# ORS § 723.012: 723.012 Organization procedure

> Oregon · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_OR_T54_C723_S723.012

## Section

- **Citation:** ORS § 723.012
- **Heading:** 723.012 Organization procedure
- **Jurisdiction:** Oregon
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** OR Code / Title 54 / Chapter 723 / Section 723.012

## Text

(1) Any seven or more residents of this state or another appropriate jurisdiction, of legal age, who have a common bond referred to in ORS 723.172 (Credit union membership) may organize a credit union and become charter members thereof by complying with this section.

(2) The incorporators shall execute the documents, including the articles of incorporation, required by the Director of the Department of Consumer and Business Services to apply for a credit union charter. The articles shall state:

(a) The name, which shall include the words “credit union” and which shall not be the same as that of any other existing credit union in this state.

(b) The location where the proposed credit union is to have its principal place of business.

(c) The par value, if any, of the shares of the credit union shall be defined in the bylaws.

(d) The full name, residence and post-office address of each of the incorporators.

(e) The number of its directors, which shall not be less than five, and the names of the incorporators who shall be its directors until the first annual meeting of shareholders.

(f) The number of members of the supervisory committee, which shall not be less than three, and the name, residence and post-office address of the persons who are to serve as members until the first meeting of directors.

(3) The incorporators shall prepare and adopt bylaws for the general government of the credit union, which shall be consistent with this chapter.

(4) The incorporators shall forward the articles of incorporation and the bylaws to the Director of the Department of Consumer and Business Services, together with a filing fee in an amount that the director sets by rule. The director shall issue a certificate of approval if the articles and the bylaws are in conformity with this chapter and the director is satisfied that the ability of the proposed credit union to operate successfully is favorable. The director shall return a copy of the bylaws and the articles to the applicants or their representatives, which shall be preserved in the permanent files of the credit union. The application shall be acted upon by the director within 60 days.

(5) The subscribers for a credit union charter shall not transact any business until formal approval of the articles and bylaws has been received. [1975 c.652 §4; 1985 c.762 §85; 1987 c.286 §1; 1999 c.185 §2; 2007 c.343 §1]

Source: Section 723.012 — Organization procedure; articles of incorporation; bylaws; fee; rules , 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_S723.012. Check the current official text before relying on it. Not legal advice.