Oregon Code § 60.367·Enacted ·Last updated March 01, 2026
Statute Text
Liability for unlawful distributions.
(1) Unless the director complies with the applicable standards of conduct
described in ORS 60.357, a director who votes for or assents to a distribution
made in violation of this chapter or the articles of incorporation is
personally liable to the corporation for the amount of the distribution that
exceeds what could have been distributed without violating this chapter or the
articles of incorporation.
(2) A director
held liable for an unlawful distribution under subsection (1) of this section
is entitled to contribution:
(a) From every
other director who voted for or assented to the distribution without complying
with the applicable standards of conduct described in ORS 60.357; and
(b) From each
shareholder for the amount the shareholder accepted knowing the distribution
was made in violation of this chapter or the articles of incorporation. [1987
c.52 §88]
(Officers)
Plain English Explanation
This Oregon statute addresses Liability for unlawful distributions. AI-powered analysis coming soon.
Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 60.367
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
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