2017 ORS 60.750¹
Definitions for ORS 60.750 to 60.770

As used in ORS 60.750 (Definitions for ORS 60.750 to 60.770) to 60.770 (Assessment of public benefit):

(1) “Benefit company” means a corporation or a limited liability company that is incorporated, organized, formed or created under ORS 60.754 (Status as benefit company).

(2) “Benefit governor” means an individual who is designated as the benefit governor of a benefit company under ORS 60.762 (Benefit company board of governors).

(3) “General public benefit” means a material positive impact on society and the environment, taken as a whole, from the business and operations of a benefit company.

(4) “Governor” means a director of a corporation that is a benefit company, a member in a member-managed limited liability company that is a benefit company or a manager in a manager-managed limited liability company that is a benefit company.

(5) “Minimum status vote” means a decision that an entity makes in accordance with ORS 60.756 (Minimum status vote required to approve certain actions).

(6) “Third-party standard” means a recognized standard for defining, reporting and assessing an entity’s social and environmental performance that:

(a) Establishes criteria that apply to all of the interests described in ORS 60.760 (Duties of, standard of conduct for and liabilities of governor of benefit company) (1)(b), (c), (d), (e) and (f);

(b) Is developed by an organization that is not under the control of the benefit company or any of the benefit company’s affiliates; and

(c) Has information publicly available concerning:

(A) The criteria the standard uses to measure an entity’s overall social and environmental performance and the relative weight the standard gives to each criterion;

(B) The process by which the standard is developed and revised; and

(C) The organization that developed the standard that is sufficient in detail to disclose any relationships that might compromise the organization’s independence, including:

(i) The material owners and members of the organization’s governing body;

(ii) How the organization selects members of the organization’s governing body; and

(iii) The organization’s sources of financial support. [2013 c.269 §1]

Note: 60.750 (Definitions for ORS 60.750 to 60.770) to 60.770 (Assessment of public benefit) were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 60 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

Chapter 60

Notes of Decisions

In General

Owner of corporate shares that does not meet defini­tion for “shareholder” does not have statutorily created inspec­tion rights. Yeoman v. Public Safety Center, Inc., 241 Or App 255, 250 P3d 411 (2011), Sup Ct review denied

Atty. Gen. Opinions

Under Former Similar Statutes (Ors Chapter 58)

This chapter as authorizing partnership of corpora­tion and individual; validity of partnership between a private corpora­tion and an individual when corpora­tion charter so provides, (1972) Vol 36, p 94

Law Review Cita­tions

Under Former Similar Statutes (Ors Chapter 57)

18 WLR 123 (1982)

In General

24 WLR 203, 257, 275 (1988); 30 WLR 407 (1994)

1 Legislative Counsel Committee, CHAPTER 60—Private Corporations, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors060.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 60, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano060.­html (2017) (last ac­cessed Mar. 30, 2018).
 
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.