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Current as of January 01, 2023 | Updated by Findlaw Staff
Unless prohibited by its articles or bylaws:
(1) A mutual benefit corporation may purchase its memberships and, under the circumstances indicated in ORS 65.147 and 65.171, a public benefit or religious corporation may purchase its memberships, if after the purchase is completed:
(a) The corporation would be able to pay its debts as they become due in the usual course of its activities; and
(b) The corporation's total assets would at least equal the sum of its total liabilities.
(2) A corporation may make distributions upon dissolution in conformity with ORS 65.621 to 65.674.
(3) A corporation may make distributions to a member which is a religious or public benefit corporation or a foreign nonprofit corporation which, if incorporated in this state, would qualify as a religious or public benefit corporation.
Cite this article: FindLaw.com - Oregon Revised Statutes Corporations and Partnerships § 65.554 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-7-corporations-and-partnerships/or-rev-st-sect-65-554/
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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