(1) As used in this section, ‘business entity’ has the meaning given that term in ORS § 62.605.

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Terms Used In Oregon Statutes 62.815

  • Cooperative: means a cooperative corporation that is subject to the provisions of this chapter. See Oregon Statutes 62.015
  • Member: means a person that is qualified and accepted for membership in a cooperative. See Oregon Statutes 62.015

(2) A manufactured dwelling park nonprofit cooperative may not:

(a) Issue stock in the cooperative.

(b) Apportion, distribute or pay net proceeds or savings to members.

(c) Make payments in redemption or refund of capital credits or retains to an heir of a member.

(d) Merge with a business entity other than another manufactured dwelling park nonprofit cooperative.

(e) Convert to another type of business entity. [2007 c.607 § 7; 2009 c.609 § 7]

 

MISCELLANEOUS PROVISIONS

 

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