Cooperatives

ORS 62.789
Procedure for revocation of election

  • limits on merger


(1)

When any employee cooperative revokes its election in accordance with ORS 62.771 (Revocation of election to be governed as employee cooperative), the amendment to the articles of incorporation shall provide for conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with this chapter.

(2)

An employee cooperative which has not revoked its election under ORS 62.765 (Definitions for ORS 62.765 to 62.792) to 62.792 (Short title) may not merge with another corporation other than an employee cooperative. Two or more employee cooperatives may merge in accordance with this chapter. [1987 c.677 §21; 1995 c.195 §43]
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