LegalFix
Sign In

Section 711.135 - Action by director on plan of merger or share exchange involving Oregon stock bank; appeal.

OR Rev Stat § 711.135 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(a) The transaction conforms with the provisions of the Bank Act;

(b) The transaction will not be detrimental to the safety and soundness of the resulting insured stock institution or the Oregon stock bank to be acquired through a share exchange;

(c) The transaction is not contrary to the public interest; and

(d) The director is satisfied that the state or federal supervisory authority that has jurisdiction over the resulting insured stock institution or acquiring company permits the transaction.

(2) If the director disapproves a plan of merger or plan of share exchange, the director shall state any objections in writing and give the boards of the parties to the transaction an opportunity to amend the plan of merger or plan of share exchange to obviate the objections. The amended plan of merger or plan of share exchange must be submitted to the director for approval as if the amended plan were the original plan of merger or plan of share exchange.

(3) Any of the parties to the transaction may appeal the decision of the director as provided in ORS 183.415 to 183.500. [1997 c.631 §272; 2015 c.244 §82]

Previous Section
Section 711.130 - Approval of plan of merger or share exchange involving Oregon stock bank; contents of plan; fee.
Next Section
Section 711.140 - Approval of merger or share exchange involving Oregon stock bank by stockholders.