Terms Used In Oregon Statutes > Chapter 128 - Trusts; Charitable Activities

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Arrest: Taking physical custody of a person by lawful authority.
• Board of directors: means the individual or individuals who are vested with overall management of the affairs of a domestic corporation or foreign corporation, irrespective of the name that designates the individual or individuals. See Oregon Statutes 65.001
• Bylaws: means a set of provisions for managing and regulating a corporation's affairs that the corporation must adopt under ORS § 65. See Oregon Statutes 65.001
• Candidate: means an individual whose name is or is expected to be printed on the official ballot or a write-in candidate. See Oregon Statutes 249.002
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Class: means a group of memberships that have the same rights, including rights that are determined by a formula that is applied uniformly, with respect to voting, dissolution, redemption and transfer. See Oregon Statutes 65.001
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• County clerk: means the county clerk or the county official in charge of elections. See Oregon Statutes 249.002
• Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. ^{Source: OCC}
• Designated director: means a director that the articles of incorporation or the bylaws designate as a director in a manner that identifies a specific individual or a group of individuals. See Oregon Statutes 65.001
• Donor: The person who makes a gift.
• Elector: means an individual qualified to vote under Article II, section 2, Oregon Constitution. See Oregon Statutes 249.002
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Inter vivos: Transfer of property from one living person to another living person.
• Judge: means judge of the Supreme Court, Court of Appeals, circuit court or the Oregon Tax Court. See Oregon Statutes 249.002
• Member: means an individual who is registered as being affiliated with the political party. See Oregon Statutes 249.002
• Minor political party: means a political party that has qualified as a minor political party under ORS § 248. See Oregon Statutes 249.002
• Nonpartisan office: means the office of judge, Commissioner of the Bureau of Labor and Industries, any elected office of a metropolitan service district under ORS Chapter 268, justice of the peace, county clerk, county assessor, county surveyor, county treasurer, county judge who exercises judicial functions, sheriff, district attorney or any office designated nonpartisan by a home rule charter. See Oregon Statutes 249.002
• Oath: A promise to tell the truth.
• Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Prospective petition: means the information, except signatures and other identification of petition signers, required to be contained in a completed petition. See Oregon Statutes 249.002
• public notice: means any legal publication which requires an affidavit of publication as required in ORS § 193. See Oregon Statutes 174.104
• Public office: means any national, state, county, city or district office or position, except a political party office, filled by the electors. See Oregon Statutes 249.002
• Quorum: The number of legislators that must be present to do business.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Service of process: The service of writs or summonses to the appropriate party.
• State office: means Governor, Secretary of State, State Treasurer, Attorney General, Commissioner of the Bureau of Labor and Industries, judge, state Senator, state Representative or district attorney. See Oregon Statutes 249.002
• State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
• Subpoena: A command to a witness to appear and give testimony.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Vote: means an authorization by written ballot or written consent, where permitted, or by another method that a corporation specifies as an authorization. See Oregon Statutes 65.001
• Written: means embodied as a document. See Oregon Statutes 65.001