Oregon § 723.646 Special reserves; purpose

Oregon Statutes

§ 723.646 — Special reserves; purpose

Oregon § 723.646

Vol.18

Title 54Credit Unions, Lending Institutions and Pawnbrokers

Ch. 723Credit Unions

This text of Oregon § 723.646 (Special reserves; purpose) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 723.646 (2026).

Text

(1)In addition to the regular reserve established under ORS 723.631, special reserves to protect the interest of members shall be established, as provided in this section:

(a)When required by rule; or

(b)When found by the board of directors of the credit union or by the Director of the Department of Consumer and Business Services, or if the members’ accounts are insured by the National Credit Union Administration, the Administrator of the National Credit Union Administration, in any special case, to be necessary for that purpose.

(2)Special reserves belong to the credit union and shall be used to provide liquidity for the credit union. A credit union may not pay regular or special dividends from the special reserve.

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(1) In addition to the regular reserve established under ORS 723.631, special reserves to protect the interest of members shall be established, as provided in this section:
(a) When required by rule; or
(b) When found by the board of directors of the credit union or by the Director of the Department of Consumer and Business Services, or if the members’ accounts are insured by the National Credit Union Administration, the Administrator of the National Credit Union Administration, in any special case, to be necessary for that purpose.
(2) Special reserves belong to the credit union and shall be used to provide liquidity for the credit union. A credit union may not pay regular or special dividends from the special reserve.