Application of ORS 709.390 to 709.450 to merger or consolidation
- • return of security deposit after merger or consolidation
(1) ORS 709.390 (Discontinuance of trust business) to 709.450 (Sale and disposition of securities to pay expenses, costs and claims) do not apply to a merger or consolidation of a trust company with another trust company authorized to conduct a trust business whereby the security deposits and the trust business of the retiring trust company are acquired by the resulting trust company.
(2) Immediately following the completion of a merger or consolidation described in subsection (1) of this section, the Director of the Department of Consumer and Business Services, upon written application of the resulting trust company, shall return to the resulting trust company that portion of the combined security deposits of the trust companies involved in the merger or consolidation which exceeds the deposit required by ORS 709.030 (Approval to transact trust business) for the combined cash and securities held in trust by the resulting trust company following the merger or consolidation. [Amended by 1957 c.115 §2; 1973 c.797 §216; 1997 c.631 §227]
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