(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 membersí 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. [1975 c.652 §68; 1981 c.192 §40; 1995 c.319 §4]Section: Previous 723.582 723.586 723.602 723.631 723.632 723.636 723.642 723.646 723.672 723.676 723.682 723.686 723.702 723.706 723.712 Next
Last modified: August 7, 2008