Chapter 723 — Chapter 723

ORS 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

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ORS 723.210 [Repealed by 1975 c.652 §88]

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ORS 723.220 [Repealed by 1959 c.106 §23]

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ORS 723.230 [Amended by 1959 c.106 §7; 1967 c.279 §2; 1971 c.681 §7; repealed by 1975 c.652 §88]

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ORS 723.240 [Amended by 1959 c.106 §8; 1967 c.279 §3; repealed by 1975 c.652 §88]

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ORS 723.245 [1959 c.106 §6; repealed by 1975 c.652 §88]

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ORS 723.250 [Amended by 1959 c.106 §9; 1967 c.279 §4; 1971 c.681 §8; 1973 c.147 §1; repealed by 1975 c.652 §88]

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ORS 723.252 Election of directors; appointment of supervisory committee; appointment of credit committee or 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

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ORS 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]

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ORS 723.260 [Amended by 1959 c.106 §10; repealed by 1975 c.652 §88]

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ORS 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

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ORS 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]

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ORS 723.270 [Repealed by 1975 c.652 §88]

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ORS 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]

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ORS 723.275 [1959 c.106 §5; repealed by 1975 c.652 §88]

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ORS 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

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ORS 723.280 [Amended by 1955 c.550 §5; 1959 c.106 §11; 1971 c.681 §9; repealed by 1975 c.652 §88]

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ORS 723.282 Authority of directors. The board of directors shall have the general direction of the business affairs, funds and records of the credit union. [1975 c.652 §31]

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ORS 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]

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ORS 723.290 [Amended by 1959 c.106 §12; repealed by 1975 c.652 §88]

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ORS 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]

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ORS 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

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ORS 723.302 Duties of credit committee. The credit committee shall have the general supervision of all loans to members. [1975 c.652 §35]

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ORS 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]

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ORS 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

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ORS 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]

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ORS 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

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ORS 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

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ORS 723.332 [1975 c.652 §41; 1985 c.762 §97; repealed by 2013 c.480 §8]

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ORS 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

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ORS 723.350 [Amended by 1959 c.106 §13; repealed by 1975 c.652 §88]

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ORS 723.360 [Amended by 1959 c.106 §14; repealed by 1975 c.652 §88]

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ORS 723.370 [Amended by 1959 c.106 §15; repealed by 1975 c.652 §88]

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ORS 723.380 [Amended by 1959 c.106 §16; repealed by 1975 c.652 §88]

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ORS 723.390 [Amended by 1959 c.106 §17; 1971 c.681 §10; 1973 c.719 §2; repealed by 1975 c.652 §88]

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ORS 723.400 [Amended by 1955 c.550 §6; 1959 c.106 §18; 1967 c.279 §5; repealed by 1975 c.652 §88]

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ORS 723.402 Shares. (1) Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe

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ORS 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

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ORS 723.410 [Amended by 1959 c.106 §19; 1967 c.279 §6; repealed by 1975 c.652 §88]

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ORS 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

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ORS 723.416 [1975 c.652 §45; repealed by 1999 c.185 §58]

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ORS 723.420 [Repealed by 1959 c.106 §23]

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ORS 723.422 [1975 c.652 §46; repealed by 1999 c.185 §58]

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ORS 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]

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ORS 723.430 [Repealed by 1975 c.652 §88]

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ORS 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]

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ORS 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

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ORS 723.436 [1975 c.652 §49; renumbered 723.454]

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ORS 723.440 [Repealed by 1975 c.652 §88]

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ORS 723.441 [1985 c.804 §6; repealed by 1987 c.491 §9]

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