2021 Oregon Revised Statutes
Chapter 723 - Credit Unions
Section 723.840 - Limitation on personal liability for good faith act or omission or exercise of judgment or discretion; reliance on information or reports; causes of action.


(2) A director or officer of a credit union is not personally liable to the credit union or to members of the credit union for damages that result from the director’s or officer’s exercising judgment or discretion in connection with the director’s or officer’s duties or responsibilities or from the director’s or officer’s act or omission in rendering service to the credit union, except to the extent that, in exercising judgment or discretion or in rendering service to the credit union, the director or officer fails to act in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances and in a manner that the director or officer reasonably believes is in the best interests of the credit union.
(3)(a) A director, in discharging the director’s duties, may rely on information, opinions, reports or statements, including financial statements and other financial data that any of the following persons prepare or present:
(A) An officer or employee of the credit union that the director reasonably believes is competent and reliable with respect to the matters the officer or employee prepares or presents;
(B) Legal counsel, public accountants or other persons with respect to matters that the director reasonably believes are within the counsel’s, accountant’s or other person’s professional or expert competence; or
(C) A committee of the board of directors of which the director is not a member if the director reasonably believes that the committee merits the director’s confidence.
(b) A director does not act in good faith, with due care or in a manner that the director reasonably believes is in the interests of the credit union if the director has knowledge concerning a matter that makes the director’s reliance on the information, opinions, reports, statements or data described in paragraph (a) of this subsection unwarranted.
(4) This section does not bar a cause of action against the credit union or change any liability of the credit union that arises out of an act or omission of a director, officer or other who is exempt from liability for negligence under this section. [1999 c.185 §38; 2013 c.480 §7]

Structure 2021 Oregon Revised Statutes

2021 Oregon Revised Statutes

Volume : 18 - Financial Institutions, Insurance

Chapter 723 - Credit Unions

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 723.134 - Receipt of deposits from person not a member of credit union; secondary capital accounts; rules.

Section 723.136 - Agreements with other credit union supervisory agencies and Financial Crimes Enforcement Network; contracts for use of credit union examiners; joint examination or enforcement; fees.

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 723.262 - Vacancies.

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 723.338 - Duty to notify law enforcement officers of violations of Oregon Credit Union Act; investigations; costs.

Section 723.402 - Shares.

Section 723.406 - Dividends.

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 723.468 - Adverse claim to deposit; notice; restraining order or other process; indemnity bond or letter of credit.

Section 723.474 - Definitions for ORS 723.474 to 723.498.

Section 723.478 - Ownership of multiple-party accounts.

Section 723.480 - Multiple-party accounts; disposition of deposit upon death of party or trustee; effect of will.

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 723.706 - Membership.

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.

Section 723.840 - Limitation on personal liability for good faith act or omission or exercise of judgment or discretion; reliance on information or reports; causes of action.

Section 723.844 - Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box.

Section 723.992 - Criminal penalties.

Section 723.995 - Civil penalties.