Terms Used In Oregon Statutes 65.407

• Articles of incorporation: means the articles of incorporation described in ORS § 65. See Oregon Statutes 65.001
• 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.
• Corporation: means a domestic corporation or a foreign corporation. See Oregon Statutes 65.001
• Director: means an individual who acts as a member of the board of directors, who has a right to vote on questions concerning the management and regulation of a corporation's affairs and who is:

  (a) An appointed director;

  (b) A designated director; or

  (c) A director elected by the incorporators, directors or members. See Oregon Statutes 65.001

• Employee: means an individual that a corporation employs, including an officer or director whom the corporation employs with compensation for services beyond the services of board membership. See Oregon Statutes 65.001
• 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}