Oregon Statutes 707.140 – Submission of organization information; issuance of charter
(1) When subscriptions totaling not less than the amount of the initial paid-in capital have been received, the incorporators shall submit for filing with the Director of the Department of Consumer and Business Services:
Terms Used In Oregon Statutes 707.140
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
(a) A list of stockholders, showing name, address, number of shares and amount paid, certified by the president or cashier.
(b) A certificate of any escrow agent holding moneys in escrow as payment for subscriptions to stock of the institution or Oregon stock savings bank showing the amount held.
(c) A list of the directors and senior officers elected.
(d) A copy of its bylaws certified to by its president or cashier.
(e) Evidence of approval by the Federal Deposit Insurance Corporation of the Oregon commercial bank’s or Oregon stock savings bank’s application for deposit insurance.
(2) Upon receiving the items referred to in subsection (1) of this section, the director shall examine the condition of the institution or Oregon stock savings bank. If, upon examination, the director determines that the institution or Oregon stock savings bank has complied with the requirements of the Bank Act and that the amount of the institution’s or Oregon stock savings bank’s initial paid-in capital has been paid or is held in escrow for release upon issuance of a charter, the director shall issue to the institution or Oregon stock savings bank a charter, which, depending on the form of the application and the approval of the director, shall be to do a banking business either as an Oregon commercial bank or as an Oregon stock savings bank, or to do a trust business, or to do both a banking and trust business. [Amended by 1973 c.797 § 61; 1987 c.216 § 2; 1997 c.631 § 47]