Oregon Statutes - Chapter 722 - Savings Associations - Section 722.026 - Grounds for approval or denial of application for certificate of incorporation; organization.

(1) The Director of the Department of Consumer and Business Services shall approve an application for a certificate of incorporation if the director affirmatively finds from the data furnished with the application, from the evidence adduced at the public hearing, if any, and from the investigation and records of the director, including a review of criminal records, that:

(a) The articles of incorporation and proposed bylaws comply with the law and the other provisions of this chapter have been complied with;

(b) The character, financial responsibility, experience and fitness of each incorporator, each member of the proposed board of directors and any person or persons directly or indirectly controlling the proposed association commands confidence and warrants belief that the business of the proposed association will be honestly and efficiently conducted in accordance with the intent and purpose of this chapter and that the proposed association will have qualified full-time management;

(c) The community stated in the application as the location of the principal office of the proposed association affords a reasonable promise of adequate support for the association;

(d) The operation of the proposed association will not unduly harm any existing association that has been transacting business in the community for less than two years; and

(e) The public convenience and advantage will be promoted.

(2) Upon approval of an application, the director shall issue a certificate of incorporation with such conditions and restrictions as are required by this chapter. After issuance of the certificate of incorporation, however, the association shall not do any business, except such business as is incident to its organization, until the director has issued to it a certificate of authority as provided by ORS 722.036. [1975 c.582 §39; 1977 c.166 §1]

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Last modified: August 7, 2008