§ 711.235 — Report of liquidation to director; disposition of remaining assets

Oregon § 711.235

• Jurisdiction: Oregon
• Vol.: 18
• Title 53: Financial Institutions
• Ch. 711: Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency

Text

(1) After the expiration of the time provided in ORS 711.230 for the filing of claims or if the board of directors has extended the time of liquidation then after the time set by them and after payment of unclaimed deposits to the State Treasurer, the board of directors shall make a complete report of the liquidation to the Director of the Department of Consumer and Business Services and shall certify to the director that all claims have been paid or finally determined.
(2) Any claims received and approved after the report has been filed with the director shall be paid if the remaining assets are sufficient.
(3) When the report has been approved by the director the board of directors may proceed to liquidate the remaining assets and distribute them to the stockholders or other persons entitled to receive them according to their respective rights and interests without further report to the director.

Legislative History

Amended by 1959 c.138 §3; 1973 c.797 §243; 2019 c.678 §73