Cooperatives

ORS 62.472
Court-ordered indemnification


Unless the cooperative’s articles of incorporation provide otherwise, a director of the cooperative 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 62.466 (Mandatory indemnification of director), in which case the court shall also order the cooperative 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 62.464 (Authority to indemnify director) or was adjudged liable as described in ORS 62.464 (Authority to indemnify director) (4), whether the liability is based on a judgment, settlement or proposed settlement or otherwise. [1995 c.195 §19]
Chapter 62

Atty. Gen. Opinions

Homestead as applied to a shareholder-tenant in a cooperative apartment, (1971) Vol 35, p 897


Source

Last accessed
Jun. 26, 2021