Oregon Statutes - Chapter 723 - Credit Unions - Section 723.152 - General powers; rules.

In addition to the powers conferred by the general corporation law a credit union may, subject to the restrictions and limitations contained in this chapter and the credit union’s bylaws:

(1) Make contracts.

(2) Sue and be sued.

(3) Adopt, use and alter a common seal.

(4) Acquire, lease, hold and dispose of property, either in whole or in part, necessary or incidental to the credit union’s operations.

(5) At the discretion of the board of directors, require any person admitted to membership to pay an entrance fee or annual membership fee, or both.

(6) Receive savings from members of the credit union in the form of various classes of shares, deposits or deposit certificates, deposit accounts or special-purpose thrift accounts.

(7) Receive from members of the credit union or from another credit union deposits or deposit certificates, deposit accounts or various classes of shares payable on nonnegotiable request.

(8) Lend the credit union’s funds to members of the credit union and to other credit unions as provided in this chapter.

(9) Acquire and lease personal property at the request of a member of the credit union who wishes to lease the property on terms requiring payment, during the term of the lease, of rents that exceed the total expenditures made by the credit union for the acquisition, ownership, financing and protection of the property. Rents may include residual value payments that are the obligation of a responsible third party.

(10) Borrow from any source in accordance with policy established by the board of directors and issue debentures pursuant to a plan approved by the Director of the Department of Consumer and Business Services. The debentures shall be subordinate to the shares and deposits of the credit union.

(11) Discount and sell any eligible obligations, subject to rules adopted by the Director of the Department of Consumer and Business Services.

(12) Sell all or substantially all of the credit union’s assets or purchase all or substantially all of the assets of another credit union, subject to the approval of the Director of the Department of Consumer and Business Services.

(13) Invest surplus funds as provided in this chapter.

(14) Make deposits in legally chartered banks, savings banks, savings and loan associations, trust companies and credit unions.

(15) Assess charges to a member of the credit union in accordance with the credit union’s bylaws for the member’s failure to meet the member’s obligations to the credit union promptly.

(16) Hold membership in other credit unions organized under this chapter or other state or federal laws, and in other associations and organizations composed of credit unions.

(17) Declare dividends, pay interest on deposit and deposit certificate accounts and pay interest refunds to borrowers as provided in this chapter.

(18) Offer products and services reasonably related to the purposes of a credit union as set forth in ORS 723.006.

(19) Receive deposits from the federal government or this state, or any agency or political subdivision thereof.

(20) Make donations or contributions to any civic, charitable, political or community organization as authorized by the board of directors.

(21) Act as a custodian of qualified pension funds of members of the credit union if permitted by federal law.

(22) Purchase or make available insurance for the credit union’s directors, officers, agents, employees and members.

(23) Allow members of the credit union to use share accounts, deposit accounts or deposit certificate accounts as share draft accounts as provided in ORS 723.434.

(24) Provide digital signature verification or other electronic authentication services to members of the credit union.

(25) Act as trustee or custodian for members of the credit union under any written trust instrument or custodial agreement in connection with a tax-advantaged savings plan authorized under the Internal Revenue Code, including but not limited to individual retirement, deferred compensation, education savings and health savings accounts, provided that the trust instrument or custodial agreement requires all funds subject to the instrument or agreement to be invested exclusively in share or deposit accounts in the credit union. The State of Oregon, or the applicable instrumentality or municipality, is considered to be a member of the credit union with respect to such deposits, except that the state or other instrumentality or municipality is not entitled to vote, hold office or otherwise participate in the management or operation of the credit union.

(26) Indemnify the directors, officers, employees and committee members or other volunteers of the credit union in accordance with the provisions of the credit union’s articles, bylaws and the indemnification provisions of ORS chapter 60.

(27) Sell negotiable checks, including traveler’s checks, money orders and other money transfer instruments, including domestic and international electronic funds transfers, to persons eligible for credit union membership under ORS 723.172, whether or not such persons are members of the credit union.

(28) For a fee, cash checks and money orders and send or receive domestic and international electronic funds transfers for persons eligible for credit union membership under ORS 723.172, whether or not such persons are members of the credit union. The fee a credit union may charge for cashing checks or money orders in accordance with this subsection may not exceed the following amounts, as appropriate:

(a) For a check or money order issued by the federal government or an agency of the federal government, by this state or an agency of this state, by any other state or political subdivision thereof or by the government of the municipality in which a person is cashing the check or money order, or for a check that is a payroll check drawn against an account held in a financial institution in this state:

(A) $5 or two percent of the face value of the check or money order, whichever is greater, if the person cashing the check or money order provides valid and current government-issued photo identification; or

(B) $5 or 2-1/2 percent of the face value of the check or money order, whichever is greater, if the person cashing the check or money order does not provide valid and current government-issued photo identification.

(b) For a check or money order not described in paragraph (a) of this subsection:

(A) $5 or three percent of the face value of the check or money order, whichever is greater, if the person cashing the check or money order provides valid and current government-issued photo identification; or

(B) $5 or 3-1/2 percent of the face value of the check or money order, whichever is greater, if the person cashing the check or money order does not provide valid and current government-issued photo identification.

(29) Exercise other powers that are necessary to carry out the credit union’s purpose. [1975 c.652 §16; 1981 c.290 §3; 1983 c.37 §36b; 1985 c.762 §93; 1985 c.801 §2; 1987 c.650 §4; 1999 c.185 §11; 2001 c.104 §287; 2001 c.308 §2; 2003 c.405 §10; 2005 c.95 §4; 2007 c.343 §3]

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Last modified: August 7, 2008