Oregon Statutes 62.680 – Articles of dissolution
(1) If voluntary dissolution proceedings have not been revoked, articles of dissolution may be filed when all debts, liabilities and obligations of the cooperative have been paid and discharged or adequate provision has been made therefor, or all of the assets of the cooperative have been distributed to its creditors for application to the outstanding debts, obligations and liabilities of the cooperative to the fullest extent possible, and all of the remaining property and assets of the cooperative, if any, have been distributed to the persons entitled thereto. Articles of dissolution shall set forth:
Terms Used In Oregon Statutes 62.680
- Articles: means articles of incorporation, articles of conversion or articles of merger. See Oregon Statutes 62.015
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Cooperative: means a cooperative corporation that is subject to the provisions of this chapter. See Oregon Statutes 62.015
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means a person that is qualified and accepted for membership in a cooperative. See Oregon Statutes 62.015
- Shareholder: means a holder of shares of capital stock of a cooperative other than membership stock. See Oregon Statutes 62.015
(a) The name of the cooperative.
(b) The date dissolution was authorized.
(c) The number of member votes for and against the resolution.
(d) If shareholders were authorized to vote on the resolution, the total number of authorized shareholder votes, the numbers of such votes cast for and against the resolution and the number of such votes required by the articles for adoption thereof.
(2) A cooperative is dissolved upon the effective date of its articles of dissolution. [1957 c.716 § 54; 1965 c.631 § 24; 1981 c.633 § 65; 1985 c.728 § 72; 1987 c.94 § 90; 1995 c.195 § 34]