Unless prohibited by its articles or bylaws:
(1) A mutual benefit corporation may purchase its memberships and, under the circumstances indicated in ORS 65.147 and 65.171, a public benefit or religious corporation may purchase its memberships, if after the purchase is completed:
(a) The corporation would be able to pay its debts as they become due in the usual course of its activities; and
(b) The corporation’s total assets would at least equal the sum of its total liabilities.
(2) A corporation may make distributions upon dissolution in conformity with ORS 65.621 to 65.674.
(3) A corporation may make distributions to a member which is a religious or public benefit corporation or a foreign nonprofit corporation which, if incorporated in this state, would qualify as a religious or public benefit corporation. [1989 c.1010 §129]
DISSOLUTION
(Voluntary Dissolution)
Section: Previous 65.494 65.497 65.501 65.504 65.531 65.534 65.551 65.554 65.621 65.624 65.627 65.631 65.634 65.637 65.641 NextLast modified: August 7, 2008