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 (Maintenance of guaranty fund or liquidation account).
(B) Expense fund required by ORS 716.070 (Expense fund), 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 (Expense fund). [Amended by 1973 c.797 §358; 1997 c.631 §340]
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.