(1) After the organizational meeting, the initial board of directors of an association shall:
(a) File with the Director of the Department of Consumer and Business Services a corporate surety bond or letter of credit, in the form and amount required by ORS 722.034;
(b) Collect subscriptions to capital or the expense fund in the amounts required under ORS 722.042, but only after the surety bond required by paragraph (a) of this subsection has been filed with the director;
(c) Obtain subscriptions to savings accounts pledged, in the amount required under ORS 722.042, to be paid in to the association upon issuance to it of a certificate of authority;
(d) Take such other action as may be necessary to complete the organization of the association; and
(e) Report the completion of the organization to the director.
(2) The report shall be filed with the director within six months after the date the certificate of incorporation is issued. However, the director, upon good cause shown prior to the expiration of the six-month period, may extend the time for filing the report for an additional period not to exceed six months. [1975 c.582 §41; 1991 c.331 §121]
Section: Previous 722.020 722.022 722.024 722.025 722.026 722.028 722.030 722.032 722.034 722.035 722.036 722.038 722.040 722.042 722.044 NextLast modified: August 7, 2008