(1) A domestic stock or mutual association may convert to a federal association whose principal office is in this state or to a foreign mutual or stock association or to an Oregon savings bank, as defined in ORS 706.008, upon an equitable basis subject to:
(a) The prior approval of the conversion by the Director of the Department of Consumer and Business Services;
(b) The approval of the state or federal supervisory authority having jurisdiction of the proposed resulting association or bank; and
(c) The approval of the members of the converting association at a meeting properly called to consider such action.
(2) When conversion to an Oregon savings bank, as defined in ORS 706.008, is proposed, the conversion is subject to the rules adopted under ORS 706.790 to carry out this section.
(3) Upon receipt of the approval of a proposed conversion from the director and other appropriate supervisory authority, a converting association, under the supervision of the authority, may carry out the plan of conversion. A record of all acts or proceedings taken in carrying out the proposed conversion shall be filed with the director.
(4) The effective date of a conversion under this section is governed by the law, if any, governing the resulting association or bank. If there is no law governing the effective date, conversion proposed under this section is effective upon the date that all provisions of this chapter and the rules adopted pursuant thereto have been complied with and a new charter or certificate of incorporation has been issued to the resulting association or savings bank. A certified copy of the new charter or certificate of incorporation shall be filed with the director. [1975 c.582 §50; 1985 c.762 §56; 1987 c.373 §57; 1987 c.445 §11; 1997 c.631 §531]
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