Oregon Revised Statutes

Or. Rev. Stat. § 554.120 (2026)

Records of proceedings of directors; lien docket; deposit of moneys; segregation of funds; accounting; warrant and bond register

✓ current as of May 2026

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554.120 Records of proceedings of directors; lien docket; deposit of moneys; segregation of funds; accounting; warrant and bond register. (1) The board of directors shall cause to be kept a well-bound book entitled “Records of Proceedings of Board of Directors,” in which shall be recorded minutes of all meetings, proceedings, certificates, bonds, and any and all corporate acts, which records shall be at all times open to the inspection of anyone interested, whether members or creditors.

(2) A lien docket shall also be provided, in which, as to every tract of each owner, all assessments or liens shall be charged and all payments shall be credited, and in which interest on any assessments in arrears shall be charged at time of payment of any installment, to the end that such record shall show the true condition of all liens and the amount thereof.

(3) Except as otherwise provided by ORS 554.160 (2), all money of the corporation shall be deposited with a convenient insured institution or trust company, as those terms are defined in ORS 706.008, in the name of the corporation, and all funds provided to be segregated and held separate shall be so kept, and an accounting of each of such funds upon the books of the corporation shall be correctly kept.

(4) A warrant register shall be provided in which shall be separately kept a record of all warrants issued, the number, date and amount thereof with the name of payee, and the date paid, showing principal and interest separately. The corporation shall keep a register of all bonds with a description thereof, the date thereof and when issued, and generally such a record as shall show all outstanding bonds separately of the several issues and kinds of payments. [Amended by 1969 c.694 §46; 1997 c.631 §492; 2001 c.215 §29]

Notes of Decisions

Cited in 6 cases, 1992–2003 · leading case: Miller v. Water Wonderland Improvement Dist., 951 P.2d 720 (Or. 1998).

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Miller v. Water Wonderland Improvement Dist., 951 P.2d 720 (Or. 1998). · cites it 54× “120(1) and speaks about the right of inspection in the following terms: "The board shall elect a secretary who shall keep a fair and correct record of all its proceedings and the official business of the corporation, which shall be open to the inspection of all members as well…”

Oregonians for Sound Econ. Policy, Inc. v. State Accident Ins. Fund Corp., 69 P.3d 742 (Or. Ct. App. 2003). · cites it 2× “Because the court found that ORS 554.120 provided an independent obligation to disclose the requested documents, it held that it was not necessary to address whether the Public Records Law applied.”

Miller v. Water Wonderland Improvement Dist., 918 P.2d 849 (Or. Ct. App. 1996). · cites it 2× “090 and ORS 554.120. Plaintiff did not argue below or on appeal that he is entitled to examine the records of WWID pursuant to these provisions.”

Comeaux v. Water Wonderland Improvement Dist., 847 P.2d 841 (Or. 1993). “” 2 ORS 554.120(3) states that, “[e]xcept as otherwise provided by ORS 554.”

Platt Elec. Supply, Inc. v. JC Nw., Inc., 967 P.2d 924 (Or. Ct. App. 1998). · cites it 4× “Furthermore, defendant expressly relied on the availability of relief under ORS 554.120." Id. at 309 n. 3, 951 P.2d 720 .”

Comeaux v. Water Wonderland Improvement Dist., 12 Or. Tax 132 (Or. T.C. 1992). “ORS 554.120 and ORS 554.160. They can use the assessor and tax collector’s office to collect assessments and charges “as other taxes are.”

— Or. Rev. Stat. § 554.120(1) — 3 cases

Miller v. Water Wonderland Improvement Dist., 951 P.2d 720 (Or. 1998). “120(1) and speaks about the right of inspection in the following terms: "The board shall elect a secretary who shall keep a fair and correct record of all its proceedings and the official business of the corporation, which shall be open to the inspection of all members as well…”

Oregonians for Sound Econ. Policy, Inc. v. State Accident Ins. Fund Corp., 69 P.3d 742 (Or. Ct. App. 2003). “Because the court found that ORS 554.120 provided an independent obligation to disclose the requested documents, it held that it was not necessary to address whether the Public Records Law applied.”

Platt Elec. Supply, Inc. v. JC Nw., Inc., 967 P.2d 924 (Or. Ct. App. 1998). “Furthermore, defendant expressly relied on the availability of relief under ORS 554.120." Id. at 309 n. 3, 951 P.2d 720 .”

— Or. Rev. Stat. § 554.120(3) — 1 case

Comeaux v. Water Wonderland Improvement Dist., 847 P.2d 841 (Or. 1993). “” 2 ORS 554.120(3) states that, “[e]xcept as otherwise provided by ORS 554.”

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