Oregon Statutes 261.715 – Directors as trustees
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Upon dissolution the directors then in office shall be deemed to be, and thereafter be referred to as, the trustees of the district, with power and authority in the name and in behalf of the district to sell, transfer and dispose of any and all property and assets of the district and to do each and every thing necessary and needful or requisite for settlement and liquidation of the affairs of the district as provided in ORS § 261.720 to 261.730.
Terms Used In Oregon Statutes 261.715
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- district: means an incorporated people's utility district, created under the provisions of this chapter. See Oregon Statutes 261.010
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.