In addition to the authority granted an association by ORS 57.255 (1985 Replacement Part), a director, officer, employee or agent may be indemnified by an association, or reimbursed, for reasonable expenses necessarily incurred, even though the person was negligent or committed an act or failed to perform a duty for which there is a common law or a statutory liability if:
(1) The board of directors finds that the person acted in good faith, in what the person believed to be the best interest of the association and without knowledge or reasonable cause to believe that any such action or inaction was a violation of any law, and the board approves the indemnification or reimbursement;
(2) The Director of the Department of Consumer and Business Services concurs in the findings of the board adopted under subsection (1) of this section and approves the indemnification or reimbursement; and
(3) The indemnification or reimbursement is approved at an annual or special meeting of the members by a majority of the votes eligible to be cast. [1975 c.582 §62; 1987 c.197 §19]
Section: Previous 722.102 722.104 722.105 722.106 722.107 722.108 722.110 722.112 722.113 722.114 722.115 722.116 722.118 722.120 722.122 NextLast modified: August 7, 2008