(1) Within 90 days after receiving the materials and fee specified in ORS 711.130, unless the time is extended by the Director of the Department of Consumer and Business Services in concurrence with the applicants, the director shall approve or disapprove the plan of merger or plan of share exchange. The director shall approve the plan of merger or plan of share exchange if the director finds that:
(a) The transaction conforms with the provision of the Bank Act;
(b) The transaction will not be detrimental to the safety and soundness of the resulting Oregon stock bank or Oregon stock bank to be acquired through a share exchange;
(c) The transaction is not contrary to the public interest; and
(d) The director is satisfied that the transaction is permitted by the state or federal supervisory authority having jurisdiction over the resulting insured stock institution or acquiring company.
(2) If the director disapproves a plan of merger or plan of share exchange, the director shall state any objections in writing and give the boards of the parties to the transaction an opportunity to amend the plan of merger or plan of share exchange to obviate the objections. The amended plan of merger or plan of share exchange shall be submitted to the director for approval as if it were the original plan of merger or plan of share exchange.
(3) Any of the parties to the transaction may appeal the decision of the director as provided in ORS 183.415 to 183.500. [1997 c.631 §272]
Section: Previous 711.105 711.110 711.112 711.115 711.120 711.125 711.130 711.135 711.140 711.145 711.150 711.155 711.160 711.165 711.170 NextLast modified: August 7, 2008