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DENTEL v. FIDELITY SAVINGS AND LOAN ASSOCIATION

539 P.2d 649 (1975)

Richard J. DENTEL et al., Appellants, v. FIDELITY SAVINGS AND LOAN ASSOCIATION, Respondent.

Supreme Court of Oregon.

Decided September 5, 1975.

Attorney(s) appearing for the Case

Mark M. McCulloch, Portland, argued the cause for appellants. With him on the briefs were Powers & McCulloch, Portland.

Douglas E. Kaufman, Tillamook, argued the cause for respondent. With him on the brief were McMinimee & Kaufman, Tillamook.

Before O'CONNELL, C.J., and McALLISTER, DENECKE, HOLMAN, HOWELL and BRYSON, JJ.

DENECKE, Justice.

The issue is whether the directors of a state authorized savings and loan association can eliminate the voting rights of depositors and borrowers, granted by the association's bylaws, by amending the bylaws.

ORS 722.310(2) provides that members of savings and loan associations shall be stockholders "and such others as the bylaws may prescribe. Memberships may be issued to borrowers of and investors in the association with such rights and...

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