§ 707.612 — Action without meeting

Oregon § 707.612

• Jurisdiction: Oregon
• Vol.: 18
• Title 53: Financial Institutions
• Ch. 707: Organization to Conduct Banking Business; Stockholders, Directors and

Text

Any action required by this chapter to be taken at a meeting of the shareholders or directors of an institution or Oregon stock savings bank or any other action that may be taken at a meeting of the shareholders or directors or of a committee may be taken without a meeting if all of the shareholders or directors or all of the members of the committee entitled to vote with respect to the action sign a consent in writing that sets forth the action to be taken. The consent must be delivered to the institution or Oregon stock savings bank for inclusion in the minutes or for filing with the corporate records. The action is effective on the date on which the last signature is placed on the consent or consents or at such earlier or later time as is set forth in the consent. A consent has the same force and effect as a unanimous vote of the shareholders, directors or committee members and any articles or document filed under this chapter may state that the consent has the force and effect of a unanimous vote. If not otherwise determined in accordance with ORS 707.615, the record date for determining shareholders entitled to take action by consent without a meeting is the date the first shareholder signs the consent.

Legislative History

1989 c.324 §52; 1997 c.631 §80; 2015 c.244 §28