After January 1, 1976, any shares, share accounts, passbook accounts, certificates and investment certificates (except reserve fund stock) that an association subject to the Savings Association Act has issued and which is outstanding on January 1, 1976, shall be considered a savings account as defined by ORS 722.004; and the holder thereof shall have all the rights and privileges appertaining to the holder of a savings account under the Savings Association Act as well as any valid contractual or other legal rights in respect thereto preserved by ORS 722.652; except that any such outstanding share or share account which is not entitled to dividends shall not by virtue of any provision of the Savings Association Act become so entitled. [1975 c.582 §147; 1985 c.762 §77]
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