(2) An out-of-state trust company that follows the procedures prescribed by the supervisory authority having jurisdiction over the converting out-of-state trust company shall be granted a charter as an Oregon trust company by the Director of the Department of Consumer and Business Services if the director finds that the converting trust company meets the standards of the Bank Act for organization as an Oregon trust company. An out-of-state trust company may apply to convert to an Oregon trust company and obtain a charter as an Oregon trust company by filing with the director:
(a) A certificate signed by the chief executive officer of the converting out-of-state trust company certifying that the board of directors has taken all necessary corporate action in compliance with the provisions of the laws of the supervisory authority having jurisdiction over the converting out-of-state trust company.
(b) The articles of incorporation, approved by a majority of the stockholders of the converting out-of-state trust company, for the operation of the out-of-state trust company as an Oregon trust company. [1997 c.631 ยง230]
Structure 2021 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Chapter 709 - Regulation of Trust Business
Section 709.015 - Organization as limited liability company.
Section 709.040 - Securities eligible for deposit.
Section 709.080 - Charges for handling securities; collection procedure.
Section 709.120 - Substitution of deposit securities; income of securities deposited.
Section 709.150 - General powers of trust companies.
Section 709.160 - Solicitation and performance of legal business.
Section 709.170 - Establishment of and investment in common trust funds; rules; accounting.
Section 709.175 - Limitation on investment of trust funds; exceptions.
Section 709.190 - Trust department kept separate; records of securities; retention of records.
Section 709.200 - Acquisition or investment of trust property in own name or name of nominee.
Section 709.220 - Handling of funds awaiting investment or distribution; security for use of funds.
Section 709.280 - Loans to directors, officers, employees or affiliates.
Section 709.300 - Transaction of trust business by national bank.
Section 709.330 - Sale or transfer of assets or liabilities; effect on fiduciary relations.
Section 709.420 - Actions or suits on claims; service of summons; preference on calendar.
Section 709.450 - Sale and disposition of securities to pay expenses, costs and claims.