(1) A stockholders’ meeting for the election of a board of directors and transaction of other business shall be held in this state within 120 days after the close of the fiscal year of the institution or Oregon stock savings bank. If an institution or Oregon stock savings bank was issued one or more orders by the Director of the Department of Consumer and Business Services under ORS 706.580 within the fiscal year immediately preceding the date of the stockholders’ meeting, the institution or Oregon stock savings bank shall include in every notice required for the stockholders’ meeting under ORS 707.611:
(a) A copy of ORS 706.580; and
(b) A statement that the institution or Oregon stock savings bank received such an order or orders.
(2) A special meeting of stockholders may be called at any time by the chief executive officer, a majority of the board of directors, any other person or group authorized by the articles of incorporation or bylaws of the institution or Oregon stock savings bank to call such meetings, or not fewer than three stockholders holding in the aggregate not less than one-third of the outstanding voting stock of the institution or Oregon stock savings bank. The articles of incorporation or bylaws of the institution or Oregon stock savings bank may reserve to an officer or the board of directors the authority to designate the time and place of such a meeting. However, the meetings shall be held in the State of Oregon. Unless the director consents to a later meeting date, the meetings shall be held not later than 45 days after the call for the meeting is issued. [Amended by 1957 c.59 §1; 1967 c.170 §1; 1973 c.797 §84; 1983 c.296 §3; 1985 c.786 §27; 1987 c.177 §1; 1989 c.324 §39; 1997 c.631 §78]Section: Previous 707.400 707.410 707.415 707.420 707.430 707.440 707.450 707.610 707.611 707.612 707.613 707.615 707.617 707.619 707.620 Next
Last modified: August 7, 2008