(1) When the report of the board of directors is filed with the Director of the Department of Consumer and Business Services as provided by ORS 722.032, the director shall examine the affairs of the association. The director shall issue a certificate of authority to the association authorizing it to commence business if:
(a) The director finds the association has complied with all the provisions of law required to entitle it to transact business;
(b) The director finds no intervening circumstance has occurred to change the findings of the director made under ORS 722.026;
(c) The director approves the bylaws adopted by the initial board of directors; and
(d) The association pays the proper annual fee for the remainder of the fiscal year.
(2) A certificate when issued continues in effect unless revoked by the director. A certificate of authority shall be issued conditional upon the association securing insurance of its savings accounts and commencing business within the time allowed by ORS 722.046.
(3) If the director does not issue a certificate of authority to an association, the director shall enter an order denying the certificate, stating the reasons for the denial, and mail the order to the board of directors. The order shall also notify the board of its right to a hearing on the order. [1975 c.582 §43]
Section: Previous 722.025 722.026 722.028 722.030 722.032 722.034 722.035 722.036 722.038 722.040 722.042 722.044 722.045 722.046 722.048 NextLast modified: August 7, 2008