justicedao/ipfs_state_laws huggingface dataset:
ORS Chapter 723 — Credit Unions

ORS 723.296. Duties of directors; delegation of duties. (1) The board of directors shall manage the business and affairs of the credit union. The duties of the board include, but are not limited to, the duties listed in this section. The board may not delegate duties listed in subsection (2) of this section. The board may delegate the duties listed in subsection (3) of this section to a committee, officer or employee of the credit union, who shall provide appropriate information to the board regarding the exercise of the duties. (2) The board shall: (a) Establish the requirements for membership in the credit union, including the par value, if any, of a share; (b) Authorize interest refunds, if any, to members from income earned and received in proportion to the interest the members pay on classes of loans and under conditions that the board prescribes; (c) Authorize the employment of persons necessary to carry on the business of the credit union and fix the compensation of the manager or chief executive officer; (d) Authorize the conveyance of property; (e) Suspend members of the credit or supervisory committee for failing to perform the members duties; (f) Appoint any special committees the board considers necessary; (g) Limit the number of shares and the amount of deposits that a member may own and ensure that limitations adopted under this subsection apply alike to all members; and (h) Establish policies and controls regarding the investment of surplus funds. (3) In addition to the duties listed in subsection (2) of this section, and subject to subsection (1) of this section, the board shall: (a) Act upon applications for membership. If this duty is delegated, a record of an approval or denial of membership must be made available to the board. A person to whom a committee, officer or employee of the credit union denies membership may appeal the denial to the board. (b) Purchase a blanket fidelity bond, in accordance with ORS 723.122. (c) Determine from time to time the interest rate or rates that shall be charged on loans. (d) Declare dividends on shares and share certificates in accordance with the provisions of the bylaws and determine the prospective dividend rate to be paid on shares and share certificates and the interest rate or rates that will be paid on deposits and deposit certificates. (e) Designate a depository or depositories for the funds of the credit union. (f) Borrow or lend money to carry out the functions of the credit union.
ORS Chapter 723 — Credit Unions

ORS 723.302. Duties of credit committee. The credit committee shall have the general supervision of all loans to members.
ORS Chapter 723 — Credit Unions

ORS 723.306. Meetings of credit committee. The credit committee shall meet as often as the business of the credit union requires and not less frequently than once a month to consider applications for loans. No loan shall be made unless it is approved by a majority of the committee who are present at the meeting at which the application is considered.
ORS Chapter 723 — Credit Unions

ORS 723.312. Loan officers. (1) The credit committee may appoint one or more loan officers and delegate the power to approve or disapprove loans, subject to such limitations or conditions as the credit committee prescribes. (2) Loan applications not approved by a loan officer may be reviewed by the credit committee.
ORS Chapter 723 — Credit Unions

ORS 723.316. Chief credit officer. The board of directors of a credit union may appoint a chief credit officer in lieu of a credit committee to approve or disapprove loans under conditions that the board prescribes. If the board appoints a chief credit officer in lieu of a credit committee, the provisions of ORS 723.302 to 723.312 do not apply and the credit union may not make a loan unless the chief credit officer approves the loan, except that the chief credit officer may appoint one or more loan officers with the power to approve loans subject to limitations or conditions that the chief credit officer prescribes.
ORS Chapter 723 — Credit Unions

ORS 723.322. Duties of supervisory committee; verification of member accounts; rules. (1) The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of the audit to the board of directors and the Director of the Department of Consumer and Business Services and a summary of that report to the members at the next annual meeting of the credit union. It shall make or cause to be made such supplementary audits or examinations as it deems necessary or as are required by the director or by the board of directors, and submit reports of these supplementary audits to the board of directors. (2) The supervisory committee shall cause the accounts of the members to be verified with the records of the credit union from time to time in accordance with subsection (3) of this section. This verification shall be done not less frequently than every two years. (3) Verification of members accounts shall be made using either of the following methods: (a) A controlled verification of 100 percent of members share and loan accounts; or (b) A controlled random statistical sampling method in accordance with rules that the director may prescribe. (4) Records of accounts verified shall be maintained and retained until the next verification of members accounts is completed.
ORS Chapter 723 — Credit Unions

ORS 723.326. Suspension and removal of officials; restrictions on service as director. (1) The supervisory committee by a unanimous vote may suspend any member of the board until the next members meeting. The next members meeting must be held not less than 14 nor more than 45 days after the suspension. At the meeting the members shall decide whether to remove the suspended officer or board member. (2) The board may remove any member of the supervisory committee for failing to perform duties prescribed in this chapter or in the credit unions articles of incorporation, bylaws or policies. (3) A person may not serve as a director if the person has defaulted on payment of a voluntary obligation to the credit union or has otherwise caused the credit union to incur a financial loss.
ORS Chapter 723 — Credit Unions

ORS 723.338. Duty to notify law enforcement officers of violations of Oregon Credit Union Act; investigations; costs. (1) If a director, officer or committee member of a credit union has reason to believe that a person has violated any provision of the Oregon Credit Union Act for which criminal prosecution is provided, such official shall give the information relative to the violation to the appropriate federal, state or local law enforcement officer having jurisdiction of the violation, and to the Director of the Department of Consumer and Business Services. (2) If the matter is referred to the Attorney General or to a district attorney, such official promptly shall investigate the violation and institute such action against the person as the information and investigation requires or justifies. The cost of the investigation and action shall be paid by the county or state in the manner in which other criminal actions are paid.
ORS Chapter 723 — Credit Unions

ORS 723.350. [Amended by 1959 c.106 13; repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.360. [Amended by 1959 c.106 14; repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.370. [Amended by 1959 c.106 15; repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.380. [Amended by 1959 c.106 16; repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.400. [Amended by 1955 c.550 6; 1959 c.106 18; 1967 c.279 5; repealed by 1975 c.652 88] ACCOUNTS
ORS Chapter 723 — Credit Unions

ORS 723.402. Shares. (1) Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe. (2) A certificate need not be issued to denote ownership of a share in a credit union.
ORS Chapter 723 — Credit Unions

ORS 723.406. Dividends. (1) At such intervals and for such periods as the board of directors may authorize, and after provision for the required reserves, the board of directors may declare dividends to be paid on shares or share certificates. Dividends may be paid at various rates, or not paid at all, with due regard to the conditions that pertain to each class of share. (2) Subject to the approval of the board of directors, accounts closed between dividend periods may be credited with dividends at the rate set by the board of directors.
ORS Chapter 723 — Credit Unions

ORS 723.412. Deposit and deposit certificate accounts; interest; priority. (1) A credit union may receive savings in deposit and deposit certificate accounts from its members and other credit unions, subject to such conditions as the board of directors establishes. (2) Deposit and deposit certificate accounts differ from shares and share certificates in that a predeclared rate of return, as determined from time to time at such rates and upon such classes of deposit and deposit certificate accounts as are established by the board of directors, shall be established on deposit accounts. (3) Interest may be paid on deposits and deposit certificates at various rates with due regard to the conditions that pertain to each type of account such as minimum balance, notice and time requirements. (4) In the event of liquidation of a credit union, shares and share certificates shall be subordinate to the claims of depositors and other creditors.
ORS Chapter 723 — Credit Unions

ORS 723.420. [Repealed by 1959 c.106 23]
ORS Chapter 723 — Credit Unions

ORS 723.426. account from adding the name of another person to the account with the designation of agent. The agent shall have no present or future interest in the sums on deposit in the account, but the credit union may honor requests for payment from the accounts by the agent, unless the principal is deceased at the time the payment is requested and the credit union has actual knowledge of the death. Payments from the account by the credit union at the request of the agent shall discharge the credit union from all claims for amounts so paid. [1999 c.185 37] LOANS
ORS Chapter 723 — Credit Unions

ORS 723.430. [Repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.432. Trust accounts. Shares may be issued and deposits may be held in the name of a member in trust for a beneficiary, including a minor, but no beneficiary, unless a member in the beneficiarys own right, shall be permitted to vote, obtain loans, hold office or be required to pay an entrance or membership fee.
ORS Chapter 723 — Credit Unions

ORS 723.434. (24) Provide digital signature verification or other electronic authentication services to members of the credit union. (25) Act as trustee or custodian for members of the credit union under any written trust instrument or custodial agreement in connection with a tax-advantaged savings plan authorized under the Internal Revenue Code, including but not limited to individual retirement, deferred compensation, education savings and health savings accounts, provided that the trust instrument or custodial agreement requires all funds subject to the instrument or agreement to be invested exclusively in share or deposit accounts in the credit union. The State of Oregon, or the applicable instrumentality or municipality, is considered to be a member of the credit union with respect to such deposits, except that the state or other instrumentality or municipality is not entitled to vote, hold office or otherwise participate in the management or operation of the credit union. (26) Indemnify the directors, officers, employees and committee members or other volunteers of the credit union in accordance with the provisions of the credit unions articles, bylaws and the indemnification provisions of ORS chapter 60. (27) Sell negotiable checks, including travelers checks, money orders and other money transfer instruments, including domestic and international electronic funds transfers, to persons eligible for credit union membership under ORS
ORS Chapter 723 — Credit Unions

ORS 723.440. [Repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.447. Certified share drafts. A credit union may certify a share draft issued by the credit union. A credit union that certifies a share draft may immediately charge the amount of the share draft to the drawers share draft account.
ORS Chapter 723 — Credit Unions

ORS 723.450. Payment on shares and deposits; restriction on class of shares. Shares, share certificates, deposits and deposit certificates may be withdrawn for payment to the account holder or to third parties in accordance with the manner and procedures established by the board of directors. The board of directors may restrict one class of shares so that a share in the class may not be redeemed, withdrawn or transferred except upon termination of membership in the credit union.
ORS Chapter 723 — Credit Unions

ORS 723.454. Liens. The credit union shall have a lien on all funds of a member or joint owner on deposit with the credit union in any individual or joint account held in any capacity, for any obligation of the member or joint owner to the credit union. [Formerly
ORS Chapter 723 — Credit Unions

ORS 723.457. [Formerly
ORS Chapter 723 — Credit Unions

ORS 723.460. Reduction in shares. (1) Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may by a majority vote of the entire membership order a reduction in the shares of each of its shareholders to divide the loss proportionately among the members. (2) If the credit union thereafter realizes from such assets a greater amount than was fixed by the order of reduction, such excess shall be divided proportionately among the shareholders whose assets were reduced, but only to the extent of such reduction. [Formerly 723.446]
ORS Chapter 723 — Credit Unions

ORS 723.463. [Formerly
ORS Chapter 723 — Credit Unions

ORS 723.464. Deposits made in name of minor. Any deposit to a credit union made to an account in the name of a minor shall be held for the exclusive right and benefit of the minor and free from the control or lien of all other persons, except other parties to the account and creditors, and shall be paid, in accordance with the terms of the account, together with any interest thereon, to or upon the order of the minor.
ORS Chapter 723 — Credit Unions

ORS 723.468. Adverse claim to deposit; notice; restraining order or other process; indemnity bond or letter of credit. (1) A credit union shall be obligated to recognize an adverse claim to a deposit it holds only if the adverse claimant gives notice to the credit union of its claim and: (a) Procures a restraining order, injunction or other appropriate process against the credit union in an action wherein the person to whose credit the deposit stands is made a party and served with summons; or (b) Delivers to the credit union in a form, and with sureties acceptable to the credit union, a bond or an irrevocable letter of credit issued by a financial institution, as defined in ORS 706.008, indemnifying the credit union from any liability, damage or expenses on account of the payment of the adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands. (2) This section does not apply when the person in whose name the account is carried is a fiduciary for the adverse claimant, and the affidavit of the adverse claimant states the facts constituting the fiduciary relationship and the facts showing reasonable cause of belief on the part of the claimant that the fiduciary is about to misappropriate the deposit. (3) A credit union may, at its option, interplead a deposit that is subject to any adverse claim.
ORS Chapter 723 — Credit Unions

ORS 723.470. Checks drawn by agents presumed to be in authorized manner. If a person who owns a share or deposit account subject to check authorizes another person as agent to draw checks against the account, the credit union, in the absence of written notice to the contrary, may presume that any check drawn by the agent in the manner authorized by the terms and conditions of the account, including checks drawn to the personal order of the agent, is drawn for a purpose authorized by the principal and within the scope of the authority conferred upon the agent.
ORS Chapter 723 — Credit Unions

ORS 723.472. Checks of intoxicated or drugged persons. A credit union may refuse to pay any check, draft or order drawn upon it when the officers or employees of the credit union have reason to believe that the person signing or indorsing the instrument was so under the influence of alcohol, drugs or controlled substances or that the person was otherwise so incapacitated as to make it reasonably doubtful whether the person was capable of transacting business at the time of signing or indorsing the check, draft or order.
ORS Chapter 723 — Credit Unions

ORS 723.476. Application of ORS 723.478, 723.480 and 723.482; liability and setoff rights of credit unions. The provisions of ORS 723.478, 723.480 and 723.482 concerning beneficial ownership between parties or between parties and P.O.D. payees or beneficiaries of multiple-party accounts are relevant only to controversies between those persons and their creditors and other successors, and have no bearing on the power of withdrawal of those persons as determined by the terms of account contracts. The provisions of ORS 723.486 to 723.496 govern the liability of credit unions that make payments pursuant thereto, and their setoff rights.
ORS Chapter 723 — Credit Unions

ORS 723.478. Ownership of multiple-party accounts. (1) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each party to the sums on deposit, unless there is clear and convincing evidence of a different intent. (2) A P.O.D. account belongs to the original party during the lifetime of the party and not to the P.O.D. payee or payees. If two or more persons are named as original parties, during their lifetimes, rights between them are governed by subsection (1) of this section. (3) Unless a contrary intent is manifested by the terms of the account or the deposit agreement, or there is other clear and convincing evidence of an irrevocable trust, a trust account belongs beneficially to the trustee during the lifetime of the trustee. If two or more parties are named as trustees of the account, during their lifetimes, beneficial rights between them are governed by subsection (1) of this section. If there is an irrevocable trust, the account belongs beneficially to the beneficiary.
ORS Chapter 723 — Credit Unions

ORS 723.480. Multiple-party accounts; disposition of deposit upon death of party or trustee; effect of will. (1) Sums remaining on deposit at a credit union at the death of a party to a joint account are rebuttably presumed to belong to the surviving party or parties against the estate of the decedent. If there are two or more surviving parties, their respective ownerships during their lifetimes shall be in proportion to their previous ownership interests under ORS 723.478, augmented by an equal share for each survivor of any interest the decedent may have owned in the account immediately before death. The right of survivorship continues between the surviving parties. (2) If the account is a P.O.D. account: (a) Upon the death of one of two or more original parties, the rights to any sums remaining on deposit are governed by subsection (1) of this section. (b) Upon the death of the sole original party or the survivor of two or more original parties, any sums remaining on deposit belong to the P.O.D. payee or payees, if surviving, or to the survivor of them if one or more die before the original party. If two or more P.O.D. payees survive, there is no right of survivorship in the event of death of a P.O.D. payee thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them. (3) If the account is a trust account: (a) Upon the death of one of two or more trustees, the rights to any sums remaining on deposit are governed by subsection (1) of this section. (b) Upon the death of the sole trustee or the survivor of two or more trustees, any sums remaining on deposit belong to the person or persons named as beneficiaries, if surviving, or to the survivor of them if one or more die before the trustee, unless there is clear and convincing evidence of a contrary intent. If two or more beneficiaries survive, there is no right of survivorship in the event of death of any beneficiary thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them. (4) In other cases, the death of any party to a multiple-party account has no effect on beneficial ownership of the account, other than to transfer the rights of the decedent as part of the estate of the decedent. (5) A right of survivorship arising under this section or from the express terms of the account, a beneficiary designation in a trust account or a P.O.D. payee designation cannot be changed by will. (6) The rebuttable presumption under subsection (1) of this section may be overcome by evidence establishing that: (a) The deceased party intended a different result; or (b) The deceased party lacked capacity when the joint account was established. (7) A credit union is not liable for distributing sums remaining on deposit at the death of a party to a joint account to a surviving party or parties in accordance with the account agreement unless, prior to distributing sums to a surviving party or parties: (a) The credit union has received notice of an adverse claim under ORS 723.468; and (b) The adverse claimant proceeds as required under ORS 723.468.
ORS Chapter 723 — Credit Unions

ORS 723.482. Rights of survivorship based on form of account; alteration of form of account. The provisions of ORS 723.480 that apply to rights of survivorship are determined by the form of the account at the time of death of a party. Subject to satisfaction of the requirements of the credit union, the form of an account may be altered by a written order given by a party to the credit union. The order must be signed by the party, be received by the credit union during the partys lifetime, and not be countermanded by other written order of the same party during the lifetime of the party.
ORS Chapter 723 — Credit Unions

ORS 723.484. Transfers of moneys upon death of depositor or trustee is not testamentary disposition. Any transfers resulting from the application of ORS 723.480 are effective by reason of the account contracts involved and application of ORS 723.480. The transfers are not to be considered as testamentary or subject to administration in the estate of a deceased party.
ORS Chapter 723 — Credit Unions

ORS 723.486. Multiple party account; payment of deposit to one or more parties; credit union not required to determine source or use of funds in account. Credit unions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. For purposes of establishing net contributions a credit union shall not be required to inquire about the source of funds received for deposit to a multiple-party account, or to inquire about the proposed application of any sum withdrawn from an account.
ORS Chapter 723 — Credit Unions

ORS 723.488. Joint account; payment to any party to account; payment to others. Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is requested. Payment may not be made to the personal representative or heirs of a deceased party unless: (1) Proof of death is presented to the credit union, showing that the decedent was the last surviving party; or (2) There is no right of survivorship under ORS 723.480.