Savings Banks

ORS 716.100
Effect of failure to complete organization

  • liabilities


(1)

If an Oregon savings bank fails to complete its organization and receive from the Director of the Department of Consumer and Business Services a charter within one year after the date of filing its articles of incorporation, the Oregon savings bank shall cease to exist and the articles of incorporation are void.

(2)

All persons purporting to act as or on behalf of an Oregon savings bank, knowing there was no incorporation, are jointly and severally liable for all liabilities created while so acting. [Amended by 1973 c.797 §356; 1997 c.631 §339]
Chapter 716

Atty. Gen. Opinions

Applicability of licensing and registration requirements under Bank Act to loan solicitation office operating in Oregon, (1985) Vol. 44, p 378


Source

Last accessed
Jun. 26, 2021