(1) An Oregon nonstock bank may issue transferable certificates showing the amounts contributed by any incorporator or director to the guaranty or expense funds of the Oregon nonstock bank. (2) The certificate shall show that it does not constitute a liability of the Oregon nonstock bank, except as provided in ORS 716.800. (3) A certificate shall not be transferred by an incorporator or director without the prior written consent of the Director of the Department of Consumer and Business Services.
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