Sale of assets or transfer of liabilities; approval by stockholders and director; appeal.

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(2) If an Oregon trust company proposes to transfer all or substantially all of the Oregon trust company’s assets, liabilities or both outside the ordinary course of business, the Oregon trust company shall send notice of the acquisition transaction to each of the Oregon trust company’s stockholders within 30 days after the board of directors approves the acquisition transaction. The notice shall set forth the substantive provisions of ORS 711.175, 711.180 and 711.185. To be effective, each selling Oregon trust company that is a party to the acquisition transaction shall have the acquisition transaction approved by a two-thirds vote of the outstanding stock of each class of voting shares at a meeting called to consider the acquisition transaction.

(3) The Director of the Department of Consumer and Business Services shall approve an acquisition transaction that is subject to this section if the director finds that the acquisition transaction:

(a) Conforms with the provisions of the Bank Act;

(b) Will not be detrimental to the safety and soundness of an Oregon trust company that is a party to the acquisition transaction;

(c) Is not contrary to the public interest; and

(d) Is permitted by the supervisory authority, if any, that has jurisdiction over the acquiring trust company, if the acquiring trust company is not an Oregon trust company.

(4) If the director disapproves an acquisition transaction that is subject to this section, the director shall state any objections in writing and give the parties to the acquisition transaction an opportunity to take action to obviate the objections.

(5) Any party to an acquisition transaction agreement may appeal the director’s decision as provided in ORS 183.415 to 183.500. [1997 c.631 §233; 2007 c.71 §229; 2015 c.244 §80]


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