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Current as of January 01, 2023 | Updated by Findlaw Staff
(1) Except as provided in subsection (2) of this section, a person may not commence a proceeding against a benefit company, or against the governors, members, officers or managers of a benefit company, to assert a claim that the benefit company, governors, members, officers or managers:
(a) Failed to pursue, create or provide a general public benefit or a specific public benefit identified in the benefit company's articles of incorporation or articles of organization; or
(b) Violated a duty or a standard of conduct prescribed under ORS 60.750 to 60.770.
(2) A person may commence a direct or derivative proceeding, as appropriate, to compel a benefit company to provide a general public benefit or a specific public benefit or to require a governor, member, officer or manager to act in accordance with a duty or a standard of conduct set forth in the benefit company's articles of incorporation or articles of organization, or prescribed under ORS 60.750 to 60.770, only if the person is:
(a) The benefit company;
(b) A governor;
(c) A shareholder or member; or
(d) Another person identified in the benefit company's bylaws, articles of incorporation or articles of organization as having a right to commence a proceeding under this section.
(3) A benefit company is not liable for money damages as a consequence of failing to provide a general public benefit or a specific public benefit.
Cite this article: FindLaw.com - Oregon Revised Statutes Corporations and Partnerships § 60.766 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-7-corporations-and-partnerships/or-rev-st-sect-60-766/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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