Issuance or denial of certificate of authority
- • conditions of certificate
(1) When the report of the board of directors is filed with the Director of the Department of Consumer and Business Services as provided by ORS 722.032 (Function of initial board), the director shall examine the affairs of the association. The director shall issue a certificate of authority to the association authorizing it to commence business if:
(a) The director finds the association has complied with all the provisions of law required to entitle it to transact business;
(b) The director finds no intervening circumstance has occurred to change the findings of the director made under ORS 722.026 (Grounds for approval or denial of application for certificate of incorporation);
(c) The director approves the bylaws adopted by the initial board of directors; and
(d) The association pays the proper annual fee for the remainder of the fiscal year.
(2) A certificate when issued continues in effect unless revoked by the director. A certificate of authority shall be issued conditional upon the association securing insurance of its savings accounts and commencing business within the time allowed by ORS 722.046 (Time allowed to secure insurance of accounts and commence business).
(3) If the director does not issue a certificate of authority to an association, the director shall enter an order denying the certificate, stating the reasons for the denial, and mail the order to the board of directors. The order shall also notify the board of its right to a hearing on the order. [1975 c.582 §43]
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