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School districts may create a policy allowing students to be released for religious study, or they may choose not to coordinate with released-time programs and require the students' legal guardians facilitate the process.
Read more about "May" and "Shall" state laws

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ORS 339.420 Child excused to receive religious instruction

Upon application of the parent or guardian of the child, or, if the child has attained the age of majority, upon application of the child, a child attending the public school may be excused from school for periods not exceeding two hours in any week for elementary pupils and five hours in any week for secondary pupils to attend weekday schools giving instruction in religion. [1965 c.100 §298; 1973 c.827 §32; 1977 c.276 §1]

All school districts, regardless of whether they are required by law to allow released time, should implement good policy and be prepared for when a released time program may approach the district. The time to set the policy is before an active program is pressuring the district. Research polices the district can implement to protect teachers' and students' instruction time. Set polices that limit disruptions to students and the ability for proselytization to occur, impacting other students of faith or no faith. A more detailed write-up on school board policies can be read here.