Oregon Statutes 58.141 – Rights and duties of foreign professional corporation and shareholders; authority to transact business
(1) A foreign professional corporation authorized to transact business in this state has the same but no greater rights and the same but no greater privileges as a domestic professional corporation and, except as otherwise provided in this chapter, is subject to the same duties, restrictions, penalties and liabilities imposed on a domestic professional corporation.
Terms Used In Oregon Statutes 58.141
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- domestic professional corporation: means a corporation organized under this chapter for the specific purpose of rendering professional service or services and for such other purposes provided under this chapter. See Oregon Statutes 58.015
- Foreign professional corporation: means a professional corporation organized under laws other than the laws of this state. See Oregon Statutes 58.015
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Regulatory board: means the governmental agency of the State of Oregon required or authorized by law to license and regulate the rendering of a professional service or services for which a professional corporation is organized. See Oregon Statutes 58.015
(2) A foreign professional corporation shareholder who practices within this state has the same but no greater rights and the same but no greater privileges as a domestic professional corporation shareholder and, except as otherwise provided in this chapter, is subject to the same duties, restrictions, penalties and liabilities imposed on a domestic professional corporation shareholder.
(3) The filing by the Secretary of State of an application or amendment to the application for authority to transact business shall constitute authorization to transact business in this state, subject to the approval by the applicable regulatory board or boards and subject to the right of the Secretary of State to revoke the authorization. [1993 c.235 § 30]
[1987 c.94 § 23; repealed by 1993 c.235 § 40]
[Repealed by 1961 c.726 § 427]
[1969 c.592 § 10; repealed by 1993 c.235 § 40]
POWERS AND DUTIES