Oregon Statutes 62.655 – Voluntary dissolution by act of cooperative
A cooperative may be dissolved by the act of the cooperative, when authorized in the following manner:
Terms Used In Oregon Statutes 62.655
- Articles: means articles of incorporation, articles of conversion or articles of merger. See Oregon Statutes 62.015
- Board: means board of directors. See Oregon Statutes 62.015
- Cooperative: means a cooperative corporation that is subject to the provisions of this chapter. See Oregon Statutes 62.015
- Member: means a person that is qualified and accepted for membership in a cooperative. See Oregon Statutes 62.015
- Shareholder: means a holder of shares of capital stock of a cooperative other than membership stock. See Oregon Statutes 62.015
(1) The board shall adopt a resolution directing that the question of dissolution be submitted to a vote at a meeting of members, which may be either an annual or a special meeting.
(2) Written or printed notice shall be given to each member in the manner provided in ORS § 62.255 for the giving of notice of meetings of members, and whether the meeting be an annual or special meeting, shall state that the purpose, or one of the purposes, of the meeting is to consider the advisability of dissolving the cooperative.
(3) At the meeting a vote of members shall be taken on a resolution to dissolve the cooperative. Adoption of the resolution shall be by affirmative vote of two-thirds of the member votes cast on that resolution. The articles may permit shareholders to vote on such a resolution for dissolution, and may fix the proportion of authorized shareholder votes required for adoption thereof. [1957 c.716 § 49; 1965 c.631 § 20]
[1957 c.716 § 50; repealed by 1965 c.631 § 27]