Oregon Statutes - Chapter 707 - Organization to Conduct Banking Business; Stockholders, Directors and Officers - Section 707.254 - Effective date of amended articles of incorporation; effect on existing cause of action.

(1) Upon approval and filing of the amendment by the Director of the Department of Consumer and Business Services, the amendment shall become effective and the articles of incorporation shall be deemed to be amended accordingly.

(2) No amendment shall affect any existing cause of action in favor of or against such banking institution, any pending suit to which such banking institution shall be a party or the existing rights of persons other than shareholders. In the event the corporate name shall be changed by amendment, no suit brought by or against such banking institution under its former name shall abate for that reason. [1989 c.324 §15; 1997 c.631 §64]

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Last modified: August 7, 2008