Or. Admin. Code § 441-505-2020 - Exchange of Real Property for Stock

(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.

Notes

Or. Admin. Code § 441-505-2020

FCS 1-1998, f. & cert. ef. 3-31-1998

Stat. Auth.: ORS 707.050

Stats. Implemented: ORS 707.050