Effective date of charter; commencement of business; effect of failure to commence business.

  1. Law
  2. Oregon Revised Statutes
  3. Financial Institutions, Insurance
  4. Organization to Conduct Banking Business; Stockholders, Directors and Officers
  5. Effective date of charter; commencement of business; effect of failure to commence business.

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(2) A banking institution shall commence business on the effective date specified in its charter. If a banking institution fails to commence business on the effective date specified in the charter or according to any extension of time granted by the director it ceases to exist and its articles of incorporation and charter are void. [Amended by 1973 c.797 §64; 1997 c.631 §52]


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