An Oregon savings bank shall not transact any business, except as incidental or necessary to its organization, until:

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(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]

[Repealed by 1973 c.797 § 428]