Or. Admin. R. 441-710-0270

Current through Register Vol. 63, No. 8, August 1, 2024

Section 441-710-0270 - Investment in Premises

(1) When real property is acquired for future expansion, at least partial utilization should be accomplished within a reasonable period, which shall not exceed three years unless otherwise approved in writing by the Director.

(2) When a credit union acquires unimproved real property for future expansion, the credit union shall at least partially utilize the property within a reasonable period of time, not to exceed six years unless otherwise approved in writing by the Director.

(3) After real property acquired for future expansion under sections (1) or (2) of this rule has been held for one year, a board resolution with definitive plans for utilization must be available for inspection by the Director's examiners.

(4) Investments in premises will be recorded on the credit union's books in accordance with generally accepted accounting principles. The cost of land shall be carried on the books of the credit union in an account separate from the cost of improvements thereon.

Or. Admin. R. 441-710-0270

BB 4-1982, f. 8-24-82, ef. 9-1-82; Renumbered from 805-072-0320; FCS 2-2005, f. & cert. ef. 8-25-05; FCS 1-2013(Temp), f. 1-4-13, cert. ef. 2-1-13 thru 7-31-13

Stat. Auth.: ORS 723.102

Stats. Implemented: ORS 723.152