(1) The Director of the Department of Consumer and Business Services may revoke the certificate of authority of a domestic or a foreign association for violation of the provisions of this chapter.
(2) The director may revoke the certificate of authority of a new domestic association and may dissolve the association when the association fails to obtain insurance of accounts and commence business within the time allowed by ORS 722.046.
(3) The director may dissolve a domestic association:
(a) When the report of the initial board of directors is not filed within the time allowed by ORS 722.032.
(b) After the effective date of an order issued under ORS 722.036 denying a certificate of authority.
(4) The director shall dissolve an association as provided by ORS 57.585 (1985 Replacement Part). The director, prior to the dissolution, may appoint a conservator as provided by ORS 722.474 if the director finds that liquidation of the affairs of the association should precede the dissolution of the association. [1975 c.582 §49; 1981 c.633 §79; 1983 c.717 §34; 1985 c.728 §105; 1987 c.197 §15]
Section: Previous 722.040 722.042 722.044 722.045 722.046 722.048 722.050 722.052 722.055 722.056 722.058 722.060 722.062 722.064 722.065 NextLast modified: August 7, 2008