Oregon Statutes 707.254 – Effective date of amended articles of incorporation; effect on existing cause of action
(1) Except as provided in subsection (2) of this section, after the Director of the Department of Consumer and Business Services approves and files an amendment to the articles of incorporation, the amendment is effective and the articles of incorporation are amended accordingly.
Terms Used In Oregon Statutes 707.254
- 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.
(2) If an amendment to the articles of incorporation specifies a delayed effective date, the amendment is effective on the date specified. A delayed effective date for an amendment may not be later than the 90th day after the date on which the director approves and files the amendment.
(3) An amendment does not affect any existing cause of action in favor of or against a banking institution, any pending suit to which such banking institution is a party or the existing rights of persons other than shareholders. An amendment that changes the corporate name does not abate an action brought by or against the banking institution under the former name. [1989 c.324 § 15; 1997 c.631 § 64; 2015 c.244 § 23]