In adopting rules or issuing orders to carry out ORS 722.056 to 722.068, and especially when adopting rules or supervising conversions proposed under ORS 722.062, the Director of the Department of Consumer and Business Services shall assure that:
(1) Accurate and adequate disclosure of the terms and effects of plans of conversion are provided to purchasers of capital stock in resulting associations, including account holders of converting mutual associations and savings banks;
(2) Adjustments are made in plans of conversion to be effected by way of merger or holding company acquisition necessary or appropriate to accomplish the purpose of this section;
(3) Plans of conversion and proxy statements, offering circulars and related instruments and actions implementing such plans are subject to review and approval by the appropriate supervisory authorities;
(4) The capital stock issued as a part of conversion is fairly and independently valued and priced;
(5) Such capital stock is allocated and distributed fairly and without manipulative or deceptive devices being employed;
(6) Appropriate provision is made regarding fractional share interests and minimum capital stock purchase requirements; and
(7) Plans of conversion are adopted and implemented in a form and manner so that stability and continuity of management are encouraged and so that the stability, safety and soundness of savings associations and other financial institutions are not impaired. [1975 c.582 §53]
Section: Previous 722.050 722.052 722.055 722.056 722.058 722.060 722.062 722.064 722.065 722.066 722.068 722.070 722.072 722.074 722.102 NextLast modified: August 7, 2008