(1) A new association shall secure insurance of its savings accounts as provided by ORS 722.048 and commence business within six months after the date the certificate of authority to do business is issued.
(2) If the association does not secure insurance and commence business within the time allowed, on application of the association prior to the expiration of the time and upon good cause shown, the Director of the Department of Consumer and Business Services may extend the time for an additional period not to exceed six months. [1975 c.582 §47]
Section: Previous 722.035 722.036 722.038 722.040 722.042 722.044 722.045 722.046 722.048 722.050 722.052 722.055 722.056 722.058 722.060 NextLast modified: August 7, 2008