Oregon Statutes 60.750 – Definitions for ORS 60.750 to 60.770
As used in ORS § 60.750 to 60.770:
Terms Used In Oregon Statutes 60.750
- 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.
- Entity: means a corporation, foreign corporation, nonprofit corporation, profit or nonprofit unincorporated association, 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 60.001
- Individual: means a natural person or the estate of an incompetent individual or a deceased individual. See Oregon Statutes 60.001
(1) ‘Benefit company’ means a corporation or a limited liability company that is incorporated, organized, formed or created under ORS § 60.754.
(2) ‘Benefit governor’ means an individual who is designated as the benefit governor of a benefit company under ORS § 60.762.
(3) ‘General public benefit’ means a material positive impact on society and the environment, taken as a whole, from the business and operations of a benefit company.
(4) ‘Governor’ means a director of a corporation that is a benefit company, a member in a member-managed limited liability company that is a benefit company or a manager in a manager-managed limited liability company that is a benefit company.
(5) ‘Minimum status vote’ means a decision that an entity makes in accordance with ORS § 60.756.
(6) ‘Third-party standard’ means a recognized standard for defining, reporting and assessing an entity’s social and environmental performance that:
(a) Establishes criteria that apply to all of the interests described in ORS § 60.760 (1)(b), (c), (d), (e) and (f);
(b) Is developed by an organization that is not under the control of the benefit company or any of the benefit company’s affiliates; and
(c) Has information publicly available concerning:
(A) The criteria the standard uses to measure an entity’s overall social and environmental performance and the relative weight the standard gives to each criterion;
(B) The process by which the standard is developed and revised; and
(C) The organization that developed the standard that is sufficient in detail to disclose any relationships that might compromise the organization’s independence, including:
(i) The material owners and members of the organization’s governing body;
(ii) How the organization selects members of the organization’s governing body; and
(iii) The organization’s sources of financial support. [2013 c.269 § 1]
60.750 to 60.770 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS Chapter 60 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.