Investment in foreign banks
(1) Upon the approval of the Director of the Department of Consumer and Business Services and subject to rules promulgated by the director pursuant to ORS 183.310 (Definitions for chapter), 183.315 (Application of provisions of chapter to certain agencies), 183.330 (Description of organization), 183.335 (Notice) and 183.341 (Model rules of procedure) to 183.410 (Agency determination of applicability of rule or statute to petitioner), an institution may invest an amount not exceeding in the aggregate 10 percent of its stockholders’ equity in the stock of banks or corporations chartered or incorporated under the laws of the United States or of any other state. Such banks or corporations shall be principally engaged in international or foreign banking, or banking in a dependency or insular possession of the United States, either directly or through the agency, ownership or control of local institutions in foreign countries, or in such dependencies or insular possessions, including the stock of one or more banks or corporations chartered or incorporated under section 25(a) of the Federal Reserve Act, as approved December 24, 1919.
(2) An institution shall file with the director an application for permission to exercise the powers established in subsection (1) of this section. The application shall specify the name, stockholders’ equity of the institution filing it, the powers applied for and the place or places where the banking operations are to be carried on.
(3) The director may approve or reject the application, in whole or in part, if the granting of the application is considered inexpedient. The director may increase or decrease the number of places where the banking operations may be carried on.
(4) Before an institution may purchase stock in any corporation mentioned in subsection (1) of this section, the corporation shall agree to restrict its operations or conduct its business in the manner and under the limitations prescribed by the director for the places in which the business is to be conducted.
(5) If the director determines that the limitations prescribed are not being complied with, the director may investigate the matter. If the investigation shows that the corporation, or the institution holding stock in the corporation, has not complied with the limitations, the director may require the institution to dispose of stock holdings in the corporation.
(6) An institution investing in the capital stock of banks or corporations, as provided in subsection (1) of this section, shall furnish information concerning the condition of the banks or corporations to the director upon demand, and the director may order special examinations of the banks or corporations. [1997 c.631 §126; 1999 c.59 §216]
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