reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.028 - Application for authority to organize; fee; contents.

Any number of persons, not less than five, desiring to organize an Oregon savings bank shall, as prospective incorporators, first file an application with the Director of the Department of Consumer and Business Services for authority to organize an Oregon savings bank. The applicants shall pay to the director at the time of their application a fee of $2,500, no part of which will be refunded. The application shall be signed by one of the applicants. The following information and documents shall be included in or with the application:
(1) The corporate name.
(2) The proposed location of the initial principal place of business.
(3) The name, occupation, residence and post-office address of each prospective incorporator.
(4) The proposed articles of incorporation. The following apply:
(a) If the Oregon savings bank is to be organized as an Oregon stock savings bank, the articles of incorporation shall conform to the provisions set forth in ORS 707.110; and
(b) If the Oregon savings bank is to be organized as an Oregon nonstock bank, the articles of incorporation shall conform to the provisions set forth in ORS 716.040.
(5) The names and residence addresses of the proposed senior officers and the names, occupations and residence addresses of proposed initial directors.
(6) If the Oregon savings bank is being organized as an Oregon stock savings bank, the number of shares of voting stock proposed to be subscribed for by the incorporators and each of the proposed directors and senior officers, and the names of any other persons who are expected to subscribe for, to own or to control more than 10 percent of the voting stock and the amount of stock for which each proposes to subscribe.
(7) Evidence satisfactory to the director of the character, financial responsibility and ability of the prospective incorporators, directors and senior officers.
(8) Evidence satisfactory to the director, in the form of a business plan and such additional information as the director may require, demonstrating that the proposed Oregon savings bank is likely to be financially successful.
(9) The proposed operating policies of the Oregon savings bank.
(10) Any other information that the director may require. [1973 c.797 §346; 1977 c.135 §58; 1979 c.88 §25; 1997 c.631 §332; 2003 c.14 §444]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.032 - Investigation and ruling on application.

The Director of the Department of Consumer and Business Services shall investigate and rule on the application for authority to organize in the manner specified for institutions in ORS 707.080, 707.090 and 707.145. [1973 c.797 §347; 1977 c.135 §30; 1997 c.631 §333]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.040 - Articles of incorporation; contents.

(1) Not less than five persons may associate themselves by articles of incorporation to form an Oregon savings bank, either as an Oregon stock savings bank or as an Oregon nonstock bank. If the Oregon savings bank is organized as an Oregon stock savings bank, its articles of incorporation shall conform to the provisions set forth in ORS 707.110. If the Oregon savings bank is organized as an Oregon nonstock bank, its articles of incorporation shall conform to the provisions of subsection (2) of this section, be executed in duplicate, signed by the incorporators and submitted to the Director of the Department of Consumer and Business Services.
(2) The articles of incorporation of an Oregon nonstock bank shall specify:
(a) The name by which the Oregon nonstock bank is to be known.
(b) The initial principal place where its business is to be transacted, naming the city or town and county.
(c) The address, including street and number, and mailing address, if different, of its initial registered office and the name of its initial registered agent at that office.
(d) The name of each incorporator.
(e) The term of its existence, which may be perpetual.
(f) The purpose for which it is organized.
(g) The sums that each incorporator will contribute in cash to the initial guaranty fund and the expense fund, as provided in ORS 716.060 and 716.070.
(h) The initial board of directors of the Oregon nonstock bank, composed of not less than five persons, at least three of whom shall be incorporators, who shall serve until their successors are regularly elected and qualified.
(3) The articles of incorporation also may contain any lawful provisions for the regulation of the business, for the conduct of the affairs of the Oregon nonstock bank, defining and regulating the powers of the directors or eliminating or limiting the personal liability of directors to the extent permitted under ORS 707.110 (5)(c). [Amended by 1973 c.797 §349; 1989 c.447 §2; 1991 c.883 §12; 1997 c.631 §334; 2005 c.192 §12]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.050 - Approval of articles; certificate of incorporation; filing.

(1) If the Director of the Department of Consumer and Business Services finds that the articles of incorporation conform to law, the director shall, within 60 days after receiving the articles of incorporation and when all fees have been paid:
(a) Indorse on each of the duplicate originals the word "Filed," and the month, day and year of the filing.
(b) File one of the duplicate originals in the office of the director.
(c) Issue a certificate of incorporation to which the director shall affix the other duplicate original.
(2) The certificate of incorporation, with one of the duplicate originals affixed thereto shall be returned to the incorporators or their representative.
(3) Upon issuance of the certificate of incorporation, the corporate existence of a savings bank begins. [Amended by 1973 c.797 §350]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.055 - Creation of guaranty and expense funds.

Before an Oregon nonstock bank may conduct its business, its incorporators shall create:
(1) A guaranty fund, as provided in ORS 716.060, for the protection of its depositors against loss on its investments, and
(2) An expense fund, as provided in ORS 716.070, to pay the expense of organizing the Oregon nonstock bank and the operating expenses. [1973 c.797 §351; 1997 c.631 §335]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.060 - Maintenance of guaranty fund or liquidation account.

(1) The guaranty fund or liquidation account consists of payments in cash made by the incorporators and of all sums credited to the guaranty fund as required by ORS 716.780 or federal law.
(2) If a financial institution that is converting to another type of financial institution has a guaranty fund or liquidation account, the Oregon nonstock bank that results from the conversion must maintain the guaranty fund or liquidation account and may use the guaranty fund or liquidation account only for the purposes for which the financial institution used the guaranty fund or liquidation account before the conversion. [Amended by 1973 c.797 §352; 1997 c.631 §336; 2011 c.263 §22]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.070 - Expense fund.

(1) The incorporators of an Oregon nonstock bank shall create an expense fund by depositing to the credit of the Oregon nonstock bank in cash an amount determined by the Director of the Department of Consumer and Business Services. They shall also enter into an agreement or undertaking with the director as trustee for the depositors with the Oregon nonstock bank to make further contributions in cash to the expense fund of the Oregon nonstock bank as may be necessary to pay the operating expenses until the Oregon nonstock bank can pay them from its earnings, in addition to the dividends as declared and credited to its depositors. The agreement or undertaking shall fix the liability of the incorporators jointly and severally for a reasonable amount as approved or determined by the director. In addition to the undertaking of the incorporators, the director may require a surety bond executed by an entity authorized to transact, within this state, the business of surety, or an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008. The agreement or undertaking and letter of credit or surety bond shall be filed in the office of the director.
(2) The amounts contributed to the expense fund of the Oregon nonstock bank by the incorporators is not a liability of the Oregon nonstock bank except as provided in ORS 716.800. [Amended by 1973 c.797 §353; 1991 c.331 §117; 1997 c.631 §337]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.080 - Issuance of charter.

(1) The Director of the Department of Consumer and Business Services shall examine the condition of an Oregon nonstock bank when the Oregon nonstock bank files with or submits to the director:
(a) A copy of its articles of incorporation, as required by ORS 716.040;
(b) A list of incorporators, showing name, address, sums paid into the guaranty and expense fund, sworn to by the president or cashier;
(c) The sworn statement of an officer that all requirements of law have been complied with; and
(d) A list of the directors and officers elected.
(2) If, upon examination, the director determines that the Oregon nonstock bank has complied with the applicable requirements of ORS 716.028 to 716.070, the director shall issue to the Oregon nonstock bank a charter to do business as an Oregon nonstock bank under this chapter. [Amended by 1973 c.797 §354; 1987 c.216 §6; 1997 c.631 §338]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.100 - Effect of failure to complete organization; liabilities.

(1) If an Oregon savings bank fails to complete its organization and receive from the Director of the Department of Consumer and Business Services a charter within one year after the date of filing its articles of incorporation, the Oregon savings bank shall cease to exist and the articles of incorporation are void.
(2) All persons purporting to act as or on behalf of an Oregon savings bank, knowing there was no incorporation, are jointly and severally liable for all liabilities created while so acting. [Amended by 1973 c.797 §356; 1997 c.631 §339]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.120 - Conditions precedent to transaction of business.

An Oregon savings bank shall not transact any business, except as incidental or necessary to its organization, until:
(1) It has received its charter from the Director of the Department of Consumer and Business Services; and
(2) The director is satisfied that either:
(a) In the case of an Oregon stock savings bank, the incorporators have obtained paid subscriptions in at least the amount of the initial approved paid-in capital; or
(b) In the case of an Oregon nonstock bank, the incorporators have made the deposit of the:
(A) Initial guaranty fund required by ORS 716.060.
(B) Expense fund required by ORS 716.070, and, if the director so requires, have entered into the agreement or undertaking with the director and filed the agreement and the security therefor as prescribed in ORS 716.070. [Amended by 1973 c.797 §358; 1997 c.631 §340]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.135 - Amendment of articles of incorporation.

(1) An Oregon nonstock bank may amend its articles of incorporation, from time to time, in any and as many respects as may be desired, so long as its articles of incorporation as amended contain only such provisions as might be lawfully contained in original articles of incorporation at the time of making such amendment.
(2) In particular, and without limitation upon such general power of amendment, an Oregon nonstock bank may amend its articles of incorporation, from time to time, so as:
(a) To change its corporate name.
(b) To change its period of duration.
(c) To change, enlarge or diminish its corporate purposes. [1979 c.88 §18; 1997 c.631 §341]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.140 - Resolution for amending articles.

The articles of incorporation of an Oregon nonstock bank may be amended by a resolution adopted by a majority of the directors of the Oregon nonstock bank. Any number of amendments may be submitted to the directors and voted upon by them at one meeting. [1979 c.88 §19; 1997 c.631 §342]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.145 - Form and content of articles of amendment.

The articles of amendment shall be executed in duplicate by the Oregon nonstock bank by its president or a vice president and by its cashier, its secretary or an assistant secretary, and shall set forth:
(1) The name of the Oregon nonstock bank.
(2) If the amendment alters or changes any provision of the original or amended articles of incorporation, an identification by reference or description of the affected provision and a statement of its text as it is amended to read. If the amendment strikes or deletes any provision of the original or amended articles of incorporation, an identification by reference or description of the provision so stricken or deleted and a statement that it is stricken out or deleted. If the amendment is an addition to the original or amended articles of incorporation, a statement of that fact and the full text of each provision added.
(3) The date of the adoption of the amendment by the directors. [1979 c.88 §20; 1997 c.631 §343]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.160 - Restated articles of incorporation; procedure; contents.

(1) An Oregon nonstock bank may by action taken in the same manner as required for amendment of its articles of incorporation adopt restated articles of incorporation. The restated articles of incorporation may contain any changes in the articles of incorporation that could be made by amendment regularly adopted. Adoption of restated articles of incorporation containing any such changes shall have the effect of amending the existing articles of incorporation to conform to the restated articles of incorporation. Restated articles of incorporation shall contain a statement that they supersede the theretofore existing articles of incorporation and amendments thereto.
(2) Restated articles of incorporation shall contain all the statements required by this chapter to be included in original articles of incorporation except that no statement shall be made with respect to the number, names and addresses of directors constituting the initial board of directors or the name of each incorporator, or the sums each incorporator contributed to the initial guaranty fund.
(3) Restated articles of incorporation when executed and filed in the manner prescribed by this chapter for articles of amendment shall supersede the theretofore existing articles of incorporation and amendments thereto. The Director of the Department of Consumer and Business Services shall upon request certify a copy of the articles of incorporation, or the articles of incorporation as restated, or any amendments to either thereof.
(4) The restated articles of incorporation, when submitted for filing, shall be accompanied by a statement, executed in duplicate by the Oregon nonstock bank by an authorized officer, setting forth:
(a) The name of the Oregon nonstock bank.
(b) The date of the adoption of the restated articles of incorporation by the directors. [1979 c.88 §23; 1997 c.631 §344]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.180 - Bylaws.

The initial bylaws of an Oregon savings bank shall be adopted by its board of directors. The power to alter, amend or repeal the bylaws or adopt new bylaws shall be vested in the board of directors unless, in the case of an Oregon stock savings bank, such power is reserved to the stockholders by the articles of incorporation or bylaws. The bylaws may contain any provisions for the regulation and management of the affairs of the Oregon savings bank as are not inconsistent with law or the articles of incorporation. [1997 c.631 §364]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.185 - Registered agent; registered office.

(1) Each Oregon savings bank shall continuously maintain in this state a registered agent and registered office that may be, but need not be, the same as any of its places of business.
(2) A registered agent shall be:
(a) An individual who resides in this state and whose business office is identical to the registered office;
(b) A domestic corporation, domestic limited liability company, domestic professional corporation or domestic nonprofit corporation whose business office is identical to the registered office; or
(c) A foreign corporation, foreign limited liability company, foreign professional corporation or foreign nonprofit corporation authorized to transact business in this state whose business office is identical to the registered office. [2005 c.192 §8]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.187 - Changes in registered office or agent.

(1) An Oregon savings bank may change its registered office or registered agent by delivering to the Director of the Department of Consumer and Business Services for filing a statement of change that sets forth:
(a) The name of the Oregon savings bank;
(b) If the registered office is to be changed, the address, including street and number, of the new registered office;
(c) If the registered agent is to be changed, the name of the new registered agent and that the new agent has consented to the appointment; and
(d) That after the change or changes are made, the street addresses of its registered office and the business office of its registered agent will be identical.
(2) If a registered agent changes the street address of the agent’s business office, the registered agent shall change the street address of the registered office of the Oregon savings bank for which the agent is the registered agent by notifying the Oregon savings bank in writing of the change and signing, either manually or in facsimile, and delivering to the director a statement that complies with the requirements of subsection (1) of this section and recites that the Oregon savings bank has been notified of the change.
(3) The filing of the statement by the director terminates the existing registered office or agent, or both, on the effective date of the filing and establishes the newly appointed registered office or agent, or both, as that of the Oregon savings bank. [2005 c.192 §9]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.190 - Resignation of registered agent; discontinuance of registered office.

(1) A registered agent may resign as agent upon delivering a signed statement to the Director of the Department of Consumer and Business Services and giving notice in the form of a copy of the statement to the Oregon savings bank. The statement may include a statement that the registered office is also discontinued.
(2) Upon delivery of the signed statement, the director shall file the resignation statement. The copy of the statement given to the Oregon savings bank under subsection (1) of this section shall be addressed to the Oregon savings bank at its mailing address or principal office as shown by the records of the director.
(3) The agency appointment is terminated and the registered office discontinued, if so provided, on the 31st day after the date on which the statement was filed by the director unless, prior to that date, the Oregon savings bank appoints a successor registered agent as provided in ORS 716.187, thereby terminating the capacity of such agent. [2005 c.192 §10]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.195 - Service of process on Oregon savings bank.

(1) The registered agent appointed by an Oregon savings bank shall be an agent of the Oregon savings bank upon whom any process, notice or demand required or permitted by law to be served upon the Oregon savings bank may be served.
(2) The Director of the Department of Consumer and Business Services shall be an agent of an Oregon savings bank, including a dissolved Oregon savings bank, upon whom any such process, notice or demand may be served whenever the Oregon savings bank fails to appoint or maintain a registered agent in this state or whenever the Oregon savings bank’s registered agent cannot with reasonable diligence be found at the registered office.
(3) Service shall be made on the director by:
(a) Serving the director or a clerk on duty at the office of the director a copy of the process, notice or demand, with any papers required by law to be delivered in connection with the service, and the required fee for each party being served or by mailing to the office of the director a copy of the process, notice or demand and the required fee for each party being served by certified or registered mail;
(b) Transmittal by the person instituting the proceedings of notice of the service on the director and a copy of the process, notice or demand and accompanying papers to the Oregon savings bank being served by certified or registered mail:
(A) At the last registered office of the Oregon savings bank as shown by the records of the director; and
(B) At such address the use of which the person initiating the proceedings knows or, on the basis of reasonable inquiry, has reason to believe is most likely to result in actual notice; and
(c) Filing with the appropriate court or other body, as part of the return of service, the return receipt of mailing and an affidavit of the person initiating the proceedings stating that this section has been complied with.
(4) The director shall keep a record of all processes, notices and demands served upon the director under this section.
(5) After completion of initial service upon the director, no additional documents need be served upon the director to maintain jurisdiction in the same proceeding or to give notice of any motion or provisional process.
(6) Nothing contained in this section shall limit or affect the right to serve any process, notice or demand required or permitted by law to be served upon an Oregon savings bank in any other manner now or hereafter permitted by law, or enlarge the purposes for which service on the director is permitted where such purposes are limited by other provisions of law. [2005 c.192 §11]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.205 - Salaries of certain directors.

(1) Subject to the written approval of the Director of the Department of Consumer and Business Services, the board of directors of a savings bank may fix the fee to be paid directors who are not acting as officers or employees of the savings bank.
(2) An attorney for a savings bank, although a director thereof, may receive a reasonable compensation for professional services. [1973 c.797 §359]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.210 - Number and qualifications of directors.

(1) The board of directors of an Oregon savings bank shall manage and control the affairs of the Oregon savings bank. The board shall consist of not fewer than five members.
(2) A person shall not be a director of an Oregon savings bank if the person:
(a) Has been adjudicated a bankrupt, taken the benefit of any insolvency law or made a general assignment for the benefit of creditors within the 10 years immediately prior to the person’s election as a director.
(b) Has allowed a judgment recovered against the person for a sum of money to remain unsatisfied of record or unsecured on appeal for a period of more than three months. [Amended by 1961 c.278 §1; 1971 c.219 §1; 1973 c.797 §360; 1983 c.37 §26; 1985 c.786 §47; 1997 c.631 §345]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.320 - Removal of director; vacation of director’s office.

(1) A board member of an Oregon nonstock bank may be removed from office by the affirmative vote of three-fourths of the directors at any regular meeting of the board if:
(a) The board member’s conduct is of such character as to be injurious to the Oregon nonstock bank;
(b) A written copy of the charges made against the board member has been served upon the board member personally, and upon the Director of the Department of Consumer and Business Services, at least two weeks before the meeting; and
(c) The vote of the directors by ayes and noes is entered in the record of the minutes of the meeting.
(2) The office of a director of an Oregon nonstock bank immediately becomes vacant if the director:
(a) Becomes disqualified for any of the reasons specified in ORS 716.210 (2).
(b) Has failed to attend the regular meetings of the board of directors, or to perform any of the duties as director, for a period of six successive months, unless excused by the board for the failure.
(3) A director who has forfeited or vacated office is not eligible for reelection unless the forfeiture or vacancy occurred solely by reason of the director’s neglect of official duties as prescribed in subsection (2)(b) of this section. [Amended by 1961 c.278 §2; 1973 c.797 §364; 1997 c.631 §346]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.420 - Permitted investments.

An Oregon savings bank may invest the funds mentioned in ORS 716.410:
(1) In the obligations specified in ORS 708A.115 (1), without limitation.
(2) Subject to a limitation of five percent of the assets of the Oregon savings bank, in the obligations specified in ORS 708A.115 (2).
(3) In shares of any mutual fund or unit trust, the assets of which are invested solely in obligations described in and limited under ORS 708A.115. [Amended by 1959 c.185 §12; 1961 c.157 §1; 1963 c.407 §1; 1971 c.219 §2; 1973 c.797 §367; 1981 c.192 §26; 1985 c.786 §53; 1997 c.631 §347]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.441 - Investments in equipment trust certificates.

(1) A savings bank may invest the funds mentioned in ORS 716.410 in equipment trust certificates that are, at the time of purchase, rated in one of the three highest grades by a recognized investment service organization that has been engaged regularly and continuously for a period of not less than 10 years in rating bonds.
(2) Not more than 15 percent of the assets of a savings bank may be invested under this section and not more than three percent of its assets may be invested in any one corporation. [1959 c.185 §11 (enacted in lieu of 716.440); 1973 c.797 §368]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.460 - Investments in demand notes secured by deposit accounts.

A savings bank may invest the funds mentioned in ORS 716.410 in promissory notes made payable on demand to the order of the savings bank, secured by the pledge and assignment of a time or savings account or any other kind of deposit account, including but not limited to an automatic savings to checking transfer account or a negotiable order of withdrawal account, if the account is fully or partially federally insured as collateral security for the payment of the notes. The loan shall not exceed 100 percent of the balance due the owner of the time or savings account. [Amended by 1961 c.239 §1; 1973 c.797 §370; 1981 c.192 §28]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.470

[Amended by 1959 c.185 §13; 1961 c.277 §1; 1965 c.215 §1; 1967 c.198 §1; 1969 c.211 §3; 1971 c.219 §4; 1973 c.797 §371; renumbered 716.552]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.520 - Investments in bankers’ acceptances, bills of exchange, savings or time accounts; limits.

(1) A savings bank may invest the funds mentioned in ORS 716.410 in:
(a) Bankers’ acceptances and bills of exchange of the kind and maturities made eligible by law for rediscount with Federal Reserve Banks, if they are accepted by an institution or a national bank.
(b) Bills of exchange drawn by the seller on the purchaser of goods and accepted by the purchaser, if they are of the kind and maturities made eligible by law for rediscount with Federal Reserve Banks and are indorsed by a national bank or an institution.
(c) Savings or time accounts insured in part or wholly by an agency of the federal government.
(2) Not more than 20 percent of the assets of a savings bank may be invested in the acceptances mentioned in subsection (1) of this section. Not more than five percent of the aggregate credited to the depositors of a savings bank may be invested in the acceptances of or deposited with an institution or a national bank of which a director of the savings bank is a director. The aggregate amount of the liability of an institution or a national bank to a savings bank, whether as principal or indorser, for acceptances held by the savings bank and deposits made with it, may not exceed 25 percent of the stockholders’ equity of the institution or of the paid-in capital and retained earnings of the national bank. [Amended by 1973 c.797 §376; 1999 c.59 §223]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.530 - Investments in corporate bonds, notes and debentures.

A savings bank may invest the funds mentioned in ORS 716.410 in the bonds, notes and debentures of any corporation incorporated under the laws of and operating in any state of the United States, which are rated at the time of purchase under authority of this section in one of the four highest grades by a recognized service organization that has been regularly engaged for a period of 10 years or more in rating or grading bonds. However, not more than one percent of the assets of the savings bank shall be invested in bonds, notes and debentures of any one corporation, and not more than 20 percent of the assets shall be invested under this section. [Amended by 1969 c.211 §4; 1971 c.219 §5; 1973 c.797 §377; 1977 c.135 §34; 1981 c.192 §29]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.535 - Investments in common stock of federally chartered corporation providing secondary mortgage sale markets and Federal Home Loan Bank.

A savings bank may invest the funds mentioned in ORS 716.410 in the common stock of:
(1) Any federally chartered corporation that is chartered for the purpose of providing secondary markets for the sale of mortgages by savings banks.
(2) The Federal Home Loan Bank. [1975 c.544 §46]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.540 - Investments in obligations of reconstruction and development banks.

A savings bank may invest not more than five percent of its assets in each of the following categories of investments:
(1) In obligations issued or guaranteed by the International Bank for Reconstruction and Development.
(2) In obligations issued or guaranteed by the Inter-American Development Bank.
(3) In obligations issued or guaranteed by the Asian Development Bank.
(4) In obligations issued or guaranteed by the African Development Bank. [1959 c.185 §2; 1973 c.797 §378; 1985 c.456 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.545 - Investments in bonds of Dominion of Canada.

A savings bank may invest the funds mentioned in ORS 716.410 in bonds issued by the Dominion of Canada for which the faith of the Dominion of Canada is pledged, or bonds issued or guaranteed by a province of the Dominion of Canada. Such investments may be made only if:
(1) The interest and principal of such bonds is payable in the United States, or with exchange to a city in the United States, in lawful money of the United States or its equivalent; and
(2) The bonds at the time of purchase pursuant to the authority of this section are rated in one of the four highest grades by a rating organization recognized in the United States that has been regularly engaged for a period of 10 years or more in rating or grading bonds. [1959 c.185 §3; 1977 c.135 §35]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.552 - Investments in notes or bonds secured by real estate mortgages or trust deeds.

A savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds, secured by first or junior mortgages or deeds of trust upon real estate. [Formerly 716.470; 1979 c.199 §8; 1979 c.810 §3; 1985 c.554 §5]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.554 - Participation in investments in notes or bonds secured by real estate mortgages or trust deeds.

(1) In participation with other mortgagees, a savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds secured by mortgage or deed of trust upon real estate.
(2) An agreement setting forth the manner in which the participating mortgagees shall administer the mortgage and acquired real estate, if any, shall be executed on behalf of each of the mortgagees by two of their authorized officers. [1973 c.797 §371a; 1977 c.135 §36; 1985 c.554 §6]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.556 - Investment in loans secured by pledged notes or bonds.

A savings bank may invest in loans secured by pledge of the notes or bonds specified in ORS 716.552, if the notes or bonds pledged as collateral are at least 25 percent more than the loans which they secure. [1973 c.797 §371b]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.558 - Investment in notes or bonds secured by mortgages or trust deeds on real property leases.

A savings bank may invest the funds mentioned in ORS 716.410, in notes or bonds secured by mortgage or deed of trust upon leasehold estates in real property, if the lease is binding upon the owners of the fee title to the leased premises, in full force and free from default. [1973 c.797 §371c; 1985 c.554 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.562 - Investment in notes or bonds secured by mortgages or trust deeds to finance building construction and improvement.

A savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds secured by a mortgage, deed of trust or similar instrument to finance the construction of buildings and improvements appurtenant thereto, if before making the investment, the savings bank requires sufficient guarantee from the contractor, builder or owner for the completion of the construction in accordance with the plans and specifications and within the estimated contract price for the construction. Moneys shall be advanced from time to time during the progress of construction upon a certificate of estimate to be furnished by the architect, contractor, builder or superintendent in charge of construction or the owner. [1973 c.797 §371d; 1977 c.135 §37; 1985 c.554 §8]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.564 - Investment in notes or bonds secured by mortgages or trust deeds to finance real estate development.

A savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds secured by a mortgage, deed of trust or other instrument for the purpose of financing the acquisition and development of land for primarily commercial, industrial or residential usage. A loan may be made on real estate which is to be improved with the developments to be paid for from the proceeds of the loan if the proceeds will be used for that purpose. [1973 c.797 §371e; 1985 c.554 §9]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.566 - Documents to be furnished by borrower in real estate loans.

In loans upon real property, the borrower shall furnish the savings bank with:
(1) A note or bond secured by a mortgage or deed of trust on the real estate upon which the loan is made; and
(2) A policy of title insurance issued by a reliable title insurance company authorized to insure titles within the state in which the property is situated. [1973 c.797 §371f; 1985 c.554 §10]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.568 - Requirement of insurance for loan secured by mortgage, trust deed or other instrument on real estate.

If a loan is secured by mortgage, deed of trust or other similar instrument on real estate, the mortgage, deed of trust or other instrument shall contain provisions requiring the maintenance of insurance on the buildings on the premises to the reasonable amount as stipulated in the mortgage, deed of trust or other instrument. The policy shall be payable, in case of loss, to the savings bank and shall be deposited with the savings bank except where the savings bank’s interest is insured under a blanket policy of insurance. [1973 c.797 §371g; 1985 c.554 §11]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.572 - Mortgage loan applications; conditions for granting loan; manner of holding mortgages and trust deeds.

(1) An application for a mortgage loan or renewal or extension of a mortgage loan shall be written and show the date, name of the applicant, amount of loan requested and the security offered.
(2) A mortgage loan shall be granted only upon the written report of at least two members of the board of investment of the savings bank certifying on the application, according to their best judgment, the value of the property to be mortgaged and recommending the loan. The application and written report shall be filed and preserved with the savings bank’s records.
(3) Every mortgage and deed of trust and every assignment of a mortgage taken or held by a savings bank shall be held in its own name and immediately recorded in the office of the proper officer of the county in which the mortgaged property is located. [1973 c.797 §371h]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.574 - Purchase of real estate sale contract as loan; authority to acquire contracts.

(1) The purchase of a bona fide contract covering a sale of real estate is a loan on real estate within the meaning of ORS 716.552 to 716.574.
(2) A savings bank may acquire contracts covering a sale of real estate if all other requirements of ORS 716.552 to 716.574 are satisfied. [1973 c.797 §371i; 1985 c.554 §12]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.578 - Purchase of notes secured by real estate from third persons.

A savings bank may take and hold by purchase and assignment from third persons notes, bonds, mortgages and deeds of trust eligible for investment under ORS 716.552 to 716.574. [Formerly 716.480]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.584 - Limitations on single loans on real estate; exceptions.

(1) If deposits are less than $1 million, a single loan on real estate shall not exceed $10,000. When deposits exceed $1 million but are less than $2 million, a single loan on real estate shall not exceed two and one-half percent of the deposits. When deposits exceed $2 million, a single loan on real estate shall not exceed two percent of the savings bank’s deposit liability.
(2) A loan may exceed the limitations prescribed in subsection (1) of this section if the borrower furnishes the savings bank with a copy of an agreement entered into with a financially responsible person wherein the person agrees to refinance or repurchase, without recourse, the entire loan:
(a) Upon completion of the construction, if the loan is a construction loan; or
(b) Within six months from the date of the loan, if the loan is not a construction loan. [Formerly 716.500]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.586 - Credit card transactions.

(1) A savings bank may issue and honor credit cards for the purpose of making loans to one or more persons. The loans shall be made by the means determined by the board of investment of the savings bank including, but not limited to, the means of paying to or for the account of a party the amount of a sales slip, voucher or other evidence of a transaction in which goods or services are sold or cash advanced to the party in reliance on a credit card issued by the savings bank.
(2) The savings bank may advance cash to a person holding a credit card issued by the savings bank or any other person who, directly or indirectly, has agreed to pay to or for the account of the savings bank the amount of cash advanced by it in reliance on credit cards issued by the other person.
(3) Credit cards, loans, advances and documents used in connection with the use of credit cards shall be in the form and upon the terms and conditions prescribed by the board of investment of the savings bank, including, but not limited to, terms and conditions as to revocation, rates of interest and other charges, maturity dates and security, if any.
(4) A savings bank may become a stockholder, member of, or otherwise affiliated with, an organization that, in the opinion of the board of directors of the savings bank, will enable the savings bank to exercise fully the powers granted under this section. [1973 c.797 §375a]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.590 - Miscellaneous investments; conditions.

A savings bank may invest the funds mentioned in ORS 716.410 in investments which do not qualify under any of the provisions of ORS 716.420 to 716.590, however an investment shall not be made under this section:
(1) If the amount of the investment exceeds one percent of the assets of the savings bank or 10 percent of the total amount of its guaranty fund, undivided profits and unallocated reserves, whichever is less;
(2) If the aggregate amount of all the investments exceeds or by the making of the investment will exceed five percent of its assets; or
(3) In the equity securities of any one issuer if the aggregate amount invested by the savings bank under this section together with the amount invested in the equity securities of the issuer under any other provision of law exceeds or by the making of the investment will exceed the limitations under subsections (1) and (2) of this section. [1973 c.797 §375c; 1981 c.192 §32]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.592 - Pledging assets to secure public funds.

A savings bank may pledge its assets to secure public funds as provided under ORS chapter 295. For the purposes of this section, "public funds" has the meaning given that term in ORS 295.001. [1973 c.288 §7; 1999 c.311 §6; 2007 c.71 §232]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.594 - Authority of Oregon savings bank to acquire corporation licensed as insurance producer; rules.

An Oregon savings bank may acquire and hold all or part of the stock of a corporation that is or may thereafter be licensed as an insurance producer as required by ORS 744.053 to transact one or more of the classes of insurance described in ORS 744.062, subject to the following requirements:
(1) The acquisition and holding of such stock shall be subject to the approval of the Director of the Department of Consumer and Business Services. The director shall base consideration for approval on the condition of the Oregon savings bank, the adequacy of a formal business plan for the insurance activities and the existence of satisfactory management for the corporation.
(2) The director may revoke or restrict the ongoing authority of the Oregon savings bank to hold stock in the corporation if the condition of the Oregon savings bank substantially deteriorates or if the insurance activities are adversely affecting the Oregon savings bank.
(3) For each calendar year during which an Oregon savings bank owns all or part of any corporation licensed as an insurance producer as required by ORS 744.053, the Oregon savings bank shall file a written report with the director. The report shall be filed no later than March 31 of the following year and shall disclose the insurance activities of the corporation. The required contents of the report shall be established by the director by rule. The reports filed with the director under this subsection shall be available for public inspection in the office of the director.
(4) The corporation shall not in any manner use customer information obtained by the Oregon savings bank from another insurance producer to promote, develop or solicit insurance business for the corporation unless the other insurance producer consents to such use of the customer information.
(5) The corporation shall be subject to the limitations applicable to depository institutions under ORS 746.213 to 746.219. For the purpose of this subsection, "depository institution" has the meaning given that term in ORS 746.213. [1987 c.916 §7; 1989 c.331 §31; 1989 c.701 §67; 1997 c.831 §§4,4a; 2001 c.191 §55; 2003 c.363 §10; 2003 c.364 §61a; 2005 c.194 §3]