2015 Oregon Revised Statutes
Volume : 16 - Financial Institutions, Insurance
Chapter 716 - Savings Banks
Section 716.028 - Application for authority to organize; fee; contents.

Any number of persons, not less than five, desiring to organize an Oregon savings bank shall, as prospective incorporators, first file an application with the Director of the Department of Consumer and Business Services for authority to organize an Oregon savings bank. The applicants shall pay to the director at the time of their application a fee of $2,500, no part of which will be refunded. The application shall be signed by one of the applicants. The following information and documents shall be included in or with the application:

(1) The corporate name.

(2) The proposed location of the initial principal place of business.

(3) The name, occupation, residence and post-office address of each prospective incorporator.

(4) The proposed articles of incorporation. The following apply:

(a) If the Oregon savings bank is to be organized as an Oregon stock savings bank, the articles of incorporation shall conform to the provisions set forth in ORS 707.110; and

(b) If the Oregon savings bank is to be organized as an Oregon nonstock bank, the articles of incorporation shall conform to the provisions set forth in ORS 716.040.

(5) The names and residence addresses of the proposed senior officers and the names, occupations and residence addresses of proposed initial directors.

(6) If the Oregon savings bank is being organized as an Oregon stock savings bank, the number of shares of voting stock proposed to be subscribed for by the incorporators and each of the proposed directors and senior officers, and the names of any other persons who are expected to subscribe for, to own or to control more than 10 percent of the voting stock and the amount of stock for which each proposes to subscribe.

(7) Evidence satisfactory to the director of the character, financial responsibility and ability of the prospective incorporators, directors and senior officers.

(8) Evidence satisfactory to the director, in the form of a business plan and such additional information as the director may require, demonstrating that the proposed Oregon savings bank is likely to be financially successful.

(9) The proposed operating policies of the Oregon savings bank.

(10) Any other information that the director may require.

[1973 c.797 §346; 1977 c.135 §58; 1979 c.88 §25; 1997 c.631 §332; 2003 c.14 §444]