Oregon Statutes 576.806 – Financial assurance by seed dealer
(1) As used in this section:
Terms Used In Oregon Statutes 576.806
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Trustee: A person or institution holding and administering property in trust.
(a) ‘Officer’ means any of the following individuals:
(A) A president, vice president, secretary, treasurer or director of a corporation.
(B) A general partner in a limited partnership.
(C) A manager in a manager-managed limited liability company.
(D) A member of a member-managed limited liability company.
(E) A trustee.
(F) An individual that is an officer as defined by the State Department of Agriculture by rule. A definition of ‘officer’ adopted by department rule may include individuals not listed in this paragraph who may exercise substantial control over a business.
(b) ‘Owner’ means:
(A) A sole proprietor of, partner in or holder of a controlling interest in an applicant; or
(B) Any person that is an owner as defined by the department by rule.
(2) The State Department of Agriculture may adopt rules to require, as a condition of issuing a seed dealer license under ORS § 633.700, that each seed dealer provide the department financial assurance for the performance by the seed dealer under any seed production contract or seed purchase contract entered into by the seed dealer.
(3) The department may refuse to issue a seed dealer license to an applicant if the applicant, any owner or officer of the applicant or any individual exercising substantial control over the seed industry activities of the applicant:
(a) Is a seed dealer for which the license has been suspended under ORS § 576.802;
(b) Is or was an owner or officer of a seed dealer at the time of an event that resulted in the license of the seed dealer being suspended under ORS § 576.802; or
(c) Was an individual who exercised substantial control over the seed industry activities of a seed dealer at the time of an event that resulted in the license of the seed dealer being suspended under ORS § 576.802.
(4) An agent that enters into a seed production contract on behalf of a seed dealer is conclusively presumed to have actual authority to establish the performance obligations of the seed dealer under the contract. [2018 c.26 § 9]
See note under 576.780.