Oregon Statutes 65.811 – Disapproval of proposed transfer of assets
The Attorney General shall approve any proposed transaction subject to ORS § 65.803 unless the Attorney General finds any of the following:
Terms Used In Oregon Statutes 65.811
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Entity: means a domestic corporation, foreign corporation, business corporation and foreign business corporation, profit and nonprofit unincorporated association, corporation sole, business trust, partnership, two or more persons that have a joint or common economic interest, any state, the United States, a federally recognized Native American or American Indian tribal government and any foreign government. See Oregon Statutes 65.001
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Person: means an individual or an entity. See Oregon Statutes 65.001
(1) The terms and conditions of the proposed transaction are not fair and reasonable to the public benefit or religious corporation.
(2) The proposed transaction will result in inurement to any private person or entity.
(3) The proposed transaction is not at fair market value.
(4) The proposed use of the proceeds from the transaction is inconsistent with any charitable trust to which the assets are subject.
(5) The proposed transaction involves or constitutes a breach of trust.
(6) The Attorney General has not been provided sufficient information to evaluate adequately the proposed transaction and the effects of the proposed transaction on the public.
(7) The proposed transaction significantly diminishes the availability or accessibility of health care services to the affected community.
(8) The proposed transaction is not in the public interest.
(9) The proposed transaction does not comply with all other legal requirements. [1997 c.291 § 7]