Oregon Statutes 723.730 – Corporate central credit union; membership; rights and powers; rules
Membership in a corporate central credit union shall be limited to credit unions organized under federal law or under the laws of states listed in the bylaws of the corporate central credit union, and to subsidiaries of any such credit unions, associations of any such credit unions and affiliates of such associations. A corporate central credit union shall have all the powers, rights and obligations imposed upon or granted central credit unions under this chapter, except:
Terms Used In Oregon Statutes 723.730
- Capital: means a credit union's reserves, undivided earnings and allowances for loan loss. See Oregon Statutes 723.001
- Corporate central credit union: means a cooperative organization whose members consist primarily of other credit unions and whose purposes are:
(a) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;
(b) To act as an intermediary for member credit unions to the payment systems and facilitate funds transfers between its member credit unions and other financial institutions or their agents;
(c) To obtain liquid funds from other credit union organizations, financial intermediaries and other sources; and
(d) To perform such other financial services that benefit its member credit unions and that are authorized in writing by the Director of the Department of Consumer and Business Services. See Oregon Statutes 723.001
- Department: means the Department of Consumer and Business Services. See Oregon Statutes 723.001
- Director: means the Director of the Department of Consumer and Business Services. See Oregon Statutes 723.001
- local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Regular reserve: means an irrevocable reserve set aside to cover losses. See Oregon Statutes 723.001
(1) It shall be exempt from the regular reserve requirements of ORS § 723.631, but shall be required to establish and maintain a minimum capital to assets ratio as set by the Director of the Department of Consumer and Business Services by rule.
(2) It shall be exempt from the bond or letter of credit requirements of ORS § 723.122, but shall be required to obtain and maintain a fidelity bond in accordance with any rules adopted by the director.
(3) It may buy and sell any form of marketable debt obligations of domestic corporations or of federal, state or local government units in accordance with an investment plan approved by the director prior to the purchase or sale of the obligation.
(4) A corporate central credit union may make loans or establish lines of credit to a member without regard to the limit set in ORS § 723.512. Notwithstanding ORS § 723.502 or any other provision of law limiting allowable interest on a loan, a corporate central credit union and a member may agree in writing on the rate of interest that shall be charged on such loans.
(5) A corporate central credit union may issue membership capital share accounts as provided by rule. [1977 c.628 § 2; 1981 c.192 § 41; 1981 c.256 § 1; 1985 c.206 § 3; 1995 c.319 § 6; 1997 c.832 § 8; 1999 c.185 § 54]
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