Notice of grounds for dissolution
- • opportunity for correction
- • effect of dissolution
(1) If the Secretary of State determines that one or more grounds exist under ORS 554.302 (Dissolution of corporation by Secretary of State) for dissolving a corporation organized under ORS 554.005 (Filing requirements) to 554.340 (Judicial determination of legality of proceedings), the Secretary of State shall give the corporation written notice of the determination.
(2) If the corporation does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the Secretary of State, within 45 days after notice is given, that each ground determined by the Secretary of State does not exist, the Secretary of State shall dissolve the corporation.
(3) A corporation administratively dissolved continues its corporate existence but may not carry on any business except that necessary to wind up and liquidate its business and affairs and notify claimants.
(4) The administrative dissolution of a corporation does not terminate the authority of its registered agent.
(5) Every corporation involuntarily dissolved under this section shall continue to exist as a body corporate for the purpose of the performance or enforcement of any debt or obligation under contract or agreement with the federal or state government, including the power to levy and collect assessments for such purpose. [1987 c.94 §153; 1991 c.132 §15; 1993 c.190 §23]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.