ORS § 554.040

Current through 2024 Regular Session legislation

Section 554.040 - Contents of articles

The articles of incorporation shall specify:

(1) The duration of the corporation, if limited.

(2) The name assumed by the corporation and by which it shall be known, which name must include the words "district improvement company," except that:

(a) A corporation organized under ORS 554.005 to 554.340 but not organized for profit, or a corporation incorporated before March 4, 1937, under chapter 172, Oregon Laws 1911, which amends its articles to state that the corporation shall not operate for profit, may omit the word "company" from the name and adopt a name using the words "improvement district" combined with other appropriate words to designate the name of such district; and

(b) A district converted to a corporation under ORS 554.380 shall replace the word "district" with the words "improvement company."

(3) The particular land to be improved by the works of the corporation, describing the land by legal subdivisions so far as possible and otherwise by tracts or lots of duly platted land or by metes and bounds, with the acreage thereof and the names of the respective owners as shown by the records of the county, and the total number of acres.

(4) In general but clear language, the purpose and intent of the corporation, and describe in general language the proposed plan of improvement whether for one or more of the purposes named in ORS 554.020.

(5) The number of directors and the names of those first holding such office, and the mode and times of the election of their successors in office.

(6) The location of the principal office of the corporation for the transaction of business, which must be in a county where at least a portion of the land to be improved is situated, and the mailing address, if different.

(7) Whether or not such corporation is organized for profit to the corporation or to its members.

(8) The initial registered agent and the address, including any street and number, of the registered office of the corporation.

(9) The name and address of each incorporator.

(10) The method of allocating votes to the membership, which may be based on:

(a) One vote for each acre of land owned; or

(b) One vote for each parcel as defined in the bylaws of the corporation, regardless of the number of acres owned.

ORS 554.040

Amended by 2013 Ch. 284,§ 6, eff. 6/4/2013.

Amended by 1983 c.717 §31; 1987 c.94 §146; 1995 c.233 §1