Oregon Statutes 723.702 – Organization; name
Any central credit union may be organized and operated under this chapter with all the rights and powers of any credit union organized under this chapter, except those granted to a corporate central credit union under ORS § 723.730, and shall be subject to all provisions of this chapter not inconsistent with ORS § 723.702 to 723.730. Such a credit union shall use the term ‘central’ in its official name. [1975 c.652 § 73; 1985 c.762 § 100; 1999 c.185 § 52]
Terms Used In Oregon Statutes 723.702
- 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
- Official: means any of the following:
(a) An individual who is or was a director or officer of the credit union; or
(b) An individual who is or was a member of a credit union's credit committee or supervisory committee. See Oregon Statutes 723.001