(1) Except as provided in subsection (2) of this section, the validity of corporate action may not be challenged on the ground that the corporation lacks or lacked power to act.
(2) A corporationís power to act may be challenged:
(a) In a proceeding by a member or members, a director or the Attorney General against the corporation to enjoin the act;
(b) In a proceeding by the corporation, directly, derivatively or through a receiver, a trustee or other legal representative, including the Attorney General in the case of a public benefit corporation, against an incumbent or former director, officer, employee or agent of the corporation; or
(c) In a proceeding under ORS 65.664.
(3) In a proceeding under subsection (2)(a) of this section to enjoin an unauthorized corporate act, the court may enjoin or set aside the act, if equitable and if all affected persons are parties to the proceeding, and may award damages for loss other than anticipated profits suffered by the corporation or another party because of enjoining the unauthorized act. [1989 c.1010 §31]Section: Previous 65.057 65.061 65.064 65.067 65.074 65.077 65.081 65.084 65.094 65.097 65.101 65.111 65.114 65.117 65.121 Next
Last modified: August 7, 2008