ORS 723.730
Corporate central credit union
- membership
- rights and powers
- rules
(1)
It shall be exempt from the regular reserve requirements of ORS 723.631 (Regular reserve), 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 (Bond or letter of credit), 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 (Loan limit). Notwithstanding ORS 723.502 (Purposes) 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]
Source:
Section 723.730 — Corporate central credit union; membership; rights and powers; rules, https://www.oregonlegislature.gov/bills_laws/ors/ors723.html.
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