Oregon Statutes - Chapter 722 - Savings Associations - Section 722.066 - Approval of conversion by members.

(1) A conversion proposed under ORS 722.056 to 722.068 by a domestic association or Oregon savings bank as defined in ORS 706.008 shall, after approval by the supervisory authority having jurisdiction of the converting association or savings bank, be submitted to the members at an annual meeting or at a special meeting called to consider such action. The conversion must have the approval of the number of votes required by ORS 57.511 (1985 Replacement Part) to approve a sale of assets.

(2) Notice shall be given of any meeting at which a conversion is to be considered. The notice shall:

(a) Expressly state that a proposed conversion will be submitted for approval or disapproval;

(b) Include a full and accurate description of the plan of conversion and all other matters to be brought before the meeting;

(c) State that a proxy for the meeting given previously is revocable; and

(d) State the time, date and place of the meeting.

(3) The notice shall be given at least 20 days prior to the date of the meeting to each voting member of the converting association or Oregon savings bank, the Director of the Department of Consumer and Business Services and the other appropriate supervisory authority.

(4) A foreign or federal association or an Oregon savings bank proposing a conversion under ORS 722.056 to 722.068 shall comply with the applicable provisions of the law and regulations governing such association or bank regarding approval by the supervisory authority and the members of the association or bank. [1975 c.582 §54; 1987 c.197 §16; 1987 c.445 §13; 1997 c.631 §533]

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Last modified: August 7, 2008