(1) When any employee cooperative revokes its election in accordance with ORS 62.771, 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 to 62.792 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]
Section: Previous 62.768 62.771 62.774 62.777 62.780 62.783 62.786 62.789 62.792 62.800 62.803 62.805 62.806 62.809 62.810 NextLast modified: August 7, 2008