Oregon Statutes - Chapter 722 - Savings Associations - Section 722.042 - Minimum capital or expense fund and pledged savings accounts.

(1) When the Director of the Department of Consumer and Business Services issues a certificate of incorporation for a new association, the director shall include in the certificate, as conditions that must be met prior to the issuance of a certificate of authority to do business, requirements that in the opinion of the director will justify the initial successful operation of the association. Requirements in the certificate of a new association shall include, but need not be limited to:

(a) The minimum amount of stated capital and capital surplus that must be subscribed and paid in to a new stock association; or

(b) The minimum expense fund that must be paid in to a new mutual association; and

(c) The minimum number and value of savings accounts that must be subscribed and pledged to a mutual or stock association upon issuance to it of a certificate of authority.

(2) All payments required by this section shall be in lawful money of the United States. [1975 c.582 §45]

Section:  Previous  722.030  722.032  722.034  722.035  722.036  722.038  722.040  722.042  722.044  722.045  722.046  722.048  722.050  722.052  722.055  Next

Last modified: August 7, 2008