OAR 441-025-0120
Definitions

For purposes of 441-025-0121 (General Requirements for Renewable Energy Cooperative Corporations) through 441-025-0124 (Disclosures Related to Renewable Energy Cooperative Corporation Projects), the following definitions apply unless the context requires otherwise:

(1)

“Accredited investor” has the same meaning as that term is defined under OAR 441-035-0010 (Accredited Investor).

(2)

“Capital stock” means a proportional part of a renewable energy cooperative corporation’s capital that may show a person’s respective interests in or entitlement to assets, reserves or dividends, if authorized by the articles of incorporation, but does not show a member’s right to vote in matters affecting the governance of the renewable energy cooperative corporation, unless authorized by applicable law.

(3)

“Project” includes conducting studies as to the feasibility of a potential facility, as well as the planning, design, construction and operation of a discrete facility to generate electricity from renewable energy sources.

(4)

“Renewable energy cooperative corporation” has the same meaning as that term is used in ORS 59.025 (Securities exempt from registration).

(5)

“Membership share” includes membership certificates and membership stock as defined in ORS 62.015 (Definitions), but does not include capital stock.

(6)

“Well-defined community” means:

(a)

One or more adjacent precincts, districts, cities, counties or other boundaries defined by the state or a unit of local government or by a state or local government agency; or

(b)

Individuals with a common bond of occupation or association, including family members.

(A)

With the approval of the Director, a well-defined community based upon a common bond or association may include individuals residing or working in the city or county where the renewable energy facility will be located or where the cooperative is headquartered.

(B)

Approval for an enhanced community must be granted prior to any offer of membership or security interest to a member of the enhanced community.

Source: Rule 441-025-0120 — Definitions, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-025-0120.

Last Updated

Jun. 8, 2021

Rule 441-025-0120’s source at or​.us