ORS 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]

Source: Section 723.001 — Definitions, https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html.

723.001
Definitions
723.002
Short title
723.006
“Credit union” defined
723.008
“Credit union” defined for ORS 723.136 and 723.464 to 723.498
723.012
Organization procedure
723.014
Denial of certificate of approval
723.016
Form of articles and bylaws
723.022
Amendment of articles and bylaws
723.026
Use of name exclusive
723.032
Places of business
723.036
Fiscal year
723.042
Interstate credit unions
723.102
Rulemaking authority
723.106
Reports
723.112
Examinations
723.114
Annual fees paid by credit unions
723.116
Records
723.118
Disclosure of records of department
723.122
Bond or letter of credit
723.126
Enforcement actions
723.132
Order to remove officer, director or committee member
723.134
Receipt of deposits from person not a member of credit union
723.136
Agreements with other credit union supervisory agencies and Financial Crimes Enforcement Network
723.152
General powers
723.156
Exercise of powers of federal credit union
723.172
Credit union membership
723.176
Business and nonbusiness organizations as members
723.182
Other credit unions as members
723.184
State deemed member with respect to deferred compensation deposits
723.186
Members who leave field of membership
723.192
Individual liability
723.196
Meeting of members
723.202
Withdrawal and expulsion of members
723.252
Election of directors and appointment of credit committee and credit manager
723.256
Record of board and committee members
723.262
Vacancies
723.266
Compensation of officials
723.272
Conflicts of interest
723.276
Executive officers
723.282
Authority of directors
723.286
Executive committee
723.292
Meetings of directors
723.296
Duties of directors
723.302
Duties of credit committee
723.306
Meetings of credit committee
723.312
Loan officers
723.316
Chief credit officer
723.322
Duties of supervisory committee
723.326
Suspension and removal of officials
723.338
Duty to notify law enforcement officers of violations of Oregon Credit Union Act
723.402
Shares
723.406
Dividends
723.412
Deposit and deposit certificate accounts
723.426
Joint accounts
723.432
Trust accounts
723.434
Share draft accounts
723.447
Certified share drafts
723.450
Payment on shares and deposits
723.454
Liens
723.460
Reduction in shares
723.464
Deposits made in name of minor
723.466
Disposition of deposit on death of depositor
723.468
Adverse claim to deposit
723.470
Checks drawn by agents presumed to be in authorized manner
723.472
Checks of intoxicated or drugged persons
723.474
Definitions for ORS 723.474 to 723.498
723.476
Application of ORS 723.478, 723.480 and 723.482
723.478
Ownership of multiple-party accounts
723.480
Multiple-party accounts
723.482
Rights of survivorship based on form of account
723.484
Transfers of moneys upon death of depositor or trustee is not testamentary disposition
723.486
Multiple party account
723.488
Joint account
723.490
P.O.D. account
723.492
Trust account
723.494
Discharge of credit union for payments made
723.496
Right of credit union to setoff
723.498
Designation of agent for account
723.502
Purposes
723.506
Application
723.512
Loan limit
723.516
Installments
723.522
Line of credit
723.526
Other loan programs
723.532
Loans to credit union officials
723.536
Loans to nonmembers
723.572
Insurance for members
723.576
Liability insurance for director, officer, employee or agent
723.582
Share and deposit insurance
723.586
Group purchasing
723.602
Investment of funds
723.631
Regular reserve
723.636
Charges to regular reserve
723.646
Special reserves
723.672
Suspension
723.676
Liquidation
723.682
Merger
723.686
Conversion of charter
723.702
Organization
723.706
Membership
723.712
Voting representative
723.716
Additional rights and powers
723.730
Corporate central credit union
723.752
Application of tax statutes to credit unions
723.756
Stock transfer taxes
723.762
Participation in government programs
723.806
Notice to law enforcement officers of violation of Oregon Credit Union Act
723.812
Actions
723.816
Prohibited acts
723.818
Giving false document, statement or report prohibited
723.822
Cease and desist orders
723.830
Regulation of services performed for credit union
723.832
Application to credit unions existing on September 13, 1975
723.836
Effect of amendment or repeal of Oregon Credit Union Act
723.840
Limitation on personal liability for good faith act or omission or exercise of judgment or discretion
723.844
Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box
723.992
Criminal penalties
723.995
Civil penalties
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