2007 ORS 722.004¹

As used in this chapter, unless the context otherwise requires:

(1) "Account holder" means a person who owns a savings account.

(2) "Borrower" means a person who is an obligor under a loan agreement entered into by a savings association as obligee.

(3) "Branch facility" or "branch" means an established place of business or a mobile or other facility of an association, other than the principal office, at which any savings and loan business activity is carried on.

(4) "Community" means a centralized area or locality in which a body of inhabitants is gathered in one group having common residential, social or business interests. The term does not necessarily mean a city, county or other political subdivision and need not but may be limited by lines and boundaries, and a large, populous area under one or more forms of government may be composed of several communities.

(5) "Demand deposit" means a deposit in an account that is payable on demand upon the presentation of a negotiable check or draft.

(6) "Department" means the Department of Consumer and Business Services.

(7) "Depositor" means a person who deposits money in a savings account in an association.

(8) "Director" means the Director of the Department of Consumer and Business Services.

(9) "Domestic association" means a corporation that transacts savings and loan business under articles of incorporation issued by this state.

(10) "Federal association" means a corporation that transacts savings and loan business in this state under authority to do so issued under federal law.

(11) "Foreign association" means a corporation, other than a federal association, organized to transact savings and loan business under the laws of any other state or territory of the United States.

(12) "Independent auditor" means a public accountant or a certified public accountant authorized to practice as a public accountant or as a certified public accountant under the laws of this state, or a firm of such accountants.

(13) "Managing officer" means an officer of a savings association designated by the board of directors of the association as provided by ORS 722.102 (Directors' responsibility).

(14)(a) "Member," in a mutual association, means an account holder and any other person who is a member of a class of persons granted membership rights by the articles of incorporation or the bylaws.

(b) "Member," in a stock association, means a stockholder and any other person who is a member of a class of persons granted membership rights by the articles of incorporation or the bylaws.

(15) "Mutual association" means a savings association formed without authority to issue stock.

(16) "Principal office" means the office of the headquarters of a savings association in this state.

(17) "Savings account" means the interest of an account holder in the savings liability of a savings association.

(18) "Savings association" or "association" means a domestic association or a foreign association and includes a stock or a mutual association.

(19) "Savings Association Act" means this chapter.

(20) "Savings bank" has the meaning given that term by ORS 706.008 (Additional definitions for Bank Act), except as otherwise provided in ORS 722.014 (Name of savings association) relating to name.

(21) "Savings liability" means the total amount on deposit in all savings accounts of a savings association plus interest earned on such accounts.

(22) "Service corporation" means a corporation:

(a) That is engaged, or proposes to engage, in a business activity related to savings and loan business; and

(b) In which at least 80 percent of the shares of stock having voting rights are owned by one or more saving associations or federal associations.

(23) "Stock association" means a savings association formed with authority to issue stock.

(24) "Stockholder" means a person who appears on the records of a savings association as the owner of one or more shares of stock of the association.

(25) "To transact savings and loan business" means to engage in business activities to promote savings and home building and ownership, to acquire funds of the public to invest in loans and to make repayments to savers as provided in savings plans.

(26) "Withdrawal value" means the amount of a savings account, less lawful deductions. [1975 c.582 §§3 to 31; 1981 c.472 §1; 1985 c.374 §1; 1985 c.762 §53; 1985 c.798 §3; 1987 c.373 §56; 1993 c.744 §24; 1997 c.631 §528; 2007 c.71 §234]

1 Legislative Counsel Committee, CHAPTER 722—Savings Associations, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­722.­html (2007) (last ac­cessed Feb. 12, 2009).
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.