Private Corporations

ORS 60.401
Court-ordered indemnification


Unless the corporation’s articles of incorporation provide otherwise, a director of the corporation who is a party to a proceeding may apply for indemnification to the court conducting the proceeding or to another court of competent jurisdiction. On receipt of an application, the court after giving any notice the court considers necessary may order indemnification if it determines:

(1)

The director is entitled to mandatory indemnification under ORS 60.394 (Mandatory indemnification), in which case the court shall also order the corporation to pay the director’s reasonable expenses incurred to obtain court-ordered indemnification; or

(2)

The director is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not the director met the standard of conduct set forth in ORS 60.391 (Authority to indemnify directors) or was adjudged liable as described in ORS 60.391 (Authority to indemnify directors) (4), whether the liability is based on a judgment, settlement or proposed settlement or otherwise. [1987 c.52 §98]
Chapter 60

Notes of Decisions

In General

Owner of corporate shares that does not meet definition for "shareholder" does not have statutorily created inspection rights. Yeoman v. Public Safety Center, Inc., 241 Or App 255, 250 P3d 411 (2011), Sup Ct review denied

Atty. Gen. Opinions

Under Former Similar Statutes (Ors Chapter 58)

This chapter as authorizing partnership of corporation and individual; validity of partnership between a private corporation and an individual when corporation charter so provides, (1972) Vol 36, p 94

Law Review Citations

Under Former Similar Statutes (Ors Chapter 57)

18 WLR 123 (1982)

In General

24 WLR 203, 257, 275 (1988); 30 WLR 407 (1994)


Source

Last accessed
Jun. 26, 2021