ORS 554.120
Records of proceedings of directors

  • lien docket
  • deposit of moneys
  • segregation of funds
  • accounting
  • warrant and bond register

(1)

The board of directors shall cause to be kept a well-bound book entitled “Records of Proceedings of Board of Directors,” in which shall be recorded minutes of all meetings, proceedings, certificates, bonds, and any and all corporate acts, which records shall be at all times open to the inspection of anyone interested, whether members or creditors.

(2)

A lien docket shall also be provided, in which, as to every tract of each owner, all assessments or liens shall be charged and all payments shall be credited, and in which interest on any assessments in arrears shall be charged at time of payment of any installment, to the end that such record shall show the true condition of all liens and the amount thereof.

(3)

Except as otherwise provided by ORS 554.160 (Assessments to provide funds to meet obligations) (2), all money of the corporation shall be deposited with a convenient insured institution or trust company, as those terms are defined in ORS 706.008 (Additional definitions for Bank Act), in the name of the corporation, and all funds provided to be segregated and held separate shall be so kept, and an accounting of each of such funds upon the books of the corporation shall be correctly kept.

(4)

A warrant register shall be provided in which shall be separately kept a record of all warrants issued, the number, date and amount thereof with the name of payee, and the date paid, showing principal and interest separately. The corporation shall keep a register of all bonds with a description thereof, the date thereof and when issued, and generally such a record as shall show all outstanding bonds separately of the several issues and kinds of payments. [Amended by 1969 c.694 §46; 1997 c.631 §492; 2001 c.215 §29]

Source: Section 554.120 — Records of proceedings of directors; lien docket; deposit of moneys; segregation of funds; accounting; warrant and bond register, https://www.­oregonlegislature.­gov/bills_laws/ors/ors554.­html.

Notes of Decisions

Right to inspect record of proceedings includes right to receive copy of record upon payment of appropriate fee. Miller v. Water Wonderland Improvement District, 326 Or 306, 951 P2d 720 (1998)

554.005
Filing requirements 554.007
Effective time and date of document 554.009
Correcting filed document 554.011
Penalty for signing false document 554.012
Forms 554.015
Filing duty of Secretary of State 554.016
Filing, service, copying and certification fees 554.017
Appeal from Secretary of State’s refusal to file document 554.018
Evidentiary effect of copy of filed document 554.019
Certificate of existence 554.020
Articles of incorporation 554.030
Evidence of corporate existence 554.040
Contents of articles 554.060
Challenge to validity of organization 554.070
Membership 554.080
Corporate existence 554.082
Registered office and registered agent 554.084
Change of registered office or registered agent 554.086
Resignation of registered agent 554.088
Service on corporation 554.090
Directors 554.100
Oath of office 554.110
Powers of directors 554.120
Records of proceedings of directors 554.130
Assessments 554.135
Alternative method for collecting assessments 554.140
Directors’ duty to institute proceedings to enforce lien 554.150
Action to compel assessment 554.160
Assessments to provide funds to meet obligations 554.170
Covenants by landowners 554.180
Landowners’ notice 554.190
Recording notice 554.200
Incurring indebtedness before notice recorded 554.210
Plans and specifications 554.220
Bonds 554.230
Bonds 554.240
Retirement of bonds 554.250
Refunding bonds 554.260
Contracts with governmental agencies or others for financial assistance or cooperative action 554.270
Purchase or lease of works and water rights 554.275
Activity of corporation as urban service 554.280
Resolution for serial coupon obligations 554.290
Warrants to pay claims 554.300
Amendment of articles 554.302
Dissolution of corporation by Secretary of State 554.305
Notice of grounds for dissolution 554.307
Reinstatement of dissolved corporation 554.309
Denial of reinstatement 554.315
Annual report 554.320
Exemption from taxation 554.340
Judicial determination of legality of proceedings 554.350
Service to lands outside district 554.375
Dissolution of district and reorganization as corporation 554.380
Articles of incorporation for corporation formed from dissolved district 554.385
Findings by board of reorganizing district 554.390
Dissolution of district and reorganization as corporation under ORS 554.320 and 554.375 to 554.390 prohibited after 2004 554.410
Applicability of ORS 554.005 to 554.340 to corporations organized under 1911 Act 554.420
Amendment of articles, and landowners’ notice, of corporation organized under 1911 Act 554.430
Applicability of 1911 Act, as amended, to corporations organized under that Act 554.440
Malheur Improvement Company 554.510
Authority to include or exclude lands 554.520
Application for inclusion or exclusion 554.530
Application 554.540
Meeting date 554.550
Notice of meeting 554.560
Quorum for meeting 554.570
Effect of exclusion on existing debts 554.580
Condition of approval of inclusion 554.590
Articles of amendment
Green check means up to date. Up to date

Current through early 2024

§ 554.120’s source at oregon​.gov