Oregon Statutes 723.460 – Reduction in shares
(1) Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may by a majority vote of the entire membership order a reduction in the shares of each of its shareholders to divide the loss proportionately among the members.
Terms Used In Oregon Statutes 723.460
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Assets: means property, a right or a claim with future objectively measurable value that is owned or effectively controlled by a credit union. See Oregon Statutes 723.001
(2) If the credit union thereafter realizes from such assets a greater amount than was fixed by the order of reduction, such excess shall be divided proportionately among the shareholders whose assets were reduced, but only to the extent of such reduction. [Formerly 723.446]
[1999 c.185 § 19; repealed by 2005 c.95 § 12]
[Formerly 723.452; 1987 c.658 § 4; repealed by 1997 c.832 § 10]