ORS 716.900
Voluntary dissolution of Oregon nonstock banks

  • priority of payment

(1)

Subject to the written approval of the Director of the Department of Consumer and Business Services and if necessary or expedient, the board of directors of an Oregon nonstock bank may adopt, by resolution passed by the affirmative vote of two-thirds of the directors, at a meeting called for that purpose, a plan to close the business, liquidate the assets, pay money due first to depositors, including those depositors whose deposits are uninsured, second to holders of consumer repurchase agreements, third to holders of capital notes, and then to other creditors, distribute the remaining assets, if any, as provided by this chapter and the plan of liquidation and surrender the corporate charter. The plan shall provide that any assets remaining after payment of depositors, holders of consumer repurchase agreements, capital noteholders and other creditors, and payment of the costs of liquidation and dissolution, shall be distributed to the time depositors and to other persons entitled thereto according to their several interests as determined by this chapter and the plan of liquidation. Each depositor shall receive a share of the remaining assets based on an apportionment as provided by the plan of dissolution approved by the director.

(2)

Before approving the plan for closing the Oregon nonstock bank under subsection (1) of this section, the director may make a special examination of the condition and affairs of the Oregon nonstock bank. [Amended by 1973 c.797 §394; 1979 c.88 §30; 1983 c.37 §30; 1997 c.631 §360]

Source: Section 716.900 — Voluntary dissolution of Oregon nonstock banks; priority of payment, https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html.

716.024
Provisions of Bank Act applicable to Oregon savings banks and Oregon stock savings banks 716.028
Application for authority to organize 716.032
Investigation and ruling on application 716.040
Articles of incorporation 716.050
Approval of articles 716.055
Creation of guaranty and expense funds 716.060
Maintenance of guaranty fund or liquidation account 716.070
Expense fund 716.080
Issuance of charter 716.100
Effect of failure to complete organization 716.120
Conditions precedent to transaction of business 716.135
Amendment of articles of incorporation 716.140
Resolution for amending articles 716.145
Form and content of articles of amendment 716.160
Restated articles of incorporation 716.180
Bylaws 716.185
Registered agent 716.187
Changes in registered office or agent 716.190
Resignation of registered agent 716.195
Service of process on Oregon savings bank 716.205
Salaries of certain directors 716.210
Number and qualifications of directors 716.320
Removal of director 716.410
Limitations on investments 716.420
Permitted investments 716.441
Investments in equipment trust certificates 716.450
Investments in certain obligations 716.460
Investments in demand notes secured by deposit accounts 716.520
Investments in bankers’ acceptances, bills of exchange, savings or time accounts 716.530
Investments in corporate bonds, notes and debentures 716.535
Investments in common stock of federally chartered corporation providing secondary mortgage sale markets and Federal Home Loan Bank 716.540
Investments in obligations of reconstruction and development banks 716.545
Investments in bonds of Dominion of Canada 716.552
Investments in notes or bonds secured by real estate mortgages or trust deeds 716.554
Participation in investments in notes or bonds secured by real estate mortgages or trust deeds 716.556
Investment in loans secured by pledged notes or bonds 716.558
Investment in notes or bonds secured by mortgages or trust deeds on real property leases 716.562
Investment in notes or bonds secured by mortgages or trust deeds to finance building construction and improvement 716.564
Investment in notes or bonds secured by mortgages or trust deeds to finance real estate development 716.566
Documents to be furnished by borrower in real estate loans 716.568
Requirement of insurance for loan secured by mortgage, trust deed or other instrument on real estate 716.572
Mortgage loan applications 716.574
Purchase of real estate sale contract as loan 716.578
Purchase of notes secured by real estate from third persons 716.584
Limitations on single loans on real estate 716.586
Credit card transactions 716.588
Investments in certain corporate capital stocks 716.590
Miscellaneous investments 716.592
Pledging assets to secure public funds 716.594
Authority of Oregon savings bank to acquire corporation licensed as insurance producer 716.600
Relationship to powers of federal savings banks 716.610
General powers 716.626
Certificates indicating contribution to guaranty or expense funds 716.630
Real estate held for use as place of business 716.780
Crediting portion of net earnings to guaranty fund 716.790
Computation of guaranty fund 716.800
Repayment of contributions made to expense fund and guaranty fund 716.805
Determining earnings 716.830
Payment of dividends 716.840
Liability of directors voting improper dividend 716.850
False advertising of surplus or guaranty fund prohibited 716.900
Voluntary dissolution of Oregon nonstock banks 716.905
Notice of intention to close 716.910
Report to director 716.915
Voluntary liquidation 716.991
Civil penalties
Green check means up to date. Up to date

Current through early 2024

§ 716.900’s source at oregon​.gov