Oregon Code § 716.040·Enacted ·Last updated March 01, 2026
Statute Text
Articles of incorporation; contents.
(1) Not less than five persons may associate themselves by articles of
incorporation to form an Oregon savings bank, either as an Oregon stock savings
bank or as an Oregon nonstock bank. If the Oregon savings bank is organized as
an Oregon stock savings bank, its articles of incorporation shall conform to
the provisions set forth in ORS 707.110. If the Oregon savings bank is
organized as an Oregon nonstock bank, its articles of incorporation shall
conform to the provisions of subsection (2) of this section, be executed in
duplicate, signed by the incorporators and submitted to the Director of the
Department of Consumer and Business Services.
(2) The articles
of incorporation of an Oregon nonstock bank shall specify:
(a) The name by
which the Oregon nonstock bank is to be known.
(b) The initial
principal place where its business is to be transacted, naming the city or town
and county.
(c) The address,
including street and number, and mailing address, if different, of its initial
registered office and the name of its initial registered agent at that office.
(d) The name of
each incorporator.
(e) The term of
its existence, which may be perpetual.
(f) The purpose
for which it is organized.
(g) The sums that
each incorporator will contribute in cash to the initial guaranty fund and the
expense fund, as provided in ORS 716.060 and 716.070.
(h) The initial
board of directors of the Oregon nonstock bank, composed of not less than five
persons, at least three of whom shall be incorporators, who shall serve until
their successors are regularly elected and qualified.
(3) The articles
of incorporation also may contain any lawful provisions for the regulation of
the business, for the conduct of the affairs of the Oregon nonstock bank,
defining and regulating the powers of the directors or eliminating or limiting
the personal liability of directors to the extent permitted under ORS 707.110
(5)(c). [Amended by 1973 c.797 §349; 1989 c.447 §2; 1991 c.883 §12; 1997 c.631 §334;
2005 c.192 §12]
Plain English Explanation
This Oregon statute addresses Articles of incorporation; contents. AI-powered analysis coming soon.
Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 716.040
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Articles of incorporation; contents. Read the full statute text above for details.
This page reflects the current text as of our last update. Always verify with the official Oregon legislature website for the most current version.
The formal citation is Oregon Code § 716.040. Use this format in legal documents and court filings.
Browse related sections using the links below, or search all Oregon statutes on FlawFinder.