Oregon Code § 716.840·Enacted ·Last updated March 01, 2026
Statute Text
Liability of directors voting improper dividend.
If any dividend is declared and
credited in excess of profits earned together with surplus and undivided
profits since the last declaration of dividends and appearing to the credit of
the Oregon nonstock bank, after making the deduction for expenses and the
guaranty fund as provided in ORS 716.780 and 716.830, the directors voting for
the dividend shall be jointly and severally liable to the Oregon nonstock bank
for the amount of the excess so declared and credited. [Amended by 1973 c.797 §391;
1975 c.544 §49a; 1997 c.631 §357]
Plain English Explanation
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Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 716.840
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
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