank with insured nonstock institution 711.155
Approval of merger involving Oregon nonstock bank 711.160
Action by director on plan of merger involving Oregon nonstock bank 711.165
Effective date of merger involving Oregon nonstock bank 711.170
Sale of assets and transfer of liabilities by Oregon bank 711.175
Stockholder’s right to dissent to merger, share exchange, transfer of assets or liabilities or conversion 711.180
Rights of stockholder dissenting to merger, share exchange, transfer of assets or liabilities or conversion 711.185
Stockholder withdrawal of demand for payment for shares made under ORS 711.180 711.190
Effect of merger or conversion of Oregon bank 711.195
Merger, conversion or acquisition of Oregon bank involving trust company 711.197
Conditions for resulting Oregon bank to conform with state law 711.199
Valuation of assets on books of resulting Oregon bank 711.215
Voluntary liquidation on approval of stockholders and director 711.217
Transactions exempt from ORS 711.220 to 711.235 711.220
Notice of voluntary liquidation 711.225
Report and transfer of unclaimed deposits 711.230
Claims 711.235
Report of liquidation to director 711.240
Supervision and control by director 711.250
Engaging in banking or trust business prohibited after liquidation, transfer of deposit liabilities or ceasing to do business for one year 711.400
Supervision of liquidation by circuit court 711.405
When institution deemed insolvent 711.410
Transfer of assets after commission of act of insolvency or in contemplation of insolvency 711.415
Receiving deposits in excess of insurance while insolvent 711.419
Taking possession of Oregon stock bank by director 711.430
Placing business in control of director 711.435
Resumption of business of institution placed in control of director 711.440
Receivers and assignments for benefit of creditors 711.445
Notice of taking possession of institution 711.450
Prohibition against applying to enjoin director from continuing possession 711.465
Transfer of liquidation functions to Federal Deposit Insurance Corporation 711.470
Subrogation rights of Federal Deposit Insurance Corporation 711.475
Inventory of assets 711.480
Sale of assets 711.485
Borrowing funds to pay closed institution expenditures 711.490
Capital stock requirements of institution purchasing assets and assuming liabilities of insolvent institution 711.495
Action by director to collect balance due on stock or stock assessment 711.500
Liability of transferor of stock made in contemplation of insolvency 711.505
Liability of fiduciary as stockholder 711.510
Deposit of money collected under ORS 711.495 711.515
“Depositor” defined 711.520
Priority of claimants against assets of Oregon stock bank that is insolvent or in liquidation 711.525
Interest on deposits after Oregon stock bank closes 711.530
Notice to creditors to present claims 711.535
Verification and filing of claims 711.540
Approval or rejection of claims 711.545
Objection to approval of claims 711.550
Objection to rejection of claims 711.554
Procedure for determination of claims 711.560
Costs and disbursements in claim proceedings 711.565
Claims presented after time expired 711.567
Supervising court to bar claims to facilitate closing 711.570
Lists of claims 711.572
Liability of directors for distributing assets without payment of known debts 711.575
Dividends to depositors 711.577
Death of depositor 711.580
Safety deposit boxes 711.582
Disposition of contents of safety deposit boxes 711.585
Selection of agents to wind up affairs of institution 711.590
Disposition of unclaimed deposits 711.595
Destruction of liquidation records in possession of director 711.600
Liquidation expenses 711.605
Petitions relating to insolvent institutions 711.615
Court filing fees 711.620
Suspending or restricting payment of liabilities 711.625
Taking possession of Oregon stock bank by director 711.630
Pro rata withdrawals by depositors 711.635
Receiving new deposits 711.640
Termination of suspension or restriction on payment of liabilities 711.645
Notice of termination of suspension or restriction on payment of liabilities 711.650
Segregation of deposits until termination notice has been given 711.655
Use of suspended deposits to pay indebtedness of depositor 711.660
Assignment or transfer of capital stock while payment of liabilities suspended or restricted 711.665
Suspension or restriction of liability payment not evidence of insolvency 711.670
Compliance with ORS 711.620 to 711.670 as defense to depositor’s action 711.980
Civil penalties
Green check means up to date. Up to date

Current through early 2024

§ 711.435’s source at oregon​.gov