(a) The institution’s board of directors applies in writing to the Director of the Department of Consumer and Business Services;
(b) The director approves the application in writing;
(c) The institution obeys any limitations the director specifies in the director’s approval; and
(d) The institution acquires the stock or membership interest for the purpose of strengthening the institution’s capital structure or eliminating undesirable assets.
(2) The institution may hold the stock or membership interest as long as the director may determine, but in no event longer than 15 years.
(3) This section does not apply to any stock or membership interest that an institution may acquire in connection with insuring deposits, under ORS 708A.120, or in a purchase as a part of any transaction in which an institution borrows from the United States or an agency of the United States. This section does not repeal or in any way limit or modify ORS 711.470. [1997 c.631 §120; 2015 c.244 §35]