(1) An Oregon nonstock bank may issue transferable certificates showing the amounts contributed by any incorporator or director to the guaranty or expense funds of the Oregon nonstock bank.

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(2) The certificate shall show that it does not constitute a liability of the Oregon nonstock bank, except as provided in ORS § 716.800.

(3) A certificate shall not be transferred by an incorporator or director without the prior written consent of the Director of the Department of Consumer and Business Services. [1973 c.797 § 381; 1997 c.631 § 351]