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2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 062 - Cooperatives
Section 62.812 - Distribution of cooperative assets upon dissolution.
Universal Citation: OR Rev Stat § 62.812 (2017)
(1) As used in this section, "debts, liabilities and obligations" includes, but is not limited to, the repurchase of each membership in the cooperative for the amount that was charged by the cooperative as a membership fee.
(2) If a manufactured dwelling park nonprofit cooperative dissolves, after payment or provision for all debts, liabilities and obligations of the cooperative, the cooperative shall distribute the assets of the cooperative to:
(a) Another manufactured dwelling park nonprofit cooperative;
(b) An organization organized for a public or charitable purpose;
(c) A religious corporation;
(d) The United States;
(e) This state;
(f) A local government in this state;
(g) A housing authority created under ORS 456.055 to 456.235; or
(h) A person that is recognized as tax exempt under section 501(c)(3) of the Internal Revenue Code. [2007 c.607 §6; 2009 c.609 §6]
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