(1) Notwithstanding any provision contained in ORS chapters 706 to 715, except as limited by articles of incorporation of an Oregon savings bank:
(a) Oregon savings banks are authorized to engage in those activities in which federal savings banks may engage and may acquire and retain those investments that federal savings banks may acquire and retain, subject to the conditions and restrictions that apply to federal savings banks.
(b) Oregon savings banks shall have all powers necessary or convenient to effect any or all of the purposes for which the Oregon savings bank is organized or to perform any or all of the acts expressly or impliedly authorized or required under ORS chapter 706 or this chapter.
(c) Subsidiaries of Oregon savings banks are authorized to engage in those activities in which subsidiaries of federal savings banks may engage and may acquire and retain those investments that subsidiaries of federal savings banks may acquire and retain, subject to the conditions and restrictions that apply to subsidiaries of federal savings banks.
(d) Activities and investments referred to in paragraphs (a) to (c) of this subsection that require notice to or approval of the Director of the Office of Thrift Supervision shall not require such notice or approval but shall require notice to or approval of the Director of the Department of Consumer and Business Services. For purposes of this section, references in federal statutes, regulations and other authorities that prescribe permissible activities and investments of federal savings banks and subsidiaries of federal savings banks shall be considered whenever practicable to refer to comparable provisions of Oregon law. The Director of the Department of Consumer and Business Services may approve an activity or investment that requires director approval subject to such conditions as the director deems appropriate.
(2) The purpose of this section is to grant Oregon savings banks and their subsidiaries investment and activity powers and authorities equivalent to that permitted federal savings banks under federal law. [1973 c.797 §379; 1987 c.197 §9; 1989 c.324 §73; 1997 c.631 §350]
Section: Previous 716.582 716.584 716.586 716.588 716.590 716.592 716.594 716.600 716.610 716.616 716.620 716.622 716.626 716.630 716.640 NextLast modified: August 7, 2008