(1) An association may invest in the stock and obligations of one or more service corporations. However, an association shall not make such an investment, without the prior approval of the Director of the Department of Consumer and Business Services, when any of the voting stock of the service corporation is available for purchase by or owned by persons other than savings associations or federal associations.
(2) The director shall, by rules adopted to carry out this section, prescribe a maximum percentage of assets not to exceed five percent that an association may invest in service corporations.
(3) An association may not cause to be performed, by contract or otherwise, any of the services for itself, whether on or off its premises, unless assurances satisfactory to the director are furnished to the director by both the association and the person or organization performing the services that the performance of the services will be subject to regulation and examination by the director to the same extent as if the services were performed by the association itself on its own premises.
(4) This section does not apply to a service corporation described in ORS 722.309. [1975 c.582 §94; 1983 c.37 §36; 1983 c.321 §6; 1997 c.631 §540]
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