Oregon Statutes - Chapter 707 - Organization to Conduct Banking Business; Stockholders, Directors and Officers - Section 707.070 - Application for authority to organize banking institution; fee; contents.

Any number of persons, not less than five, desiring to organize a banking institution shall, as prospective incorporators, first submit an application to the Director of the Department of Consumer and Business Services for a permit to organize a banking institution. The applicants shall pay to the director at the time of their application a fee of $2,500, no part of which shall be refunded. The application shall be signed by one of the applicants and shall include the following information:

(1) The proposed location of the initial principal place of business.

(2) The class or classes of stock proposed to be issued, the proposed offering price per share and the aggregate dollar amount of the proposed initial paid-in capital.

(3) The corporate name.

(4) The names of the proposed senior officers and the initial directors, at least three of whom shall also be among the incorporators.

(5) The residence addresses and occupations of the proposed incorporators and directors.

(6) The proposed articles of incorporation meeting the requirements of ORS 707.110.

(7) The number of shares of voting stock proposed to be subscribed for by the incorporators and each of the proposed directors and senior officers, and the names of any other persons who are expected to subscribe for, to own or to control more than 10 percent of the voting stock and the amount of stock for which each proposes to subscribe.

(8) Evidence satisfactory to the director of the character, financial responsibility and ability of the incorporators, directors and senior officers.

(9) Evidence satisfactory to the director, in the form of a business plan and such additional information as the director may require, demonstrating that the proposed banking institution is likely to be financially successful.

(10) The proposed operating policies of the banking institution.

(11) A statement as to whether the banking institution is to be a trust company, an Oregon commercial bank or an Oregon stock savings bank, and, if the proposed Oregon commercial bank or Oregon stock savings bank is applying for trust powers, a statement to that effect.

(12) Any other information that the director may require. [Amended by 1971 c.68 §3; 1973 c.797 §54; 1977 c.135 §13; 1979 c.88 §9; 1997 c.631 §36]

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Last modified: August 7, 2008