60.221 Record date
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/or/ors-chapter-60/private-corporations/shareholders/60-221·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
60.221 Record date.
(1)The bylaws may fix or provide the manner of fixing the record date for one or more voting groups in order to determine the shareholders entitled to notice of a shareholders’ meeting, to demand a special meeting, to vote or to take any other action. The record date must be the same for all voting groups. If the bylaws do not fix or provide for fixing a record date, the board of directors of the corporation may fix a future date, or a later time on the date the board of directors fixes the record date, as the record date.
(2)(a) A record date fixed under this section may not be more than 70 days before the meeting or action requiring a determination of shareholders.
(b)A determination of shareholders must be made as of the close of business on the record date unless another time for making the determination is specified when the record date is fixed.
(3)A determination of shareholders entitled to notice of or to vote at a shareholders’ meeting is effective for any adjournment of the meeting unless the board of directors fixes a new record date, which the board must do if the meeting is adjourned to a date more than 120 days after the date fixed for the original meeting.
(4)If a court orders a meeting adjourned to a date more than 120 days after the date fixed for the original meeting, the court may provide that the original record date continues in effect or the court may fix a new record date. [1987 c.52 §55; 1993 c.403 §2; 2013 c.158 §21; 2013 c.274 §4]