An institution will be deemed insolvent when any of the following occurs:
(1) The fair market value of the assets of the institution is insufficient to pay its liabilities, other than liability on account of capital debentures. In determining the value of its assets, bonds held by the institution shall be valued in accordance with rules promulgated by the Director of the Department of Consumer and Business Services pursuant to ORS 183.310, 183.315, 183.330, 183.335 and 183.341 to 183.410.
(2) An Oregon stock bank fails to make good its reserve requirements under applicable law for a period of 30 days.
(3) The institution cannot meet its obligations or the demands upon it as they become due. [Amended by 1973 c.797 §251; 1975 c.544 §35; 1997 c.631 §242]
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