Section 711.165 - Effective date of merger involving Oregon nonstock bank.

OR Rev Stat § 711.165 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

(2) If the resulting insured nonstock institution is an insured nonstock institution, the effective date and time of the merger shall be determined under the laws governing the resulting insured nonstock institution. The merger will be effective as to each Oregon nonstock bank that is a party to the merger when copies of the resolutions of the directors of the Oregon nonstock bank approving the plan of merger and evidence of the effective date and time of the merger are filed with the director.

(3) If the resulting insured nonstock institution is an Oregon nonstock bank, the director shall promptly issue to the resulting insured nonstock institution a certificate of merger specifying the names of the parties to the merger, the name of the resulting insured nonstock institution, and the date on which the merger became effective as prescribed in subsection (1) of this section. The certificate shall be prima facie evidence of the merger and of the correctness of all proceedings and may be recorded in any office for the recording of deeds to evidence the new name in which the property of the merging insured nonstock institutions is held. [1997 c.631 §278]

Previous Section

Section 711.160 - Action by director on plan of merger involving Oregon nonstock bank; appeal.

Next Section

Section 711.170 - Sale of assets and transfer of liabilities by Oregon bank; approval of director and board of directors; fee; appeal.