2023 Regular Session HB 2844

• At the request of: (at the request of Oregon Family Farm Association)
• Bill Title: Relating to a duty to accurately represent the financial condition of an agricultural cooperative; prescribing an effective date.

Catchline/Summary

Prohibits director of agricultural cooperative, with respect to financial condition of agricultural cooperative, from intentionally or negligently concealing material information from member of agricultural cooperative, providing inaccurate or misleading material information to member of agricultural cooperative or otherwise acting to deceive member of agricultural cooperative.

Creates duty for officer of agricultural cooperative to act in good faith and with due care, and provides that officer does not act in good faith or with due care if officer, with respect to financial condition of agricultural cooperative, intentionally or negligently conceals material information from member of agricultural cooperative, provides inaccurate or misleading material information to member of agricultural cooperative or otherwise acts to deceive member of agricultural cooperative.

Creates right of action for member of cooperative to seek damages or injunction for director's or officer's violation of respective duties.

Takes effect on 91st day following adjournment sine die.

• Fiscal Impact: May Have Fiscal Impact, But No Statement Yet Issued
• Revenue Impact: May Have Revenue Impact, But No Statement Yet Issued
• Current Location: In House Committee
• Current Committee: House Committee On Agriculture, Land Use, Natural Resources, and Water