ORS 722.016¹
Incorporation
  • application of Oregon Business Corporation Act

(1) A domestic association shall be incorporated, either as a stock or a mutual association.

(2) ORS chapter 57 (1985 Replacement Part) applies to domestic associations and to foreign associations except where inconsistent with the express provisions of this chapter and, where inconsistent, this chapter applies.

(3) The following provisions of ORS chapter 57 (1985 Replacement Part) do not apply to savings associations, as follows:

(a) ORS 57.025, 57.045 (1), 57.080, 57.085, 57.106, 57.221, 57.226, 57.231 (1)(d), 57.246 (2) to (4), 57.255, 57.260, 57.590, 57.595 (1)(a) and (b), 57.735 and 57.755 to 57.772 do not apply to savings associations.

(b) In addition to the sections referred to in paragraph (a) of this subsection, ORS 57.080 to 57.111, 57.121 to 57.137, 57.216, 57.390 to 57.411 and 57.870 to 57.890 do not apply to mutual associations.

(4) In applying ORS chapter 57 (1985 Replacement Part) and provisions of ORS chapter 60, as provided by this section, unless the context requires otherwise:

(a) "Corporation Division," "division" or "office of Secretary of State" means the Department of Consumer and Business Services.

(b) "Corporation Commissioner," "commissioner" or "Secretary of State" means the Director of the Department of Consumer and Business Services.

(c) "Corporation" or "domestic corporation" means a domestic association.

(d) "Shareholder" means an account holder of a mutual association, a stockholder of a stock association and includes account holders and borrowers of a stock association if designated as members of the association in the articles and bylaws of the association.

(e) Any reference in ORS chapter 57 (1985 Replacement Part) to filing fees, annual license fees and other money payable by corporations to the commissioner shall be considered a reference to the provisions of this chapter governing filing fees, annual fees and other money payable by associations to the director.

(f) Written notice of meetings to stockholders of a stock association shall be delivered and the books of the association may be closed not less than 10 nor more than 60 days before the date of the meeting in the manner prescribed in ORS 57.150 and 57.155 (1985 Replacement Part).

(5) ORS 60.131 (Authorized shares) and 60.134 (Terms of class or series determined by board of directors) apply to stock savings associations.

(6) ORS 60.047 (Articles of incorporation) (2)(d) and 60.387 (Definitions for ORS 60.387 to 60.414) to 60.414 (Application of ORS 60.387 to 60.411) apply to savings associations.

(7) Notwithstanding ORS 57.355, articles of incorporation of a savings association may be amended to set forth and apply the provisions of ORS 60.047 (Articles of incorporation) (2)(d). [1975 c.582 §35; 1979 c.863 §1; 1981 c.472 §2; 1981 c.633 §78; 1983 c.717 §40; 1983 c.740 §252; 1985 c.728 §107; 1985 c.762 §55; 1987 c.197 §12; 1987 c.414 §166b; 1987 c.528 §4; 1991 c.883 §13]

1 Legislative Counsel Committee, CHAPTER 722—Savings Associations, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors722.­pdf (2007) (last ac­cessed Feb. 12, 2009).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information