60.227 Voting entitlement of shares
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60.227 Voting entitlement of shares.
(1)Except as provided in subsections
(2)and
(3)of this section and in ORS 60.807, or unless a corporation’s articles of incorporation provide otherwise, each outstanding share, regardless of class, is entitled to one vote on each matter voted on at a shareholders’ meeting. Only shares are entitled to vote.
(2)The shares of a corporation are not entitled to vote if they are owned, directly or indirectly, by a second domestic or foreign corporation, and the first corporation owns, directly or indirectly, a majority of the shares entitled to vote for directors of the second corporation.
(3)Subsection
(2)of this section does not limit the power of a corporation to vote any shares, including the corporation’s own shares that the corporation holds in a fiduciary capacity.
(4)Redeemable shares are not entitled to vote after notice of redemption is delivered to the holders and a sum sufficient to redeem the shares has been deposited with a bank, trust company or other financial institution under an irrevocable obligation to pay the holders the redemption price on surrender of the shares. [1987 c.52 §57; 1989 c.4 §7; 2017 c.55 §9]