(1) Unless the articles or bylaws provide otherwise, a board of directors may create one or more committees of the board of directors which exercise the authority of the board of directors and appoint members of the board to serve on them or designate the method of selecting committee members. Each committee shall consist of two or more directors, who serve at the pleasure of the board of directors.
(2) The creation of a committee and appointment of directors to the committee or designation of a method of selecting committee members must be approved by the greater of:
(a) A majority of all the directors in office when the action is taken; or
(b) The number of directors required by the articles or bylaws to take action under ORS 65.351.
(3) ORS 65.337 to 65.351, governing meetings, action without meetings, notice and waiver of notice, and quorum and voting requirements of the board of directors, apply to committees and their members as well.
(4) Except as provided in subsection (5) of this section, to the extent specified by the board of directors or in the articles or bylaws, each committee of the board may exercise the authority of the board of directors.
(5) A committee of the board may not:
(a) Authorize distributions;
(b) Approve or recommend to members dissolution, merger or the sale, pledge or transfer of all or substantially all of the corporationís assets;
(c) Elect, appoint or remove directors or fill vacancies on the board or on any of its committees; or
(d) Adopt, amend or repeal the articles or bylaws.
(6) The creation of, delegation of authority to, or action by a committee does not alone constitute compliance by a director with the standards of conduct described in ORS 65.357. [1989 c.1010 §87]
(Standards of Conduct)Section: Previous 65.334 65.335 65.337 65.341 65.344 65.347 65.351 65.354 65.357 65.361 65.364 65.367 65.369 65.371 65.374 Next
Last modified: August 7, 2008