(1) Unless a director complies with the applicable standards of conduct described in ORS 65.357, a director who votes for or assents to a distribution made in violation of this chapter or the articles of incorporation is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating this chapter.
(2) A director held liable for an unlawful distribution under subsection (1) of this section is entitled to contribution:
(a) From every other director who voted for or assented to the distribution without complying with the applicable standards of conduct described in ORS 65.357; and
(b) From each person who received an unlawful distribution for the amount of the distribution whether or not the person receiving the distribution knew it was made in violation of this chapter or the articles of incorporation. [1989 c.1010 §91]
Section: Previous 65.344 65.347 65.351 65.354 65.357 65.361 65.364 65.367 65.369 65.371 65.374 65.377 65.381 65.384 65.387 NextLast modified: August 7, 2008