Oregon Code § 60.364·Enacted ·Last updated March 01, 2026
Statute Text
Loans
to directors.
(1)
Except as provided by subsection (3) of this section, a corporation may not
lend money to or guarantee the obligation of a director of the corporation
unless:
(a) The
particular loan or guarantee is approved by a majority of the votes represented
by the outstanding voting shares of all classes, voting as a single voting
group, excluding the votes of shares owned by or voted under the control of the
benefited director; or
(b) The
corporations board of directors determines that the loan or guarantee benefits
the corporation and either approves the specific loan or guarantee or a general
plan authorizing the loans and guarantees.
(2) The fact that
a loan or guarantee is made in violation of this section does not affect the
borrowers liability on the loan.
(3) This section
does not apply to loans and guarantees authorized by statute regulating any
special class of corporations. [1987 c.52 §87]
Plain English Explanation
This Oregon statute addresses Loans
. AI-powered analysis coming soon.
Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 60.364
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Loans
. Read the full statute text above for details.
This page reflects the current text as of our last update. Always verify with the official Oregon legislature website for the most current version.
The formal citation is Oregon Code § 60.364. Use this format in legal documents and court filings.
Browse related sections using the links below, or search all Oregon statutes on FlawFinder.