(1) Except as provided in ORS 709.030 (4) or in subsection (4) of this section, no company shall transact any trust business in this state until the company has obtained a certificate of authority from the Director of the Department of Consumer and Business Services under this section, authorizing the company to transact trust business in this state.
(2) To procure a certificate of authority to transact trust business in this state, a company to whom this section applies shall file a written application with the director, which shall contain or be accompanied by:
(a) The name of the company.
(b) The state or country under the laws of which the company is organized.
(c) The date of incorporation or other organization of the company.
(d) The period of duration of the company, if the duration is not perpetual.
(e) A mailing address to which the director may send notices.
(f) The address of the principal office of the company in the state or country under the laws of which it is organized.
(g) The street address of the proposed registered office of the company in this state and the name of its proposed registered agent, who shall be amenable to service of process at that address.
(h) A brief statement setting forth any background and experience of the company in conducting a trust business in the state or country in which it is organized, and its qualifications to transact trust business in this state.
(i) The names and addresses of the chief executive officer and the secretary of the company.
(j) Any additional information that the director may by rule require.
(k) The verified signature of the chief executive officer of the company, certifying that all information contained in the application is true, accurate and complete.
(L) A certificate of existence, a certificate of good standing, a status certificate or a document of similar import, current within 60 days of making application under this section and duly authenticated by the official with custody of the corporate or other records in the state, province or country under the laws of which the company is organized.
(m) A certificate of authorization for a foreign corporation, or a copy of the application for authority to transact business in this state as a foreign corporation as filed with the Secretary of State, current within 60 days of making application under this section and duly authenticated by the Secretary of State evidencing the authorization of the company, or application for authorization, to transact business as a foreign corporation under ORS chapter 60.
(n) An application fee of $2,500, provided that no application fee shall be charged under this paragraph:
(A) If the applicant is concurrently applying for a charter under ORS chapter 707; or
(B) If the director reduces or waives the application fee.
(3) If the director finds that the application conforms to the requirements of subsection (2) of this section and that the applicant is qualified by experience to transact trust business in this state, the director shall direct the applicant to make the security deposit required under ORS 709.030, and when the deposit is made, the director shall issue and send to the company a certificate of authority to transact business.
(4) The requirement to procure a certificate of authority under this section shall not apply to the extent preempted by federal law, or to any bank lawfully transacting trust business in this state on October 4, 1997. [1997 c.631 §229; 1999 c.107 §3]
Section: 709.005 709.010 709.015 709.020 709.030 709.040 709.050 709.060 709.070 709.080 709.090 709.100 709.110 709.120 709.130 NextLast modified: August 7, 2008