ORS 722.032¹
Function of initial board
  • surety bond or letter of credit
  • subscriptions to capital
  • savings account pledges
  • completed organization report
  • time to organize limited

(1) After the organizational meeting, the initial board of directors of an association shall:

(a) File with the Director of the Department of Consumer and Business Services a corporate surety bond or letter of credit, in the form and amount required by ORS 722.034 (Surety bond or letter of credit conditions);

(b) Collect subscriptions to capital or the expense fund in the amounts required under ORS 722.042 (Minimum capital or expense fund and pledged savings accounts), but only after the surety bond required by paragraph (a) of this subsection has been filed with the director;

(c) Obtain subscriptions to savings accounts pledged, in the amount required under ORS 722.042 (Minimum capital or expense fund and pledged savings accounts), to be paid in to the association upon issuance to it of a certificate of authority;

(d) Take such other action as may be necessary to complete the organization of the association; and

(e) Report the completion of the organization to the director.

(2) The report shall be filed with the director within six months after the date the certificate of incorporation is issued. However, the director, upon good cause shown prior to the expiration of the six-month period, may extend the time for filing the report for an additional period not to exceed six months. [1975 c.582 §41; 1991 c.331 §121]

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