The subscribers to the stock of a newly organized institution or Oregon stock savings bank shall pay in, prior to the time a charter is issued, directly to the institution or Oregon stock savings bank or by deposit with an escrow agent acceptable to the Director of the Department of Consumer and Business Services to be released upon the issuance of a charter, the full amount of their stock subscriptions, which shall total an aggregate amount not less than the initial paid-in capital approved by the director. The payment must be in cash or by exchange of real property and improvements thereon. The real property and improvements are subject to approval by the director as provided in ORS 707.050. [Amended by 1973 c.797 §66; 1983 c.296 §2; 1985 c.786 §26; 1987 c.216 §3; 1997 c.631 §54]
Section: Previous 707.180 707.182 707.184 707.186 707.188 707.190 707.195 707.200 707.210 707.215 707.220 707.230 707.240 707.242 707.244 NextLast modified: August 7, 2008