Or. Admin. Code § 441-710-0070

Current through Register Vol. 63, No. 11, November 1, 2024

Section 441-710-0070 - Procedures for Amending Bylaws on Field of Membership

(1) When a credit union wishes to expand its field of membership, it shall amend its bylaws to describe the group or groups to be added to the field of membership. The proposed amendment to the bylaws and the application for approval of the amendment filed with the Director shall include:

(a) The bylaw that defines the field of membership of the credit union with the text of the proposed amendment to the bylaw showing the new language underlined and deleted language, if any, bracketed;

(b) The credit union's most recent financial statement;

(c) An updated plan of business for the credit union that takes into account the implications of the anticipated increased membership, deposits, responsibilities and effect on capital level of the credit union;

(d) An updated budget;

(e) If the amendment proposes to add a separate employment group to the field of membership; the names and addresses of individuals who represent the group;

(f) If the amendment proposes to add a group with a separate bond of occupation or association, the credit union shall submit evidence:

(A) That the group does not contain more than 3,000 members;

(B) That the group could not feasibly or reasonably establish a new credit union due to a lack of volunteer resources, financial resources or other factors important to the likelihood of successful formation of a new credit union; or

(C) That the group proposes to transfer to the credit union in connection with a merger, consolidation or transfer approved by the director, or in connection with the liquidation of another credit union.

(g) Any other evidence in support of the application, including relevant correspondence from the group to be added.

(2) Any requirement in section (1) of this rule may be waived by the Director if the requirement is not necessary for the purposes of that application.

Or. Admin. Code § 441-710-0070

FCS 2-1989, f. 1-18-89, cert. ef. 2-1-89; Renumbered from 805-072-0075; FCS 6-2000; f. & cert. ef. 3-31-00; FCS 2-2004, f. & cert. ef. 8-5-04; FCS 2-2005, f. & cert. ef. 8-25-05

Stat. Auth.: ORS 723.102

Stats. Implemented: ORS 723.022, 723.156 & 723.172