Oregon § 62.286 Loans to or guarantees for directors

Oregon Statutes

§ 62.286 — Loans to or guarantees for directors

Oregon § 62.286

Vol.2

Title 7Corporations and Partnerships

Ch. 62Cooperatives

This text of Oregon § 62.286 (Loans to or guarantees for 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. § 62.286 (2026).

Text

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

(a)The particular loan or guarantee is approved by a majority of the votes of all the members excluding the votes of any member who is a benefited director; or

(b)The cooperative’s board of directors determines that the loan or guarantee benefits the cooperative 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 cooperatives.

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(1) Except as provided by subsection (3) of this section, a cooperative may not lend money to or guarantee the obligation of a director of the cooperative unless:
(a) The particular loan or guarantee is approved by a majority of the votes of all the members excluding the votes of any member who is a benefited director; or
(b) The cooperative’s board of directors determines that the loan or guarantee benefits the cooperative 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 cooperatives.