Or. Admin. R. 441-505-3020

Current through Register Vol. 63, No. 9, September 1, 2024

Section 441-505-3020 - Property Acquired for or Used for Place of Business; Disposition if Not Used

(1) An institution shall sell or dispose of real property referred to in ORS 708A.175:

(a) Purchased for future location or expansion of its business, if the real estate is not so used within two years after the date of acquisition; or

(b) Formerly used as a place to carry on the business of the institution, if it is not reused for a business purpose within two years after the business use is discontinued.

(2) The Director may grant an extension of the two-year period if justified by an asset utilization plan which is consistent with the institution's business plan.

(3) The Director shall also consider the capital adequacy, liquidity, profitability, cash flow and management capabilities in determining whether the proposal is prudent and reasonable.

Or. Admin. R. 441-505-3020

BB 13, f. & ef. 3-5-76, Renumbered from 805-024-0115; FCS 1-1998, f. & cert. ef. 3-31-98, Renumbered from 441-580-0030; FCS 2-2004, f. & cert. ef. 8-5-04

Stat. Auth.: ORS 708A.175

Stats. Implemented: ORS 708A.175