Investment in foreign banks
(1) If the Director of the Department of Consumer and Business Services approves, and subject to rules the director adopts in accordance with 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 not more than 10 percent, in the aggregate, of the stockholders’ equity in the institution in the stock of banks or corporations that are chartered or incorporated under the laws of the United States or another state. The banks or corporations in which the institution may invest under this section must 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 apply to the director for permission to exercise the powers established in subsection (1) of this section. The application shall specify the name, the stockholders’ equity in the institution filing the application, the powers for which the institution is applying and the place or places where the banking operations are to be carried on.
(3) The director may approve the application, in whole or in part, or may disapprove the application if the director believes that granting approval is 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 bank or corporation described in subsection (1) of this section, the bank or corporation shall agree to restrict the bank’s or corporation’s operations or conduct the bank’s or corporation’s 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 a bank or corporation is not complying with the limitations the director prescribed, the director may investigate the matter. If the investigation shows that the bank or corporation, or the institution holding stock in the bank or corporation, has not complied with the limitations, the director may require the institution to dispose of stock holdings in the bank or corporation.
(6) An institution that invests 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. The director may order special examinations of the banks or corporations. [1997 c.631 §126; 1999 c.59 §216; 2015 c.244 §37]
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