(1) As used in this section, “business entity” has the meaning given that term in ORS 62.605.
(2) A manufactured dwelling park nonprofit cooperative may not:
(a) Notwithstanding ORS 62.225, pay a dividend on stock to members.
(b) Apportion, distribute or pay net proceeds or savings to members.
(c) Make payments in redemption or refund of capital credits or retains to an heir of a member.
(d) Merge with a business entity other than another manufactured dwelling park nonprofit cooperative.
(e) Convert to another type of business entity. [2007 c.607 §7]
Section: Previous 62.800 62.803 62.805 62.806 62.809 62.810 62.812 62.815 62.825 62.830 62.835 62.840 62.845 62.848 62.849 NextLast modified: August 7, 2008