Oregon Statutes 706.008 – Additional definitions for Bank Act
As used in the Bank Act:
Terms Used In Oregon Statutes 706.008
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Trustee: A person or institution holding and administering property in trust.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(1) ‘Bank’ means a company, other than an extranational institution, that accepts deposits that the Bank Insurance Fund insures to any extent under the provisions of the Federal Deposit Insurance Act, as amended, 12 U.S.C. § 1811, et seq.
(2) ‘Bank holding company’ means a company that is a bank holding company under the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841, et seq.
(3) ‘Bank service corporation‘ means a corporation or a limited liability company that is organized to perform services authorized by ORS § 708A.145, all of the capital stock or membership interests of which one or more banking institutions or national banks own.
(4) ‘Banking institution’ means an Oregon commercial bank, an Oregon trust company or an Oregon savings bank.
(5) ‘Company’ means an entity that is a company under the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841, et seq.
(6) ‘Extranational institution’ means a corporation, unincorporated company, partnership or association of two or more persons organized under the laws of a nation other than the United States, or other than a territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands, that engages directly in banking business.
(7) ‘Federal bank’ means a national bank or another bank organized under the laws of the United States.
(8) ‘Financial holding company’ means a company that engages in activities described for a financial holding company in section 103 of the federal Gramm-Leach-Bliley Act (P.L. 106-102).
(9) ‘Financial institution’ means an insured institution, an extranational institution, a credit union as defined in ORS § 723.006, an out-of-state credit union under ORS § 723.042 or a federal credit union.
(10) ‘Institution’ means an Oregon commercial bank or an Oregon trust company.
(11) ‘Insured institution’ means a company, the deposits of which are insured under the provisions of the Federal Deposit Insurance Act, as amended, 12 U.S.C. § 1811, et seq.
(12) ‘National bank’ means a bank that was organized under the provisions of the National Bank Act, as amended, 12 U.S.C. § 21, et seq.
(13) ‘Non-Oregon institution’ means:
(a) An out-of-state state bank that engages in banking business in Oregon;
(b) An out-of-state trust company that transacts trust business in Oregon; or
(c) An extranational institution that engages in banking business in Oregon.
(14) ‘Nonstock bank’ means a bank that does not issue capital stock.
(15) ‘Oregon bank’ means an Oregon stock bank or Oregon nonstock bank.
(16) ‘Oregon commercial bank’ means an Oregon stock bank that was chartered under ORS Chapter 707 as a bank other than a stock savings bank.
(17) ‘Oregon nonstock bank’ means a nonstock bank or savings bank, the home state of which is Oregon.
(18) ‘Oregon operating institution’ means:
(a) A bank that engages in banking business in this state;
(b) An extranational institution that engages in banking business in this state; or
(c) A trust company that transacts trust business in this state.
(19) ‘Oregon savings bank’ or ‘savings bank’ means an Oregon stock savings bank or an Oregon nonstock savings bank.
(20) ‘Oregon stock bank’ means a stock bank, the home state of which is Oregon.
(21) ‘Oregon stock savings bank’ means an Oregon stock bank that was initially chartered as or was converted to a stock savings bank under the Bank Act.
(22) ‘Oregon trust company’ means a trust company that was organized under the provisions of ORS Chapter 707.
(23) ‘Out-of-state bank’ means an out-of-state state bank or an out-of-state federal bank.
(24) ‘Out-of-state bank holding company’ means a bank holding company, the home state of which is not Oregon, and that is not the bank holding company of an Oregon stock bank or an in-state federal stock bank.
(25) ‘Out-of-state federal bank’ means a federal bank, the home state of which is not Oregon.
(26) ‘Out-of-state financial holding company’ means a financial holding company, the home state of which is not Oregon, and that is not the financial holding company of an Oregon stock bank or an in-state federal stock bank.
(27) ‘Out-of-state state bank’ means a state bank, the home state of which is not Oregon.
(28) ‘Out-of-state trust company’ means a trust company that was organized under the laws of another state.
(29) ‘State bank’ means a bank that was organized under the laws of a state.
(30) ‘Stock bank’ means a bank that issues capital stock.
(31)(a) ‘Trust company’ means a company that is authorized under the provisions of ORS Chapter 709 to transact trust business, including the trust department of a bank.
(b) ‘Trust company’ does not include a corporation that a United States Bankruptcy Court appoints to serve as a bankruptcy trustee under Title 11, United States Code, during a time in which the corporation is acting as a bankruptcy trustee. [1997 c.631 § 3; 2001 c.377 § 29; 2011 c.263 § 1; 2015 c.244 § 6]
[Amended by 1971 c.743 § 413; repealed by 1973 c.797 § 428]