ORS Chapter 723 — Credit Unions

ORS 723.152. General powers; rules. In addition to the powers conferred by the general corporation law a credit union may, subject to the restrictions and limitations contained in this chapter and the credit unions bylaws: (1) Make contracts. (2) Sue and be sued. (3) Adopt, use and alter a common seal. (4) Acquire, lease, hold and dispose of property, either in whole or in part, necessary or incidental to the credit unions operations. (5) At the discretion of the board of directors, require any person admitted to membership to pay an entrance fee or annual membership fee, or both. (6) Receive savings from members of the credit union in the form of various classes of shares, deposits or deposit certificates, deposit accounts or special-purpose thrift accounts. (7) Receive from members of the credit union or from another credit union deposits or deposit certificates, deposit accounts or various classes of shares payable on nonnegotiable request. (8) Lend the credit unions funds to members of the credit union and to other credit unions as provided in this chapter. (9) Acquire and lease personal property at the request of a member of the credit union who wishes to lease the property on terms requiring payment, during the term of the lease, of rents that exceed the total expenditures made by the credit union for the acquisition, ownership, financing and protection of the property. Rents may include residual value payments that are the obligation of a responsible third party. (10) Borrow from any source in accordance with policy established by the board of directors and issue debentures pursuant to a plan approved by the Director of the Department of Consumer and Business Services. The debentures shall be subordinate to the shares and deposits of the credit union. (11) Discount and sell any eligible obligations, subject to rules adopted by the Director of the Department of Consumer and Business Services. (12) Sell all or substantially all of the credit unions assets or purchase all or substantially all of the assets of another credit union, subject to the approval of the Director of the Department of Consumer and Business Services. (13) Invest surplus funds as provided in this chapter. (14) Make deposits in legally chartered banks, savings banks, savings and loan associations, trust companies and credit unions. (15) Assess charges to a member of the credit union in accordance with the credit unions bylaws for the members failure to meet the members obligations to the credit union promptly. (16) Hold membership in other credit unions organized under this chapter or other state or federal laws, and in other associations and organizations composed of credit unions. (17) Declare dividends, pay interest on deposit and deposit certificate accounts and pay interest refunds to borrowers as provided in this chapter. (18) Offer products and services reasonably related to the purposes of a credit union as set forth in ORS 723.006. (19) Receive deposits from the federal government or this state, or any agency or political subdivision thereof. (20) Make donations or contributions to any civic, charitable, political or community organization as authorized by the board of directors. (21) Act as a custodian of qualified pension funds of members of the credit union if permitted by federal law. (22) Purchase or make available insurance for the credit unions directors, officers, agents, employees and members. (23) Allow members of the credit union to use share accounts, deposit accounts or deposit certificate accounts as share draft accounts as provided in ORS