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