Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 505 - BANKING SECTION (IN GENERAL)
Section 441-505-2020 - Exchange of Real Property for Stock
Universal Citation: OR Admin Rules 441-505-2020
Current through Register Vol. 63, No. 3, March 1, 2024
(1) An Oregon commercial bank, trust company or savings bank that applies for permission to accept real property in exchange for stock at the initial formation of capital shall file the following documents with the Director before accepting or committing to accept real property and improvements in exchange for stock:
(a) An appraisal within the scope of
licensure of a General Appraiser or Residential Appraiser certified by the
Oregon Appraiser Certification and Licensure Board, or like person approved by
the Director in the case of real property located outside of this state, that
is dated or updated within 30 days of the application, provided there is no
material change to the appraised property within the 30 day period;
(b) Commitments or sales of stock for cash
received to the date of the application; and
(c) A business plan adopted by the board:
(A) That includes the intended use or
disposition of the property within a period that is consistent with the Bank
Act for such property; and
(B) That
shows a prudent and reasonable business purpose for such an exchange.
(2) The Director shall consider the business plan, capital adequacy, liquidity and management capabilities in determining whether the proposal is prudent and reasonable.
Stat. Auth.: ORS 707.050
Stats. Implemented: ORS 707.050
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