Oregon Statutes 60.407 – Indemnification of officers, employees and agents
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Unless a corporation‘s articles of incorporation provide otherwise:
Terms Used In Oregon Statutes 60.407
- Articles of incorporation: means the articles described in ORS § 60. See Oregon Statutes 60.001
- 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.
- 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 corporation is entitled to mandatory indemnification under ORS § 60.394, and is entitled to apply for court-ordered indemnification under ORS § 60.401, in each case to the same extent as a director under ORS § 60.394 and 60.401.
(2) The corporation may indemnify and advance expenses under ORS § 60.387 to 60.411 to an officer, employee or agent of the corporation to the same extent as to a director. [1987 c.52 § 100]