Oregon Statutes 723.426 – Joint accounts
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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]
Terms Used In Oregon Statutes 723.426
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
[Repealed by 1975 c.652 § 88]