Oregon § 65.367 Liability for unlawful distributions

Oregon Statutes

§ 65.367 — Liability for unlawful distributions

Oregon § 65.367

Vol.2

Title 7Corporations and Partnerships

Ch. 65Nonprofit Corporations

This text of Oregon § 65.367 (Liability for unlawful distributions) 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. § 65.367 (2026).

Text

(1)Unless a director complies with the applicable standards of conduct described in ORS 65.357, a director who votes for or assents to a distribution made in violation of this chapter or the articles of incorporation is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating this chapter.

(2)A director held liable for an unlawful distribution under subsection (1) of this section is entitled to contribution:

(a)From every other director who voted for or assented to the distribution without complying with the applicable standards of conduct described in ORS 65.357; and

(b)From each person who received an unlawful distribution for the amount of the distribution whether or not the person receiving the distribut

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(1) Unless a director complies with the applicable standards of conduct described in ORS 65.357, a director who votes for or assents to a distribution made in violation of this chapter or the articles of incorporation is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating this chapter.
(2) A director held liable for an unlawful distribution under subsection (1) of this section is entitled to contribution:
(a) From every other director who voted for or assented to the distribution without complying with the applicable standards of conduct described in ORS 65.357; and
(b) From each person who received an unlawful distribution for the amount of the distribution whether or not the person receiving the distribution knew it was made in violation of this chapter or the articles of incorporation.