If, pursuant to a merger or conversion of a financial institution, the resulting or converting financial institution is an Oregon bank and has assets or liabilities in this state that do not conform to the requirements of applicable law or carries on business activities that are not permitted for the resulting or converting financial institution, the Director of the Department of Consumer and Business Services may:
(1) Permit the resulting or converting financial institution to retain the nonconforming assets or liabilities or to continue the otherwise unpermitted activities for such periods and subject to such conditions and limitations as the director determines, by rule or order, will not be injurious to the safety and soundness of the resulting or converting financial institution; or
(2) Grant the resulting or converting financial institution a reasonable time to conform with applicable law. [Formerly 711.055]
Section: Previous 711.165 711.170 711.175 711.180 711.185 711.190 711.195 711.197 711.199 711.205 711.207 711.210 711.211 711.215 711.217 NextLast modified: August 7, 2008