A savings association may make, transfer, extend or renew operating and employment contracts. A contract under this section shall be subject to rules, if any, of the Director of the Department of Consumer and Business Services adopted to carry out the purposes of this chapter. An employment contract with an officer or employee of an association shall provide that upon discharge of the officer or employee pursuant to ORS 722.468, the contract and all obligations of the association under the contract terminate; but discharge shall not affect any vested rights of the parties to such a contract. [1975 c.582 §59; 1981 c.472 §5]
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