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OREGON STATUTES
Chapter 60 � Private Corporations

Chapter 60 � Private Corporations

 

2007 EDITION

 

PRIVATE CORPORATIONS

 

CORPORATIONS AND PARTNERSHIPS

 

GENERAL PROVISIONS

 

(Definitions)

 

60.001������ Definitions

 

(Filing Documents)

 

60.004������ Filing requirements

 

60.007������ Filing, service, copying and certification fees

 

60.011������ Effective time and date of document

 

60.014������ Correcting filed document

 

60.016������ Forms; rules

 

60.017������ Filing duty of Secretary of State

 

60.021������ Appeal from Secretary of State�s refusal to file document

 

60.024������ Evidentiary effect of copy of filed document

 

60.027������ Certificate of existence or authorization

 

(Secretary of State)

 

60.031������ Powers

 

(Notice)

 

60.034������ Notice

 

INCORPORATION

 

60.044������ Incorporators

 

60.047������ Articles of incorporation

 

60.051������ Incorporation

 

60.054������ Liability for preincorporation transactions

 

60.057������ Organization of corporation

 

60.061������ Bylaws

 

60.064������ Emergency bylaws

 

PURPOSES AND POWERS

 

60.074������ Purposes

 

60.077������ General powers

 

60.081������ Emergency powers

 

60.084������ Validity of corporate acts

 

NAME

 

60.094������ Corporate name

 

60.097������ Reserved name

 

60.101������ Registered name

 

OFFICE AND AGENT

 

60.111������ Registered office and registered agent

 

60.114������ Change of registered office or registered agent

 

60.117������ Resignation of registered agent

 

60.121������ Service on corporation

 

SHARES AND DISTRIBUTIONS

 

(Shares)

 

60.131������ Authorized shares

 

60.134������ Terms of class or series determined by board of directors

 

60.137������ Issued and outstanding shares

 

60.141������ Fractional shares

 

(Issuance of Shares)

 

60.144������ Subscription for shares before incorporation

 

60.147������ Issuance of shares

 

60.151������ Liability of shareholders

 

60.154������ Share dividends

 

60.157������ Share rights, options and warrants

 

60.161������ Form and content of certificates

 

60.164������ Shares without certificates

 

60.167������ Restriction on transfer of shares and other securities

 

60.171������ Expense of issue

 

(Subsequent Acquisition of Shares by Shareholders and Corporation)

 

60.174������ Preemptive rights of shareholders

 

60.177������ Corporation�s acquisition of its own shares

 

(Distributions)

 

60.181������ Distributions to shareholders

 

SHAREHOLDERS

 

(Meetings)

 

60.201������ Annual meeting

 

60.204������ Special meeting

 

60.207������ Court-ordered meeting

 

60.209������ Meeting chairperson; closing of polls

 

60.211������ Action without meeting

 

60.214������ Notice of meeting

 

60.217������ Waiver of notice

 

60.219������ Adjournment of meeting

 

60.221������ Record date

 

60.222������ Participation at meeting

 

60.223������ Meeting inspectors; duties

 

(Voting)

 

60.224������ Shareholders� list for meeting

 

60.227������ Voting entitlement of shares

 

60.231������ Proxies

 

60.234������ Shares held by nominees

 

60.237������ Corporations� acceptance of votes

 

60.241������ Quorum and voting requirements for voting groups

 

60.244������ Action by single and multiple voting groups

 

60.247������ Modification of quorum or voting requirements

 

60.251������ Voting for directors

 

(Voting Trusts and Agreements)

 

60.254������ Voting trusts

 

60.257������ Voting agreements

 

(Derivative Proceedings)

 

60.261������ Derivative proceedings

 

(Shareholder Agreements)

 

60.265������ Validity of shareholder agreements inconsistent with chapter; purposes; notice of agreement; effect on liability

 

DIRECTORS AND OFFICERS

 

(Board of Directors)

 

60.301������ Requirement for and duties of board of directors

 

60.304������ Qualifications of directors

 

60.307������ Number and election of directors

 

60.311������ Election of directors by certain classes of shareholders

 

60.314������ Terms of directors generally

 

60.317������ Staggered terms for directors

 

60.321������ Resignation of directors

 

60.324������ Removal of directors by shareholders

 

60.327������ Removal of directors by judicial proceeding

 

60.331������ Vacancy on board

 

60.334������ Compensation of directors

 

(Meetings and Action of Board)

 

60.337������ Meetings

 

60.341������ Action without meeting

 

60.344������ Notice of meeting

 

60.347������ Waiver of notice

 

60.351������ Quorum and voting

 

60.354������ Committees; powers; limitations

 

(Standards of Conduct)

 

60.357������ General standards for directors

 

60.361������ Conflict of interest

 

60.364������ Loans to directors

 

60.367������ Liability for unlawful distributions

 

(Officers)

 

60.371������ Required officers

 

60.374������ Duties of officers

 

60.377������ Standard of conduct for officers

 

60.381������ Resignation and removal of officers

 

60.384������ Contract right of officers

 

(Indemnification)

 

60.387������ Definitions for ORS 60.387 to 60.414

 

60.391������ Authority to indemnify directors

 

60.394������ Mandatory indemnification

 

60.397������ Advance for expenses

 

60.401������ Court-ordered indemnification

 

60.404������ Determination and authorization of indemnification

 

60.407������ Indemnification of officers, employees and agents

 

60.411������ Insurance

 

60.414������ Application of ORS 60.387 to 60.411

 

AMENDMENT OF ARTICLES OF INCORPORATION AND BYLAWS

 

(Amendment of Articles of Incorporation)

 

60.431������ Authority

 

60.434������ Amendment by board of directors

 

60.437������ Amendment by board of directors and shareholders

 

60.441������ Voting on amendments by voting groups

 

60.444������ Amendment before issuance of shares

 

60.447������ Articles of amendment

 

60.451������ Restated articles of incorporation

 

60.454������ Amendment pursuant to reorganization

 

60.457������ Effect of amendment

 

(Amendment of Bylaws)

 

60.461������ Amendment or repeal by board of directors or shareholders

 

60.464������ Bylaw increasing quorum or voting requirement for shareholders

 

60.467������ Bylaw increasing quorum or voting requirement for directors

 

CONVERSION, MERGER AND SHARE EXCHANGE

 

60.470������ Definitions for ORS 60.470 to 60.501

 

60.472������ Conversion

 

60.474������ Action on plan of conversion

 

60.476������ Articles of conversion

 

60.478������ Effect of conversion; assumed business name

 

60.481������ Merger

 

60.484������ Share exchange

 

60.487������ Action on plan of merger or share exchange

 

60.491������ Merger with subsidiary

 

60.494������ Articles of merger or share exchange

 

60.497������ Effect of merger or share exchange

 

60.501������ Merger or share exchange with foreign corporation

 

SALE OF ASSETS

 

60.531������ Sale of assets in regular course of business; mortgage of assets

 

60.534������ Sale of assets other than in regular course of business

 

DISSENTERS� RIGHTS

 

(Right to Dissent and Obtain Payment for Shares)

 

60.551������ Definitions for ORS 60.551 to 60.594

 

60.554������ Right to dissent

 

60.557������ Dissent by nominees and beneficial owners

 

(Procedure for Exercise of Rights)

 

60.561������ Notice of dissenters� rights

 

60.564������ Notice of intent to demand payment

 

60.567������ Dissenters� notice

 

60.571������ Duty to demand payment

 

60.574������ Share restrictions

 

60.577������ Payment

 

60.581������ Failure to take action

 

60.584������ After-acquired shares

 

60.587������ Procedure if shareholder dissatisfied with payment or offer

 

(Judicial Appraisal of Shares)

 

60.591������ Court action

 

60.594������ Court costs and counsel fees

 

DISSOLUTION

 

(Voluntary Dissolution)

 

60.621������ Dissolution by incorporators or initial directors

 

60.624������ Voluntary dissolution by consent of shareholders

 

60.627������ Dissolution by board of directors and shareholders

 

60.631������ Articles of dissolution

 

60.634������ Revocation of dissolution

 

60.637������ Effect of dissolution

 

60.641������ Known claims against dissolved corporation

 

60.644������ Unknown claims against dissolved corporation

 

60.645������ Enforcement of claims against dissolved corporation

 

(Administrative Dissolution)

 

60.647������ Grounds for administrative dissolution

 

60.651������ Procedure; effect of administrative dissolution

 

60.654������ Reinstatement following administrative dissolution

 

60.657������ Appeal from denial of reinstatement

 

(Judicial Dissolution)

 

60.661������ Grounds for judicial dissolution

 

60.664������ Procedure for judicial dissolution

 

60.667������ Receivership or custodianship

 

60.671������ Judgment of dissolution

 

(Disposition of Assets)

 

60.674������ Asset distribution; deposit with Department of State Lands; claims

 

FOREIGN CORPORATIONS

 

(Authority to Transact Business)

 

60.701������ Authority to transact business required

 

60.704������ Consequences of transacting business without authority

 

60.707������ Application for authority to transact business

 

60.711������ Amendment to application for authority

 

60.714������ Effect of authority

 

60.717������ Corporate name of foreign corporation

 

60.721������ Registered office and registered agent of foreign corporation

 

60.724������ Change of registered office or registered agent of foreign corporation

 

60.727������ Resignation of registered agent of foreign corporation

 

60.731������ Service on foreign corporation

 

(Withdrawal)

 

60.734������ Withdrawal of foreign corporation

 

(Revocation of Authority)

 

60.737������ Grounds for revocation

 

60.741������ Procedure for and effect of revocation

 

60.744������ Appeal from revocation

 

60.747������ Reinstatement of authority

 

RECORDS AND REPORTS

 

(Records)

 

60.771������ Corporate records

 

60.774������ Inspection of records by shareholders

 

60.777������ Scope of inspection right

 

60.781������ Court-ordered inspection

 

(Reports)

 

60.784������ Reports to shareholders of indemnification