Oregon Statutes 60.581 – Failure to take action
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(1) If the corporation does not take the proposed action within 60 days after the date set for demanding payment and depositing share certificates, the corporation shall return the deposited certificates and release the transfer restrictions imposed on uncertificated shares.
Terms Used In Oregon Statutes 60.581
- 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.
- Share: means a unit into which the proprietary interest in a corporation is divided. See Oregon Statutes 60.001
(2) If after returning deposited certificates and releasing transfer restrictions, the corporation takes the proposed action, it must send a new dissenters’ notice under ORS § 60.567 and repeat the payment demand procedure. [1987 c.52 § 133]