Oregon Statutes 62.476 – Indemnification of officers, employees and agents
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Unless a cooperative‘s articles of incorporation provide otherwise:
Terms Used In Oregon Statutes 62.476
- Articles: means articles of incorporation, articles of conversion or articles of merger. See Oregon Statutes 62.015
- Cooperative: means a cooperative corporation that is subject to the provisions of this chapter. See Oregon Statutes 62.015
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
(1) An officer of the cooperative is entitled to mandatory indemnification under ORS § 62.466, and is entitled to apply for court-ordered indemnification under ORS § 62.472, in each case to the same extent as a director under ORS § 62.466 or 62.472.
(2) The cooperative may indemnify and advance expenses under ORS § 62.462 to 62.482 to an officer, employee or agent of the cooperative to the same extent as to a director. [1995 c.195 § 21]