ORS 722.254¹
Savings accounts

(1) A savings account may be opened and owned by any one or more persons, by a public officer, or a political subdivision or other governmental unit. Deposits to savings accounts may be made only in cash or its equivalent. Except as limited by the board of directors from time to time, an account holder may make additions to a savings account in such amounts and at such times as the account holder may elect. An association may refuse to issue, renew or continue a savings account.

(2) A savings association may issue any type of savings account contract not prohibited by this chapter or other applicable law, or by the rules adopted pursuant thereto. Any special terms and provisions applicable to a savings account, the ownership thereof and the conditions upon which withdrawals may be made shall be clearly and truthfully set forth in writing.

(3) A savings association shall not offer or issue any savings account contract unless the terms of the contract and the forms used to evidence ownership of the account have been approved by the Director of the Department of Consumer and Business Services. The evidence of ownership of a savings account is not subject to ORS chapter 78.

(4) Transfer of a savings account or any interest therein is not binding upon the association until the transfer has been made on the books of the association. The association may treat the holder of record of a savings account as the owner thereof for all purposes until a transfer has been made on the books of the association. This subsection does not apply to negotiable certificates of deposit or other negotiable instruments issued or caused to be issued by an association. [1975 c.582 §84; 1981 c.472 §15; 1985 c.676 §60]

1 Legislative Counsel Committee, CHAPTER 722—Savings Associations, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors722.­pdf (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. Currency Information