(a) Receive deposits from a person that is not a member of the credit union and allow the person to hold shares in the credit union; and
(b) Issue secondary capital accounts that are subject to any terms and conditions that the Director of the Department of Consumer and Business Services may prescribe by rule.
(2) For purposes of this section, "secondary capital account" means a deposit or share account that is not insured by the National Credit Union Administration, or another primary share insurer approved by the Director of the Department of Consumer and Business Services, and that is subordinate to all other claims against the credit union, including claims of creditors, owners of share accounts and the National Credit Union Administration or another insurer approved by the Director of the Department of Consumer and Business Services. Secondary capital accounts that the credit union issues in accordance with this section are equity as defined in ORS 723.001 for the purposes of ORS 723.631 and for any other purpose.
(3) The powers set forth in this section are in addition to the powers the credit union has under ORS 723.152. [2007 c.343 §5; 2021 c.97 §82]
Structure 2021 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Section 723.001 - Definitions.
Section 723.012 - Organization procedure; articles of incorporation; bylaws; fee; rules.
Section 723.014 - Denial of certificate of approval.
Section 723.022 - Amendment of articles and bylaws; fee; rules.
Section 723.032 - Places of business; mobile facilities.
Section 723.042 - Interstate credit unions.
Section 723.106 - Reports; late filing penalty; rules.
Section 723.112 - Examinations.
Section 723.114 - Annual fees paid by credit unions; rules.
Section 723.118 - Disclosure of records of department; exemptions.
Section 723.122 - Bond or letter of credit; rules.
Section 723.152 - General powers; rules.
Section 723.156 - Exercise of powers of federal credit union.
Section 723.172 - Credit union membership; rules.
Section 723.196 - Meeting of members; mail or electronic ballots.
Section 723.202 - Withdrawal and expulsion of members; request for reinstatement.
Section 723.252 - Election of directors and appointment of credit committee and credit manager.
Section 723.276 - Executive officers.
Section 723.296 - Duties of directors; delegation of duties.
Section 723.312 - Loan officers.
Section 723.322 - Duties of supervisory committee; verification of member accounts; rules.
Section 723.326 - Suspension and removal of officials; restrictions on service as director.
Section 723.412 - Deposit and deposit certificate accounts; interest; priority.
Section 723.434 - Share draft accounts.
Section 723.460 - Reduction in shares.
Section 723.466 - Disposition of deposit on death of depositor.
Section 723.474 - Definitions for ORS 723.474 to 723.498.
Section 723.478 - Ownership of multiple-party accounts.
Section 723.488 - Joint account; payment to any party to account; payment to others.
Section 723.512 - Loan limit; exception.
Section 723.526 - Other loan programs.
Section 723.532 - Loans to credit union officials; waiver; rules.
Section 723.572 - Insurance for members.
Section 723.582 - Share and deposit insurance.
Section 723.602 - Investment of funds; rules.
Section 723.631 - Regular reserve; reserve for loan losses; rules.
Section 723.636 - Charges to regular reserve.
Section 723.646 - Special reserves; purpose.
Section 723.672 - Suspension; revocation of charter.
Section 723.676 - Liquidation.
Section 723.682 - Merger; opposition to merger.
Section 723.686 - Conversion of charter.
Section 723.716 - Additional rights and powers.
Section 723.730 - Corporate central credit union; membership; rights and powers; rules.
Section 723.816 - Prohibited acts.
Section 723.822 - Cease and desist orders; contents; effective date; removal or suspension.
Section 723.830 - Regulation of services performed for credit union.
Section 723.836 - Effect of amendment or repeal of Oregon Credit Union Act.