Oregon Statutes 711.490 – Capital stock requirements of institution purchasing assets and assuming liabilities of insolvent institution
Current as of: 2023 | Check for updates
|
Other versions
If the assets of an insolvent institution are sold to a new institution and the new institution assumes any or all of the deposit liabilities of the insolvent institution with the approval of the Director of the Department of Consumer and Business Services and the supervising court, the new institution may be organized with a capital stock equal to the capital stock of the insolvent institution without regard to the capital requirements of ORS § 707.050. [Amended by 1973 c.797 § 264]
Terms Used In Oregon Statutes 711.490
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.