§ 554.305 — Notice of grounds for dissolution; opportunity for correction; effect of dissolution

Oregon § 554.305

• Jurisdiction: Oregon
• Vol.: 15
• Title 45: Water Resources; Irrigation, Drainage, Flood Control, Reclamation
• Ch.: 554

Text

(1) If the Secretary of State determines that one or more grounds exist under ORS 554.302 for dissolving a corporation organized under ORS 554.005 to 554.340, the Secretary of State shall give the corporation written notice of the determination.
(2) If the corporation does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the Secretary of State, within 45 days after notice is given, that each of the grounds that the Secretary of State has determined to be a ground for the dissolution does not exist, the Secretary of State shall dissolve the corporation.
(3) A corporation administratively dissolved continues the corporation’s corporate existence but may not carry on any activities except activities that are necessary or appropriate to wind up and liquidate the corporation’s business and affairs and notify claimants.
(4) The administrative dissolution of a corporation does not terminate the authority of the corporation’s registered agent.
(5) A corporation involuntarily dissolved under this section continues to exist as a body corporate for the purpose of performing or enforcing any debt or obligation under contract or agreement with the federal or state government, including the power to levy and collect assessments for performing or enforcing the debt or obligation.

Legislative History

1987 c.94 §153; 1991 c.132 §15; 1993 c.190 §23; 2013 c.159 §15