(1) The circuit court of the county where a corporationís principal office is located, or if the principal office is not in this state where its registered office was last located, may remove any director of the corporation from office in a proceeding commenced either by the corporation, at least 10 percent of the members of any class entitled to vote for directors, or the Attorney General in the case of a public benefit corporation if the court finds that:
(a) The director engaged in fraudulent or dishonest conduct, or gross abuse of authority or discretion, with respect to the corporation, or the director has violated a duty set forth in ORS 65.357 to 65.367; and
(b) Removal is in the best interest of the corporation.
(2) The court that removes a director may bar the director from serving on the board for a period prescribed by the court.
(3) If members or the Attorney General commence a proceeding under subsection (1) of this section, the corporation shall be made a party defendant.
(4) A public benefit corporation or its members who commence a proceeding under subsection (1) of this section shall give the Attorney General written notice of the proceeding.
(5) The articles or bylaws of a religious corporation may limit or prohibit the application of this section. [1989 c.1010 §79]Section: Previous 65.304 65.307 65.311 65.314 65.317 65.321 65.324 65.327 65.331 65.334 65.335 65.337 65.341 65.344 65.347 Next
Last modified: August 7, 2008