(1) A savings association shall submit to the Director of the Department of Consumer and Business Services, on an application form designed by the director, its proposal to organize or invest in a service corporation under ORS 722.309. The savings association shall describe in detail on the application the scope of development activities that the service corporation will undertake. The director shall approve or disapprove the application as provided in this section. If the director approves an application to organize a service corporation, the savings association shall incorporate the proposed corporation as provided by law.
(2) The director may submit an application to any appropriate state agency or city, county or other local government for its advice and assistance on determining the need and practicability of the projects proposed in the application. [1983 c.321 §9]
Note: See note under 722.309.
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