Oregon Statutes 60.784 – Reports to shareholders of indemnification
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If a corporation indemnifies or advances expenses to a director under ORS § 60.391, 60.394, 60.397 or 60.401 in connection with a proceeding by or in the right of the corporation, the corporation shall report the indemnification or advance in writing to the shareholders with or before the notice of the next shareholders’ meeting. [1987 c.52 § 173]
Terms Used In Oregon Statutes 60.784
- 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.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Proceeding: means a civil, criminal, administrative or investigatory action. See Oregon Statutes 60.001