Oregon Statutes - Chapter 707 - Organization to Conduct Banking Business; Stockholders, Directors and Officers - Section 707.710 - Removal of officer or director.

(1) For any reason specified in subsection (2) of this section, the Director of the Department of Consumer and Business Services by order may direct the board of directors of a banking institution to remove a director or officer of the banking institution.

(2) The director may issue an order of removal under subsection (1) of this section:

(a) For any reason stated in ORS 707.145; or

(b) If the person who is the subject of the order has refused otherwise to comply with any written requirements or instructions of the director.

(3) An order of removal under this section shall be in writing and may be issued without a prior administrative hearing. A copy of the order shall be served personally or by certified mail upon the person to be removed.

(4) Upon receipt of an order of removal the director or officer shall be suspended from office.

(5) The person suspended from office may appeal the order of the director as a contested case under ORS 183.415 to 183.500.

(6) Upon expiration of the period in which to file an appeal under ORS 183.415 to 183.500 or when the order of the director is affirmed on appeal, the board of directors by resolution shall remove the person from office and declare the office vacant.

(7) Any officer or director of a banking institution who is suspended or removed under this section shall not act in any official capacity, conduct any of the business of the banking institution or have access to the books, records or assets of the banking institution as an officer, director or stockholder, without receiving permission from the director. [Amended by 1973 c.797 §93; 1983 c.296 §5; 1985 c.762 §§38,38a; 1985 c.786 §33; 1997 c.631 §101]

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Last modified: August 7, 2008