reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.001 - Definitions.

As used in this chapter, unless the context requires otherwise:
(1) "Assets" means property, a right or a claim with future objectively measurable value that is owned or effectively controlled by a credit union.
(2) "Capital" means a credit union’s reserves, undivided earnings and allowances for loan loss.
(3) "Corporate central credit union" means a cooperative organization whose members consist primarily of other credit unions and whose purposes are:
(a) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;
(b) To act as an intermediary for member credit unions to the payment systems and facilitate funds transfers between its member credit unions and other financial institutions or their agents;
(c) To obtain liquid funds from other credit union organizations, financial intermediaries and other sources; and
(d) To perform such other financial services that benefit its member credit unions and that are authorized in writing by the Director of the Department of Consumer and Business Services.
(4) "Department" means the Department of Consumer and Business Services.
(5) "Director" means the Director of the Department of Consumer and Business Services.
(6) "Equity" means a credit union’s reserves and undivided earnings.
(7) "Home state" means the state in which the credit union is chartered.
(8) "Host state" means the state in which a credit union conducts business, but that is not the home state.
(9) "Interstate credit union" means a credit union chartered under the provisions of this chapter or under the authority of the laws of another state and operating in this state and in one or more other states.
(10) "Official" means any of the following:
(a) An individual who is or was a director or officer of the credit union; or
(b) An individual who is or was a member of a credit union’s credit committee or supervisory committee.
(11) "Regular reserve" means an irrevocable reserve set aside to cover losses. [1985 c.762 §80; 1987 c.158 §151; 1987 c.373 §62; 1987 c.650 §1; 1993 c.744 §25; 1995 c.319 §7; 1999 c.185 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.002 - Short title.

This chapter shall be known and may be cited as the "Oregon Credit Union Act." [1975 c.652 §2; 1985 c.762 §78; 1985 c.801 §1; 1987 c.158 §152; 1987 c.373 §63; 1987 c.650 §2]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.006 - "Credit union" defined.

A credit union is a cooperative, nonprofit association, incorporated under the laws of this state, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest and providing an opportunity for its members to use and control their own money in order to improve their economic and social condition. [1975 c.652 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.008 - "Credit union" defined for ORS 723.136 and 723.464 to 723.498.

As used in ORS 723.136 and 723.464 to 723.498, "credit union" means a credit union organized under this chapter, an interstate credit union doing business in this state or a federal credit union. [1999 c.185 §18; 2001 c.104 §286]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.012 - Organization procedure; articles of incorporation; bylaws; fee; rules.

(1) Any seven or more residents of this state or another appropriate jurisdiction, of legal age, who have a common bond referred to in ORS 723.172 may organize a credit union and become charter members thereof by complying with this section.
(2) The incorporators shall execute the documents, including the articles of incorporation, required by the Director of the Department of Consumer and Business Services to apply for a credit union charter. The articles shall state:
(a) The name, which shall include the words "credit union" and which shall not be the same as that of any other existing credit union in this state.
(b) The location where the proposed credit union is to have its principal place of business.
(c) The par value, if any, of the shares of the credit union shall be defined in the bylaws.
(d) The full name, residence and post-office address of each of the incorporators.
(e) The number of its directors, which shall not be less than five, and the names of the incorporators who shall be its directors until the first annual meeting of shareholders.
(f) The number of members of the supervisory committee, which shall not be less than three, and the name, residence and post-office address of the persons who are to serve as members until the first meeting of directors.
(3) The incorporators shall prepare and adopt bylaws for the general government of the credit union, which shall be consistent with this chapter.
(4) The incorporators shall forward the articles of incorporation and the bylaws to the Director of the Department of Consumer and Business Services, together with a filing fee in an amount that the director sets by rule. The director shall issue a certificate of approval if the articles and the bylaws are in conformity with this chapter and the director is satisfied that the ability of the proposed credit union to operate successfully is favorable. The director shall return a copy of the bylaws and the articles to the applicants or their representatives, which shall be preserved in the permanent files of the credit union. The application shall be acted upon by the director within 60 days.
(5) The subscribers for a credit union charter shall not transact any business until formal approval of the articles and bylaws has been received. [1975 c.652 §4; 1985 c.762 §85; 1987 c.286 §1; 1999 c.185 §2; 2007 c.343 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.014 - Denial of certificate of approval.

The Director of the Department of Consumer and Business Services may not issue a certificate of approval under ORS 723.012 if a person named in the articles of incorporation submitted for approval:
(1) Is insolvent or bankrupt;
(2) Has engaged in dishonest, fraudulent or illegal practices or conduct in any business or profession;
(3) Has willfully or repeatedly violated or failed to comply with a provision of the Oregon Bank Act, the Oregon Credit Union Act, the Oregon Consumer Finance Act, the Oregon Securities Law, the Oregon Mortgage Lender Law or the Pawnbrokers Act, or an administrative rule or order adopted under an Act identified in this subsection;
(4) Has been convicted of a crime, an essential element of which is fraud;
(5) Is not qualified to conduct a credit union business on the basis of such factors as training, experience and knowledge of the business;
(6) Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of the credit union business;
(7) Is the subject of an order of the director subjecting the person to a civil penalty, or removing the person from an office in any entity regulated by the director; or
(8) Is the subject of an order that was issued by the regulatory authority of another state, or of the federal government, with authority over banking institutions, credit unions, consumer finance companies, savings associations, securities firms or mortgage lenders, that was entered within the past five years and that subjects the person to a civil penalty or removes the person from an office in a state banking institution, a national bank, a state or federal credit union, a state or federal savings association or a consumer finance company, or from a position as a securities broker or dealer, a state or federal investment adviser or a mortgage lender. [1977 c.135 §42; 1985 c.762 §86; 1987 c.373 §63a; 1987 c.650 §3; 1999 c.185 §3; 2009 c.541 §38; 2011 c.597 §291]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.016 - Form of articles and bylaws.

In order to simplify the organization of credit unions, the Director of the Department of Consumer and Business Services shall cause to be prepared a form of articles of incorporation and a form of bylaws, consistent with this chapter, which may be used by credit union incorporators for their guidance. The articles of incorporation and bylaws shall be available without charge to persons desiring to organize a credit union. [1975 c.652 §5; 1985 c.762 §87]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.022 - Amendment of articles and bylaws; fee; rules.

(1) The articles of incorporation or the bylaws may be amended as provided in the bylaws. Amendments to the articles of incorporation or bylaws shall be submitted to the Director of the Department of Consumer and Business Services, together with a fee established by rule of the director.
(2) Amendments to articles of incorporation are effective upon approval in writing by the director.
(3) Amendments to bylaws submitted to the director in accordance with subsection (1) of this section become effective 30 days after submission, unless the director, within that time, notifies the submitter in writing that the director either disapproves the amendments or requires submission of additional information. If the director requires submission of additional information, the amendments become effective 30 days after the date the information is submitted, unless the director disapproves the amendments within that time. [1975 c.652 §6; 1991 c.635 §1; 1999 c.185 §4; 2017 c.35 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.026 - Use of name exclusive; criminal penalty.

With the exception of a credit union organized under this chapter or of any other credit union act, or an association of credit unions or a recognized chapter thereof, any person using a name or title containing the words "credit union" or any derivation thereof or representing themselves in their advertising or otherwise as conducting business as a credit union shall be fined not more than $500 or imprisoned not more than one year, or both, and may be permanently enjoined from using such words in its name. [1975 c.652 §7; 1985 c.762 §88]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.032 - Places of business; mobile facilities.

(1) A credit union may establish a place of business or change the credit union’s place of business within this state 30 days after notifying the Director of the Department of Consumer and Business Services in writing.
(2) A credit union may establish one or more mobile facilities to engage in credit union operations. Mobile facilities of a credit union that have the membership described in ORS 723.172 (3)(a) may operate in this state or in other states. Mobile facilities of a credit union that have the membership described in ORS 723.172 (3)(b) may operate only within the well-defined local community, neighborhood or rural district that the credit union serves.
(3) A credit union may establish additional places of business 30 days after notifying the director in writing. The director may limit or restrict a credit union’s ability to establish additional places of business upon written notice to the credit union if the director determines that an addition would adversely affect the credit union’s safety and soundness.
(4) A credit union may share office space with one or more credit unions and contract with a person or corporation to provide facilities or personnel. [1975 c.652 §8; 1977 c.135 §44; 1991 c.635 §3; 1997 c.832 §1; 1999 c.185 §55; 2005 c.95 §1; 2007 c.343 §2; 2009 c.234 §1; 2015 c.458 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.042 - Interstate credit unions.

(1) A credit union chartered under this chapter may operate in another state unless prohibited by the laws of the other state. Oregon is the home state for any credit union chartered under this chapter.
(2) A credit union organized under the laws of another state may conduct business as a credit union in this state with the approval of the Director of the Department of Consumer and Business Services under the conditions described in subsection (3) of this section. Oregon is the host state for any credit union chartered under the laws of any other state and conducting business as a credit union in this state. The state that charters the credit union is the home state of the credit union.
(3) The director may issue a branch certificate to a credit union chartered in another state for the purposes of operating in this state if all of the following conditions are met:
(a) The credit union is organized under a credit union law substantially similar to this chapter;
(b) The credit union files an application that includes an agreement to comply with all rules prescribed by the director;
(c) The credit union agrees to submit an annual or other regular report of examination from the supervising agency of the state in which it is chartered;
(d) The credit union agrees to authorize the examination of its parent credit union by the director and to pay the fee determined under ORS 723.114;
(e) The field of membership of the credit union meets the definition of membership as defined in ORS 723.172;
(f) The credit union acknowledges that laws of this state relating to consumer protection apply to transactions with residents of this state;
(g) The credit union has account insurance comparable to that required for credit unions incorporated under this chapter;
(h) The credit union designates and maintains an agent for the service of process in this state; and
(i) The credit union submits quarterly financial reports as required by the director.
(4) The director may suspend or revoke the certificate of any credit union for which Oregon is the host state for any violation of the provisions of this chapter or rules or orders issued by the director. [1975 c.652 §10; 1981 c.412 §6; 1985 c.762 §89; 1987 c.373 §63b; 1999 c.185 §5]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.102 - Rulemaking authority.

In accordance with ORS chapter 183, the Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying out this chapter. [1975 c.652 §11; 1985 c.762 §90; 1991 c.331 §123; 1991 c.635 §4; 1999 c.185 §6]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.106 - Reports; late filing penalty; rules.

(1) Credit unions shall report to the Director of the Department of Consumer and Business Services annually by a date established by the director on forms supplied and in the manner specified by the director for that purpose. Additional reports may be required.
(2) A civil penalty in an amount to be established by rule of the director, but not to exceed $1,000 for each day a report is in arrears shall be levied against the offending credit union unless it is excused for cause by the director. [1975 c.652 §12; 1991 c.635 §2; 1999 c.185 §7; 2011 c.597 §292]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.112 - Examinations.

(1) The Director of the Department of Consumer and Business Services shall examine each credit union to determine its condition and whether the credit union is complying with the laws of this state and such other matters as the director may prescribe. For the purpose of conducting an examination or any part thereof, the director may employ an independent consultant determined by the director as qualified to conduct examinations. Except as provided in subsection (3) of this section, examinations under this subsection must be conducted not less frequently than 24 months apart.
(2) For purposes of an examination under subsection (1) of this section:
(a) Each credit union and all of its officers and agents shall be required to give to representatives of the director full access to all of the credit union’s books, papers, securities, records and other sources of information under their control.
(b) The director may subpoena witnesses, administer oaths, compel the giving of testimony and require the submission of documents.
(3) Instead of an examination under subsection (1) of this section, the director may accept an examination or report made by an agency of the United States Government under statutes of the United States.
(4) A report of an examination under subsection (1) of this section shall be forwarded to the executive officer of each credit union within 60 days after completion. The report shall contain comments relative to the management of the affairs of the credit union and also as to the general condition of its assets. Within 45 days after the receipt of the report, the directors and supervisory committee members shall meet to consider matters contained in the report and shall report in writing to the director on the manner in which the credit union is complying or will comply with the director’s recommendations. [1975 c.652 §13; 1977 c.135 §45; 1985 c.762 §91; 1987 c.373 §63c; 1999 c.185 §8]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.114 - Annual fees paid by credit unions; rules.

(1) Each credit union shall pay to the Director of the Department of Consumer and Business Services each year a fee set in a schedule the director adopts by rule. The fee shall be paid by the date set by the director in the rule establishing the schedule.
(2) In addition to any fee collected under subsection (1) of this section, whenever the director devotes any extra attention to the affairs of a credit union, either upon determination by the director or upon request of the credit union, the fee for the extra service shall be the actual cost of the extra service.
(3) The director shall set or change the fee schedule described in subsection (1) of this section after considering:
(a) The amount of other moneys available for the director to use in performing the director’s duties;
(b) The costs the director will incur in performing the director’s duties in the year in which the director will collect the fee; and
(c) The amount the director needs to establish and maintain a reasonable emergency fund. [1985 c.762 §92; 1987 c.171 §6; 1987 c.373 §64; 2009 c.541 §39]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.116 - Records; rules.

A credit union shall maintain all books, records, accounting systems and procedures in accordance with such rules as the Director of the Department of Consumer and Business Services from time to time prescribes. In prescribing such rules, the director shall consider the relative size of a credit union and its reasonable capability of compliance. [1975 c.652 §14; 1991 c.635 §5; 1999 c.185 §9]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.122 - Bond or letter of credit; rules.

(1) A credit union shall obtain and maintain a fidelity bond or irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008, that includes coverage in accordance with rules of the Director of the Department of Consumer and Business Services, to protect the credit union against losses caused by occurrences such as fraud, dishonesty, forgery, embezzlement, misappropriation, misapplication of duty and all acts of agents, directors, officers, committee members, employees or attorneys of the credit union. The minimum amount of the bond or letter of credit is based on the amount of the credit union’s total assets in accordance with the following table:
______________________________________________________________________________
Total Assets Minimum Amount
of Bond
or Letter of Credit
$0 to $4,000,000 $250,000 or
coverage equal
to the credit
union’s total
assets, whichever
is less.
$4,000,001 to $50,000,000 $100,000 plus
$50,000 for each
$1,000,000 of total
assets or fraction
of total assets
over $1,000,000.
$50,000,001 to $500,000,000 $2,550,000 plus
$10,000 for each
$1,000,000 of total
assets or fraction
of total assets
over
$50,000,000,
with a maximum
of $5,000,000.
More than $500,000,000 1% of the credit
union’s total
assets rounded
to the nearest
$100,000,000,
with a maximum
of $9,000,000.
______________________________________________________________________________
(2) A fidelity bond or letter of credit must include a faithful performance clause to cover the chief financial officer. The director must approve the fidelity bond or letter of credit and may require additional amounts as the director considers necessary.
(3) Claims upon a fidelity bond or letter of credit that exceed one percent of the credit union’s reserves and undivided earnings or that are related to the errors or omissions of an officer, director or committee member must be reported to the director. [1975 c.652 §15; 1987 c.286 §2; 1991 c.331 §124; 1995 c.319 §1; 1997 c.249 §216; 1997 c.631 §542; 1997 c.832 §2; 1999 c.185 §10; 2001 c.308 §1; 2009 c.234 §2; 2013 c.480 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.126 - Enforcement actions.

The Director of the Department of Consumer and Business Services may institute any action or other proceeding that the director considers necessary for enforcing any provision of this chapter or any rule, order or action adopted, issued or taken by the director under this chapter. [1987 c.215 §10]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.132 - Order to remove officer, director or committee member.

The Director of the Department of Consumer and Business Services by order may direct a credit union to remove any officer, director or committee member of the credit union for any reason stated in ORS 723.014. [1987 c.650 §6]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.134 - Receipt of deposits from person not a member of credit union; secondary capital accounts; rules.

(1) The Director of the Department of Consumer and Business Services by rule may establish guidelines for determining whether a credit union predominantly serves low-income members. If the director, using the guidelines established in accordance with this subsection, determines that a credit union predominantly serves low-income members, the credit union may:
(a) Receive deposits from a person that is not a member of the credit union and allow the person to hold shares in the credit union; and
(b) Issue secondary capital accounts that are subject to any terms and conditions that the Director of the Department of Consumer and Business Services may prescribe by rule.
(2) For purposes of this section, "secondary capital account" means a deposit or share account that is not insured by the National Credit Union Administration, or another primary share insurer approved by the Director of the Department of Consumer and Business Services, and that is subordinate to all other claims against the credit union, including claims of creditors, owners of share accounts and the National Credit Union Administration or another insurer approved by the Director of the Department of Consumer and Business Services. Secondary capital accounts that the credit union issues in accordance with this section are equity as defined in ORS 723.001 for the purposes of ORS 723.631 and for any other purpose.
(3) The powers set forth in this section are in addition to the powers the credit union has under ORS 723.152. [2007 c.343 §5; 2021 c.97 §82]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.156 - Exercise of powers of federal credit union.

(1) Notwithstanding any other provision of law, in addition to the powers and authorities provided under the laws of this state, a credit union may exercise any of the powers that were available to a federal credit union as of January 1, 2022. At least 45 days before exercising a power under this subsection, a credit union shall provide to the Director of the Department of Consumer and Business Services written notice of the credit union’s intent to exercise the power. The notice must describe the power and specify the statutory or regulatory authority or other legal basis for the federal credit union power the credit union intends to exercise.
(2) Notwithstanding any other provision of law, in addition to the powers and authorities provided under the laws of this state, a credit union may, after obtaining approval from the director and subject to any limitations the director prescribes, exercise any of the powers conferred after January 1, 2022, upon a federal credit union that does business in this state and that is subject to the regulations of the administrator of the National Credit Union Administration or the successor or successors of the administrator, or any of the powers conferred on a credit union that is chartered under the laws of another state and does business in this state, if the director finds that exercising the powers:
(a) Serves the public and members’ convenience and advantage; and
(b) Equalizes and maintains the quality of competition among credit unions chartered under the laws of this state, of another state and under federal law. [1975 c.652 §17; 1991 c.635 §6; 1997 c.832 §3; 2013 c.480 §2; 2017 c.35 §4; 2019 c.45 §2; 2021 c.125 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.176 - Business and nonbusiness organizations as members.

Business and nonbusiness organizations composed of individuals who are eligible for membership, or whose employees are eligible for membership, may be admitted to membership in the same manner and under the same conditions as individuals. [1975 c.652 §19; 1987 c.286 §3; 1999 c.185 §56; 2001 c.308 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.184 - State deemed member with respect to deferred compensation deposits; restrictions on membership.

Notwithstanding any other provision of this chapter, a credit union may receive deposits from the State of Oregon of moneys belonging to the Deferred Compensation Fund established under ORS 243.411. With respect to such deposits, the State of Oregon shall be deemed to be a member of the credit union, except that the state shall not be entitled to vote, hold office or otherwise participate in the management or operation of the credit union. [1977 c.721 §17; 1997 c.179 §31]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.196 - Meeting of members; mail or electronic ballots.

(1) The annual meeting and any special meetings of the members of the credit union shall be held at the time and in the manner indicated by the bylaws.
(2) At meetings described in subsection (1) of this section, a member has one vote, irrespective of the amount of that member’s shareholdings. A member may not vote by proxy, but a member may vote by mail or electronic ballot if allowed by the bylaws of the credit union. The board of directors shall establish procedures to safeguard the confidentiality and integrity of the voting process. As used in this subsection, "electronic" has the meaning given that term in ORS 84.004.
(3) The board may establish a minimum age as a qualification of eligibility to vote at meetings of the members. [1975 c.652 §23; 1999 c.185 §12; 2005 c.95 §5; 2019 c.45 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.202 - Withdrawal and expulsion of members; request for reinstatement.

(1) Subject to subsection (2) of this section, a credit union may expel any member of the credit union who:
(a) Has not carried out the member’s engagements with the credit union;
(b) Creates an undue risk of loss to the credit union, as determined in accordance with the bylaws of the credit union;
(c) Has been convicted of a criminal offense;
(d) Fails to comply with the provisions of this chapter or of the credit union’s articles, bylaws or policies;
(e) Threatens, harasses or abuses any member, employee, board or committee member or agent of the credit union; or
(f) Habitually neglects to pay the member’s debts or becomes insolvent or bankrupt.
(2) A credit union that expels a member shall inform the member in writing of the reasons for the expulsion and give the expelled member reasonable opportunity to request the credit union’s board of directors to reinstate the member. Members of a credit union who withdraw or are expelled shall not be relieved of any liability to the credit union. The amounts paid in on shares or deposited by such members, together with any dividends credited to their shares and any interest which has accrued on their deposits, shall be repaid to them in the order of their withdrawal or expulsion, as funds become available therefor, but the credit union may deduct from such payments any sums due to the credit union from such members. [1975 c.652 §24; 1985 c.762 §94; 1999 c.185 §13; 2007 c.343 §6; 2017 c.35 §2]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.252 - Election of directors and appointment of credit committee and credit manager.

(1) A credit union must be directed by a board that consists of an odd number of directors, at least five in number, who are elected by and from the credit union’s members in the manner provided in the credit union’s bylaws. Members of the board hold office for such terms as the bylaws provide.
(2) The board of directors shall appoint a supervisory committee of not less than three members at the organizational meeting and within 60 days following each annual meeting of the members for such terms as the bylaws provide.
(3) The board of directors shall appoint a credit committee that consists of an odd number not less than three for such terms as the bylaws provide. The members of the credit union may instead elect the members of the credit committee from among the membership of the credit union at the annual members’ meeting. In lieu of the credit committee, the board of directors may appoint a credit manager.
(4) The board of directors may appoint temporary or successor directors or temporary or successor credit committee or supervisory committee members to serve in place of absent directors or committee members. [1975 c.652 §25; 1997 c.832 §4; 2009 c.234 §5]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.256 - Record of board and committee members.

Within such time as the Director of the Department of Consumer and Business Services may establish, a record of the names and addresses of the members of the board, committees and all officers of the credit union shall be filed with the director on forms provided and in the manner prescribed by the director. [1975 c.652 §26; 1991 c.635 §7; 1999 c.185 §14]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.262 - Vacancies.

(1) Subject to subsection (2) of this section, the board of directors may fill any vacancies occurring in the board until successors elected at the next annual meeting have qualified.
(2) If a vacancy occurring in the board reduces the number of directors to five or fewer, the board shall fill the vacancy until a successor elected at the next annual meeting has qualified.
(3) The board shall also fill vacancies in the credit and supervisory committees or in the office of credit manager. [1975 c.652 §27; 2005 c.95 §6]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.266 - Compensation of officials.

A credit union may pay to the credit union’s directors, supervisory committee members or members of other committees established by the board of directors or pursuant to bylaws reasonable compensation for service as directors or committee members. A credit union may reimburse directors or committee members while the directors or committee members are on official business for necessary expenses incidental to performing the official business. [1975 c.652 §28; 1991 c.635 §8; 2015 c.458 §3; 2023 c.57 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.272 - Conflicts of interest.

No director, committee member, officer, agent or employee of the credit union shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting pecuniary interest or the pecuniary interest of any corporation, partnership or association (other than the credit union) in which the director, committee member, officer, agent or employee is directly or indirectly interested. [1975 c.652 §29]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.276 - Executive officers.

(1) The board of directors shall elect an executive officer, whom the directors may designate as chairperson of the board or president, a vice chairperson of the board or one or more vice presidents, a treasurer and a secretary. The treasurer and the secretary may be the same individual. The persons that the board of directors elects are the executive officers of the corporation.
(2) The terms of the officers are one year, unless the bylaws prescribe a different term. Officers may continue to serve until the successors of the officers are chosen and have duly qualified.
(3) The bylaws must prescribe the duties of the officers. [1975 c.652 §30; 1987 c.286 §4; 1991 c.635 §9; 2009 c.234 §6; 2013 c.480 §3; 2019 c.45 §1; 2023 c.57 §2]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.286 - Executive committee.

From the persons elected to the board, the board may appoint an executive committee of not less than three directors who may be authorized to act for the board in all respects, subject to such conditions and limitations as are prescribed by the board. [1975 c.652 §32]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.292 - Meetings of directors; rules.

The board of directors of a credit union shall hold regular meetings. The Director of the Department of Consumer and Business Services may specify by rule the minimum frequency of meetings of the board of directors. [1975 c.652 §33; 1999 c.185 §15; 2009 c.234 §7; 2011 c.327 §1; 2017 c.35 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §34; 1981 c.412 §7; 1985 c.762 §95; 1985 c.801 §3; 1987 c.286 §5; 1997 c.832 §5; 2005 c.95 §7; 2013 c.480 §4]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §36]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §37; 1987 c.286 §6]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §38; 2011 c.327 §2]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §39; 1991 c.635 §10]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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 union’s 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. [1975 c.652 §40; 1985 c.762 §96; 1999 c.185 §16; 2005 c.95 §8; 2013 c.480 §5]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1979 c.88 §33]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §42; 1985 c.801 §4; 1987 c.158 §153; 1987 c.650 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §43; 1985 c.206 §1; 1985 c.801 §5; 1995 c.319 §2; 2001 c.308 §4]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §44; 1985 c.801 §8]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.426 - Joint accounts.

A member may designate any person or persons to hold shares, deposits and thrift club accounts with the member in joint tenancy, with or without the right of survivorship, but no joint tenant, unless a member in the member’s own right, shall be permitted to vote, obtain loans, or hold office or be required to pay an entrance or membership fee. [1975 c.652 §47; 1977 c.555 §16; 1991 c.635 §11]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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 beneficiary’s own right, shall be permitted to vote, obtain loans, hold office or be required to pay an entrance or membership fee. [1975 c.652 §48; 1977 c.555 §17]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.434 - Share draft accounts.

(1) A credit union may allow a member holding a regular share or deposit account to use that account as a share draft account as provided in this section, subject to conditions established by the board of directors.
(2) As used in this section:
(a) "Share draft" means a negotiable or nonnegotiable draft used to withdraw shares or deposits from a share draft account.
(b) "Share draft account" means any regular share account or deposit account from which the credit union allows shares or deposits to be withdrawn by means of a share draft or other order.
(3) The terms "share draft" and "share draft account" may encompass accounts whether the underlying account is a share account or a deposit account, without changing the type of account. [1981 c.290 §2; 1983 c.37 §36c; 1999 c.185 §40]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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 drawer’s share draft account. [1985 c.206 §5; 1987 c.286 §7; 1999 c.185 §41]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1985 c.801 §7]