# ORS § 723.001: 723.001 Definitions

> Oregon · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.001

## Section

- **Citation:** ORS § 723.001
- **Heading:** 723.001 Definitions
- **Jurisdiction:** Oregon
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** OR Code / Title 54 / Chapter 723 / Section 723.001

## Text

As used in this chapter, unless the context requires otherwise:

(1) “Assets” means property, a right or a claim with future objectively measurable value that is owned or effectively controlled by a credit union.

(2) “Capital” means a credit union’s reserves, undivided earnings and allowances for loan loss.

(3) “Corporate central credit union” means a cooperative organization whose members consist primarily of other credit unions and whose purposes are:

(a) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;

(b) To act as an intermediary for member credit unions to the payment systems and facilitate funds transfers between its member credit unions and other financial institutions or their agents;

(c) To obtain liquid funds from other credit union organizations, financial intermediaries and other sources; and

(d) To perform such other financial services that benefit its member credit unions and that are authorized in writing by the Director of the Department of Consumer and Business Services.

(4) “Department” means the Department of Consumer and Business Services.

(5) “Director” means the Director of the Department of Consumer and Business Services.

(6) “Equity” means a credit union’s reserves and undivided earnings.

(7) “Home state” means the state in which the credit union is chartered.

(8) “Host state” means the state in which a credit union conducts business, but that is not the home state.

(9) “Interstate credit union” means a credit union chartered under the provisions of this chapter or under the authority of the laws of another state and operating in this state and in one or more other states.

(10) “Official” means any of the following:

(a) An individual who is or was a director or officer of the credit union; or

(b) An individual who is or was a member of a credit union’s credit committee or supervisory committee.

(11) “Regular reserve” means an irrevocable reserve set aside to cover losses. [1985 c.762 §80; 1987 c.158 §151; 1987 c.373 §62; 1987 c.650 §1; 1993 c.744 §25; 1995 c.319 §7; 1999 c.185 §1]

Source: Section 723.001 — Definitions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).

## Nearby sections

- [ORS § 723.001 723.001 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.001.md)
- [ORS § 723.002 723.002 Short title](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.002.md)
- [ORS § 723.006 723.006 “Credit union” defined](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.006.md)
- [ORS § 723.008 723.008 “Credit union” defined for ORS 723.136 and 723.464 to 723.498](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.008.md)
- [ORS § 723.012 723.012 Organization procedure](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.012.md)
- [ORS § 723.014 723.014 Denial of certificate of approval](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.014.md)
- [ORS § 723.016 723.016 Form of articles and bylaws](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.016.md)
- [ORS § 723.022 723.022 Amendment of articles and bylaws](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.022.md)
- [ORS § 723.026 723.026 Use of name exclusive](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.026.md)
- [ORS § 723.032 723.032 Places of business](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.032.md)
- [ORS § 723.042 723.042 Interstate credit unions](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.042.md)
- [ORS § 723.102 723.102 Rulemaking authority](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.102.md)
- [ORS § 723.106 723.106 Reports](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.106.md)
- [ORS § 723.112 723.112 Examinations](https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.112.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.001. Check the current official text before relying on it. Not legal advice.