Oregon Statutes 60.804 – Applicability of ORS 60.801 to 60.816
(1) An issuing public corporation shall be subject to ORS § 60.801 to 60.816 unless the corporation’s articles of incorporation or bylaws provide that ORS § 60.801 to 60.816 do not apply to acquisitions of its voting shares. After a corporation’s articles of incorporation or bylaws are amended to provide that ORS § 60.801 to 60.816 do not apply to acquisitions of its voting shares, any voting shares that were control shares prior to the amendment shall cease to be considered control shares.
Terms Used In Oregon Statutes 60.804
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Person: means an individual or entity. See Oregon Statutes 60.001
- Statute: A law passed by a legislature.
(2) An issuing public corporation whose articles of incorporation or bylaws provide that it is not subject to ORS § 60.801 to 60.816 may, at any time, amend its articles of incorporation or bylaws in accordance with ORS § 60.431 to 60.467 to remove the provision and become subject to ORS § 60.801 to 60.816.
(3) Any amendment to the articles of incorporation or bylaws of an issuing public corporation relating to whether or not the corporation is subject to ORS § 60.801 to 60.816 that is adopted or approved by the shareholders must be adopted or approved by holders of voting shares with at least a majority of the votes entitled to be cast by holders of voting shares in addition to any other vote that may be required by statute or the articles of incorporation.
(4) Upon request by any person, a corporation shall inform the person whether or not the corporation’s articles of incorporation or bylaws provide that ORS § 60.801 to 60.816 do not apply to acquisitions of its voting shares. [1989 c.4 § 2; 1991 c.7 § 2]
See note under 60.801.