(1) A consent to dissolve or a resolution to dissolve shall not be effective as provided by ORS 57.546 (1985 Replacement Part) unless the plan for distribution of the assets of the association is approved by the Director of the Department of Consumer and Business Services as equitable to the members.
(2) An association during liquidation shall continue to be subject to the supervision of the director. The board of directors of the association shall report the progress of the liquidation to the director from time to time as the director may require.
(3) The director may take over and conduct the liquidation as provided by this section and ORS 722.474 and 722.476 when the director considers it to be in the interest of the account holders, creditors, stockholders and other members of the association.
(4) Upon completion of a liquidation by the board of directors, the board shall file a final report and accounting of the liquidation with the director. [1975 c.582 §57; 1987 c.197 §18]
CORPORATE ADMINISTRATION
(Directors; Officers; Members; Borrowers)
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