Oregon Statutes - Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency - Section 711.572 - Liability of directors for distributing assets without payment of known debts.

The directors of an institution who vote for or assent to any distribution of assets of the institution to its stockholders during the liquidation of the institution without the payment and discharge of, or making adequate provision for, all known liabilities of the institution shall be jointly and severally liable to the institution for the value of the assets which are distributed, to the extent that the liabilities of the institution are not thereafter paid and discharged. [1973 c.797 §282]

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Last modified: August 7, 2008