(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.
Statutory/Other Authority
ORS 708A.175
Statutes/Other Implemented
ORS 708A.175
History
FCS 2-2004, f. & cert. ef. 8-5-04
FCS 1-1998, f. & cert. ef. 3-31-98, Renumbered from 441-580-0030
BB 13, f. & ef. 3-5-76, Renumbered from 805-024-0115