(1) The guaranty fund shall consist of payments in cash made by the incorporators and of all sums credited to the guaranty fund as required by ORS 716.780.
(2) The incorporators shall deposit to the credit of the Oregon nonstock bank in cash as an initial guaranty fund an amount determined by the Director of the Department of Consumer and Business Services, which is the limit of their liability to that fund.
(3) Prior to the liquidation of the Oregon nonstock bank, the guaranty fund shall not be used except for losses and the repayment of contributions made by incorporators or directors as provided in ORS 716.800 (2), until the fund, together with undivided profits, exceeds 25 percent of the amount due depositors.
(4) The amounts contributed to the guaranty fund by the incorporators shall not constitute a liability of the Oregon nonstock bank, except as provided in this chapter. Any loss sustained by the Oregon nonstock bank in excess of that portion of the guaranty fund created from earnings may be charged against the contributions pro rata. [Amended by 1973 c.797 §352; 1997 c.631 §336]
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