(1) No capital shares other than membership shares shall be given voting power in an employee cooperative, except as otherwise provided in ORS § 62.765 to 62.792 or in the articles of incorporation.

Terms Used In Oregon Statutes 62.777

  • Articles: means articles of incorporation, articles of conversion or articles of merger. See Oregon Statutes 62.015
  • Cooperative: means a cooperative corporation that is subject to the provisions of this chapter. See Oregon Statutes 62.015

(2) The power to amend or repeal bylaws of an employee cooperative shall be in the members only, except to the extent that directors are authorized to amend or repeal the bylaws.

(3) Voting on amendments to the articles of incorporation of an employee cooperative shall be limited to the members, except that amendments adversely affecting the rights of shareholders may not be adopted without the vote of such shareholders. [1987 c.677 § 17]

 

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