2011 Oregon Revised Statutes
ORS Volume 16, Chapters 705 - 752
ORS Chapter 711
711.235 Report of liquidation to director; disposition of remaining assets.
(1) After the expiration of the time provided in ORS 711.230 for the filing of claims or if the board of directors has extended the time of liquidation then after the time set by them and after payment of unclaimed deposits to the Department of State Lands, the board of directors shall make a complete report of the liquidation to the Director of the Department of Consumer and Business Services and shall certify to the director that all claims have been paid or finally determined.
(2) Any claims received and approved after the report has been filed with the director shall be paid if the remaining assets are sufficient.
(3) When the report has been approved by the director the board of directors may proceed to liquidate the remaining assets and distribute them to the stockholders or other persons entitled to receive them according to their respective rights and interests without further report to the director. [Amended by 1959 c.138 3; 1973 c.797 243]
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