Oregon Code § 723.646·Enacted ·Last updated March 01, 2026
Statute Text
Special reserves; purpose.
(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. [1975 c.652 §68; 1981 c.192 §40; 1995 c.319 §4]
CHANGE IN CORPORATE
STATUS
Plain English Explanation
This Oregon statute addresses Special reserves; purpose. AI-powered analysis coming soon.
Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 723.646
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
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