Oregon Statutes - Chapter 722 - Savings Associations - Section 722.062 - Conversion of federal or foreign mutual association or savings bank to domestic stock association; conversion of stock association to domestic mutual association; conditions.

(1) A federal mutual association whose principal office is in this state or a foreign or domestic mutual association or savings bank may convert to a domestic stock association and a federal stock association whose principal office is in this state or a foreign or domestic stock association may convert to a domestic mutual association upon an equitable basis subject to:

(a) The laws and regulations governing the converting association or savings bank;

(b) The approval of the Director of the Department of Consumer and Business Services;

(c) The approval of the members of the converting association or bank; and

(d) The rules adopted pursuant to ORS 722.064.

(2) ORS 722.058 (2) to (5) apply to a conversion under this section. [1975 c.582 §52]

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Last modified: August 7, 2008