2015 ORS 723.412¹
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]

Chapter 723

Atty. Gen. Opinions

Political contribu­tions by savings and loan associa­tion or a credit union, (1974) Vol 37, p 144; depositing deferred salaries of state employes in state-chartered credit unions, (1977) Vol 38, p 911; authority of state chartered credit unions to enlarge membership to include govern­mental units participating in deferred compensa­tion plans, (1977) Vol 38, p 1188


1 Legislative Counsel Committee, CHAPTER 723—Credit Unions, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors723.­html (2015) (last ac­cessed Jul. 16, 2016).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2015, Chapter 723, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano723.­html (2015) (last ac­cessed Jul. 16, 2016).
 
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.