Relating to issuance of stock in certain financial institutions.
Catchline/Summary:
Permits institution or Oregon stock savings bank to issue stock to directors, officers or employees of institution or Oregon stock savings bank without requiring full payment for stock before issuance. Permits institution or Oregon stock savings bank to issue stock to directors, officers or employees of institution or Oregon stock savings bank without requiring full payment for stock before issuance. Permits institution or Oregon stock savings bank to accept cash, real property and improvements to real property, tangible personal property, other securities of institution or Oregon stock savings bank, or services as consideration for stock issued.
Requires affirmative two-thirds] vote of approval by holders of two-thirds of outstanding shares entitled to vote at annual shareholders' meeting or special shareholders' meeting and approval of Director of Department of Consumer and Business Services to accept services as consideration for stock issued.
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SB 734
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