Examples of Oregon nonstock bank in a sentence
If the Oregon savings bank is to be organized as an Oregon nonstock bank, the articles of incorporation shall conform to the provisions set forth in ORS 716.040.
The debt is secured by a first mort- gage upon real estate and is carried as an asset at the amount of the debt secured by the mortgage or at the actual fair market value of the real estate as determined by written appraisal made by a certified ap- praiser and approved by the board of the Or- egon nonstock bank and filed with the Oregon nonstock bank, whichever is smaller.[Amended by 1973 c.797 §387; 1997 c.631 §354; 2003 c.576§551] 716.800 Repayment of contributions made to expense fund and guaranty fund.
If any dividend is de- clared and credited in excess of profits earned together with surplus and undivided profits since the last declaration of dividends and appearing to the credit of the Oregon nonstock bank, after making the deduction for expenses and the guaranty fund as pro- vided in ORS 716.780 and 716.830, the direc- tors voting for the dividend shall be jointly and severally liable to the Oregon nonstock bank for the amount of the excess so de- clared and credited.
An Oregon nonstock bank may issue certificates of deposit and agree to pay divi- dends on the amounts deposited at a rate specified in the certificate for the entire term of the certificate.
Securities, other evidences of indebt- edness and other interest-bearing obligations shall be carried at a sum, not to exceed their cost to the Oregon nonstock bank, calculated according to accepted principles of account- ing.
If the guaranty fund of any Oregon nonstock bank is sufficiently large to permit the re- turn of the contributions, the contributors may receive dividends on the contributions not exceeding the highest rate paid to depos- itors.
In the case of an Oregon nonstock bank, the incorporators have made the de- posit of the:(A) Initial guaranty fund required by ORS 716.060.(B) Expense fund required by ORS 716.070, 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.
Assets that have been disallowed by the Director of the Department of Consumer and Business Services or the directors of the Oregon nonstock bank; (B) Debts owed to an Oregon nonstock bank that have remained due and upon which no interest has been paid for more than one year; and (C) Debts on which a judgment has been recovered which has remained unsatisfied for more than two years.
To determine the amount of a guaranty fund of an Oregon nonstock bank, the total liabilities due and accrued, undivided profits and net earnings since the last declaration of dividends shall be subtracted from the total assets.
A list of the directors and officers elected.(2) If, upon examination, the director de- termines that the Oregon nonstock bank has complied with the applicable requirements of ORS 716.028 to 716.070, the director shall is- sue to the Oregon nonstock bank a charter to do business as an Oregon nonstock bank under this chapter.