Oregon Statutes - Chapter 554 - Corporations for Irrigation, Drainage, Water Supply or Flood Control - Section 554.305 - Notice of grounds for dissolution; opportunity for correction; effect of dissolution.

(1) If the Secretary of State determines that one or more grounds exist under ORS 554.302 for dissolving a corporation organized under ORS 554.005 to 554.340, the Secretary of State shall give the corporation written notice of the determination.

(2) If the corporation does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the Secretary of State, within 45 days after notice is given, that each ground determined by the Secretary of State does not exist, the Secretary of State shall dissolve the corporation.

(3) A corporation administratively dissolved continues its corporate existence but may not carry on any business except that necessary to wind up and liquidate its business and affairs and notify claimants.

(4) The administrative dissolution of a corporation does not terminate the authority of its registered agent.

(5) Every corporation involuntarily dissolved under this section shall continue to exist as a body corporate for the purpose of the performance or enforcement of any debt or obligation under contract or agreement with the federal or state government, including the power to levy and collect assessments for such purpose. [1987 c.94 §153; 1991 c.132 §15; 1993 c.190 §23]

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Last modified: August 7, 2008