Oregon § 62.205 Subscription agreement for shares or agreement to pay a membership fee; default

Oregon Statutes

§ 62.205 — Subscription agreement for shares or agreement to pay a membership fee; default

Oregon § 62.205

Vol.2

Title 7Corporations and Partnerships

Ch. 62Cooperatives

This text of Oregon § 62.205 (Subscription agreement for shares or agreement to pay a membership fee; default) 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. § 62.205 (2026).

Text

(1)A subscription agreement for shares, including membership stock, of a cooperative, where the subscription is entered into before incorporation, or an agreement entered into before incorporation to pay a membership fee is irrevocable for six months unless:

(a)Otherwise provided by the subscription agreement or the agreement to pay a membership fee; or

(b)All subscribers or parties to all the agreements to pay a membership fee consent to the revocation.

(2)If a subscriber defaults in payment of money or property under a subscription agreement entered into before incorporation, or if a party to an agreement to pay a membership fee defaults in the payment of money or property under an agreement to pay a membership fee entered into before incorporation, the cooperative may collect the am

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(1) A subscription agreement for shares, including membership stock, of a cooperative, where the subscription is entered into before incorporation, or an agreement entered into before incorporation to pay a membership fee is irrevocable for six months unless:
(a) Otherwise provided by the subscription agreement or the agreement to pay a membership fee; or
(b) All subscribers or parties to all the agreements to pay a membership fee consent to the revocation.
(2) If a subscriber defaults in payment of money or property under a subscription agreement entered into before incorporation, or if a party to an agreement to pay a membership fee defaults in the payment of money or property under an agreement to pay a membership fee entered into before incorporation, the cooperative may collect the amount owed as any other debt. Alternatively, unless the subscription agreement or agreement to pay a membership fee provides otherwise, the cooperative may rescind the agreement if the debt remains unpaid more than 20 days after the cooperative sends written demand for payment to the subscriber or the party.