(1) Upon the written application of the board of directors filed with the Director of the Department of Consumer and Business Services and subject to the written approval of the director and any limitations the director may prescribe, an institution may carry fully paid and nonassessable capital stock of any other corporation as an asset, if the stock is acquired for the purpose of strengthening the institutionís capital structure or the elimination of undesirable assets.
(2) The stock may be held for such period as the director may determine, but in no event longer than 15 years.
(3) This section is not applicable to any stock that may be acquired in connection with the insurance of deposits, any stock that may be acquired under ORS 708A.120, or any stock that may be purchased as a part of any transaction in which an institution borrows from the United States or an agency of the United States. This section does not repeal or in any way limit or modify ORS 711.470. [1997 c.631 §120]Section: Previous 708A.005 708A.010 708A.115 708A.120 708A.125 708A.130 708A.135 708A.140 708A.145 708A.150 708A.160 708A.165 708A.170 708A.175 708A.180 Next
Last modified: August 7, 2008