Oregon Statutes 62.812 – Distribution of cooperative assets upon dissolution
(1) As used in this section, ‘debts, liabilities and obligations’ includes, but is not limited to, the repurchase of each membership in the cooperative for the amount that was charged by the cooperative as a membership fee.
Terms Used In Oregon Statutes 62.812
- 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.
- local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
- Person: means an individual, corporation, association, firm, partnership, joint stock company, cooperative or foreign cooperative. See Oregon Statutes 62.015
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(2) If a manufactured dwelling park nonprofit cooperative dissolves, after payment or provision for all debts, liabilities and obligations of the cooperative, the cooperative shall distribute the assets of the cooperative to:
(a) Another manufactured dwelling park nonprofit cooperative;
(b) An organization organized for a public or charitable purpose;
(c) A religious corporation;
(d) The United States;
(e) This state;
(f) A local government in this state;
(g) A housing authority created under ORS § 456.055 to 456.235; or
(h) A person that is recognized as tax exempt under section 501(c)(3) of the Internal Revenue Code. [2007 c.607 § 6; 2009 c.609 § 6]