§ 777.763 — Export trading corporation; formation by port; hearing; dissolution of corporation

Oregon § 777.763

• Jurisdiction: Oregon
• Vol.: 19
• Title 58: Shipping and Navigation
• Ch. 777: Ports Generally

Text

(1) Any port may form an export trading corporation. Proceedings to form an export trading corporation shall be initiated by a resolution adopted by the commissioners of the port proposing the formation of an export trading corporation and fixing a time and place for a public hearing on the resolution. The hearing shall be held not less than 30 days after adoption of the resolution.
(2) Notice of the public hearing shall be published in one or more newspapers of general circulation within the port not less than 15 days prior to the date fixed for the public hearing.
(3) Any person may appear at the public hearing and present oral or written statements for or against the proposal to form an export trading corporation.
(4) After the public hearing, if the commissioners of the port determine the formation of an export trading corporation would promote the purposes of ORS 294.125, 294.316, 646.740 and 777.755 to 777.800, the board may by ordinance form an export trading corporation.
(5) An ordinance forming an export trading corporation shall include:
(a) The name of the export trading corporation.
(b) The names of the initial board of directors.
(c) The office address and the name and address of the initial registered agent.
(6) Unless a later date is specified, the ordinance shall take effect and the export trading corporation formed on the 30th day after enactment of the ordinance. The ordinance shall be subject to the powers of initiative and referendum vested in the electors of the port.
(7) A certified copy of the ordinance shall be filed with the Secretary of State.
(8) The port by ordinance may dissolve the export trading corporation. The ordinance shall include a plan for the dissolution and liquidation of the assets of the export trading corporation. Any surplus assets remaining after payment of the indebtedness of the export trading corporation shall be transferred to the port.

Legislative History

1983 c.200 §3