(1) No action, suit or proceeding shall be maintained for the purpose of avoiding, setting aside or otherwise questioning or affecting the validity of the organization of a corporation formed for the purposes stated in ORS 554.050 unless the action, suit or proceeding is commenced within three months from the date of the filing of the articles of incorporation by the Secretary of State, or for the purpose of questioning the sufficiency or correctness of any statement therein when the provisions of ORS 554.005 to 554.340 with respect thereto have been substantially complied with.
(2) No error in the description of any tract or parcel of land included in such district or in naming the owner thereof shall affect the incorporation or relieve the land from the same unless the owner has been materially prejudiced, misled or injured thereby, and has instituted proceedings because of same within three months after actual notice in any manner brought to the owner. Notwithstanding any error, defect or omission in the articles of incorporation in such case, the corporation is hereby declared to be a legally organized corporation as to all such owners. [Amended by 1987 c.94 §147]
Section: Previous 554.017 554.018 554.019 554.020 554.030 554.040 554.050 554.060 554.070 554.080 554.082 554.084 554.086 554.088 554.090 NextLast modified: August 7, 2008