Oregon Statutes 708A.570 – Community development corporations
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Investments in community development corporations under ORS § 708A.150 must be accounted for on an institution’s books as ‘other assets.’ If the community development corporation is organized under the Oregon Nonprofit Corporation Law, the stock of the corporation purchased by the institution, or the institution’s membership in the corporation if it does not issue stock, shall be carried on the books of the institution at a value not exceeding $1. [1997 c.631 § 189]
Terms Used In Oregon Statutes 708A.570
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.