There is a newer version of the Oregon Revised Statutes
2015 Oregon Revised Statutes
Volume : 16 - Financial Institutions, Insurance
Chapter 716 - Savings Banks
Section 716.100 - Effect of failure to complete organization; liabilities.
OR Rev Stat § 716.100 (2015) What's This?
(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]
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