(1) When any employee cooperative revokes its election in accordance with ORS § 62.771, the amendment to the articles of incorporation shall provide for conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with this chapter.

Terms Used In Oregon Statutes 62.789

  • 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: 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) An employee cooperative which has not revoked its election under ORS § 62.765 to 62.792 may not merge with another corporation other than an employee cooperative. Two or more employee cooperatives may merge in accordance with this chapter. [1987 c.677 § 21; 1995 c.195 § 43]

 

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