Oregon § 60.364 Loans to directors

Oregon Statutes

§ 60.364 — Loans to directors

Oregon § 60.364

Vol.2

Title 7Corporations and Partnerships

Ch. 60Private Corporations

This text of Oregon § 60.364 (Loans to directors) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 60.364 (2026).

Text

(1)Except as provided by subsection (3) of this section, a corporation may not lend money to or guarantee the obligation of a director of the corporation unless:

(a)The particular loan or guarantee is approved by a majority of the votes represented by the outstanding voting shares of all classes, voting as a single voting group, excluding the votes of shares owned by or voted under the control of the benefited director; or

(b)The corporation’s board of directors determines that the loan or guarantee benefits the corporation and either approves the specific loan or guarantee or a general plan authorizing the loans and guarantees.

(2)The fact that a loan or guarantee is made in violation of this section does not affect the borrower’s liability on the loan.

(3)This section does not apply

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(1) Except as provided by subsection (3) of this section, a corporation may not lend money to or guarantee the obligation of a director of the corporation unless:
(a) The particular loan or guarantee is approved by a majority of the votes represented by the outstanding voting shares of all classes, voting as a single voting group, excluding the votes of shares owned by or voted under the control of the benefited director; or
(b) The corporation’s board of directors determines that the loan or guarantee benefits the corporation and either approves the specific loan or guarantee or a general plan authorizing the loans and guarantees.
(2) The fact that a loan or guarantee is made in violation of this section does not affect the borrower’s liability on the loan.
(3) This section does not apply to loans and guarantees authorized by statute regulating any special class of corporations.