(1) It has received its charter from the Director of the Department of Consumer and Business Services; and
(2) The director is satisfied that either:
(a) In the case of an Oregon stock savings bank, the incorporators have obtained paid subscriptions in at least the amount of the initial approved paid-in capital; or
(b) In the case of an Oregon nonstock bank, the incorporators have made the deposit of the:
(A) Initial guaranty fund required by ORS 716.060.
(B) Expense fund required by ORS 716.070, and, if the director so requires, have entered into the agreement or undertaking with the director and filed the agreement and the security therefor as prescribed in ORS 716.070. [Amended by 1973 c.797 §358; 1997 c.631 §340]