reglab/housing_qa huggingface dataset:
18 OK Stat § 18-903 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-903. Organization - Purpose.

|A business development corporation may be incorporated in this state pursuant to the provisions of this act and all the provisions of the Oklahoma General Corporation Act not in conflict with or inconsistent with the provisions of this act shall apply to such corporation except as hereinafter otherwise provided. |Ten or more persons, a majority of whom shall be residents of this state, who desire to create a business development corporation under the provisions of this act, shall by certificate of incorporation filed with the Secretary of State, under their hands and seal, set forth:(1) The name of the corporation, which shall include the words "Oklahoma Business Development Corporation".(2) The location of the principal office of the corporation, but such corporation may have offices in such other places within the state as may be fixed by the board of directors.(3) The purpose for which the corporation is founded, which shall include the following:The purposes of the corporation shall be to promote, stimulate, develop and advance to business prosperity and economic welfare of the State of Oklahoma and its citizens; to encourage and assist through loans, investments or other business transactions in the location of new business and industry in this state and to improve and assist existing business and industry, and so to stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of this state and provide maximum opportunities for employment; to cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of industrial, commercial, agricultural and recreational developments in this state; and to provide financing for the promotion, development, and conduct of all kinds of business activity in this state.Amended by Laws 1986, c. 292, § 154, eff. Nov. 1, 1986.
18 OK Stat § 18-904 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-904. Powers.

|To accomplish its purposes, the corporation shall, subject to the restrictions and limitations herein contained, have the following powers: |(1) To elect, appoint, and employ officers, agents and employees and to make contracts and incur liabilities for any of the purposes of the corporation.(2) To borrow money from its members, any agency or governmental entity of the Federal Government or the State of Oklahoma or any agency or department thereof or any other corporation or person, for any of the purposes of the corporation; to issue therefor its bonds, debentures, notes or other evidence of indebtedness, whether secured or unsecured, and to secure the same by mortgage, pledge, deed of trust or other lien on its property, franchises, rights, and privileges of every kind and nature, or any part thereof or interest therein, without securing stockholder or member approval.(3) To make loans to any person, firm, corporation, association or trust, and to establish and regulate the terms and conditions with respect to any such loans, provided however, that the corporation shall not approve any application for a loan unless and until the person applying for said loan shall show that he has applied for the loan through ordinary banking channels and that the loan has been refused by at least one bank or other financial institution.(4) To mortgage, hold, pledge or otherwise dispose of the stock, shares, bonds, debentures, notes or other securities and evidences of interest in, or indebtedness of, any person, firm, corporation, joint-stock company, association or trust, and allow the owner or holder thereof to exercise all the rights, powers and privileges of ownership, including the right to vote thereon. In the event of default, the Business Development Corporation must divest itself of the acquired assets within a reasonable period of time.(5) To cooperate with and avail itself of the facilities of the United States Department of Commerce, the Oklahoma Parks and Industries Board and any other similar state or federal governmental agency; and to cooperate with and assist, and otherwise encourage organizations in the various communities of the state in the promotion, assistance and development of the business prosperity and economic welfare of such communities or of this state or of any part thereof.(6) To do all acts and things necessary or convenient to carry out the powers expressly granted in this act.Laws 1970, c. 187, § 4, emerg. eff. April 13, 1970.
18 OK Stat § 18-905 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-905. Limitation on amount of capital stock acquired by member - Minimum capital stock.

|(1) Notwithstanding any other provision of law, any person, corporation, public utility, financial institution, or labor union, may acquire, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, notes, debentures, securities, or other evidences of indebtedness, or the shares of capital stock of a corporation created hereunder; provided that the amount of capital stock which may be acquired by any member of such corporation shall not exceed ten percent (10%) of the loan limit of such member. |(2) The capital stock of any such corporation shall be not less than Two Hundred Fifty Thousand Dollars ($250,000.00) to be evidenced by two thousand five hundred (2,500) shares, having a par value of One Hundred Dollars ($100.00) each, at least ten percent (10%) of the capital stock of any such corporation shall be paid into the treasury before it is authorized to transact any business other than such as relates to its organization.Laws 1970, c. 187, § 5, emerg. eff. April 13, 1970.
18 OK Stat § 18-907 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-907. Board of directors.

|The business and affairs of a corporation shall be conducted by a board of directors. The number of directors shall be a multiple of three with a minimum of fifteen and a maximum of twenty-one. Two-thirds of the directors shall be elected by the members, and one-third shall be elected by the stockholders. One-third of the original board shall be elected for a term of one (1) year, one-third for a term of two (2) years, and one-third for a term of three (3) years; all directors subsequently elected shall serve for a term of three (3) years. Any vacancy in the office of a director elected by the members shall be filled by the directors elected by the members, and any vacancy in the office of a director elected by the stockholders shall be filled by the directors elected by the stockholders. |Laws 1970, c. 187, § 7, emerg. eff. April 13, 1970.
18 OK Stat § 18-908 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-908. Voting rights.

|Each stockholder shall be entitled to one vote, in person or by proxy, for each share of capital stock held, and each member shall be entitled to one vote, in person or by proxy, for each One Thousand Dollars ($1,000.00) of the outstanding loan limit of each member. |Laws 1970, c. 187, § 8, emerg. eff. April 13, 1970.
18 OK Stat § 18-909 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-909. Retention of certain earnings.

|Each year the corporation shall set apart as earned surplus not less than ten percent (10%) of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus so established shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. |Laws 1970, c. 187, § 9, emerg. eff. April 13, 1970.
18 OK Stat § 18-910 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-910. Deposit of funds.

|No corporation organized under the provisions of this act shall at any time be authorized to receive money on deposit. The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated. |Laws 1970, c. 187, § 10, emerg. eff. April 13, 1970.
18 OK Stat § 18-911 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-911. Amendment of articles of incorporation.

|No amendment to the certificate of incorporation shall be made which increases the obligation of a member to make loans to the corporation or which makes any change in the principal amount, interest rate, maturity date, or in the security or credit position of any outstanding loan made by a member to the corporation or which affects the right of a member to withdraw from membership or the voting rights of such member, without the consent of each member who would be affected by such amendment. |Amended by Laws 1986, c. 292, § 155, eff. Nov. 1, 1986.
18 OK Stat § 18-912 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-912. Audits and reports.

|Such corporation shall be subject to an annual examination and audit by one or more certified public accountants to be selected by the board of directors, sufficient to reflect the result of the operations during and the condition of the corporation at the end of the fiscal year. A report of such examination, audit and condition of such corporation shall be made in writing to each of the members and stockholders of such corporation on or before the one hundred twentieth day of each succeeding fiscal year of said corporation. |Laws 1970, c. 187, § 12, emerg. eff. April 13, 1970.
18 OK Stat § 18-952 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-952. Revocation of license - Vacation of franchise - Penalties.

|A. Any license issued after June 1, 1971, under the Oklahoma Business Corporation Act to a foreign corporation for the purpose of engaging in farming or ranching or for the purpose of owning or leasing any interest in land to be used in the business of farming or ranching shall be revoked within five (5) years of the effective date of this act. |B. The corporate franchise of any existing domestic corporation formed under the Oklahoma Business Corporation Act after June 1, 1971, for the purpose of engaging in farming or ranching or for the purpose of owning or leasing any interest in land to be used in the business of farming or ranching shall be vacated within five (5) years of the effective date of this act unless its articles of incorporation comply with Section 951 of this title.C. The corporate franchise of any domestic corporation governed by the Oklahoma General Corporation Act formed for the purpose of farming or ranching or for the purpose of owning or leasing any interest in land to be used in the business of farming or ranching and permitted to engage in such activity under this act shall be vacated promptly in the manner prescribed by Section 104 of this act, if the corporation has persistently violated the provisions of subsection A of Section 951 of this title.D. The State Board of Agriculture shall initiate and prosecute civil or criminal actions and proceedings when deemed necessary to enforce or carry out any of the provisions of this code.E. This act shall not require any foreign or domestic corporation to dispose of any property acquired on or before June 1, 1971.F. Any farming or ranching corporation which violates the provisions of Section 951 of this title shall be fined an amount not to exceed Five Hundred Dollars ($500.00). Any other person, corporation or entity who knowingly violates such section shall be deemed guilty of a misdemeanor.Amended by Laws 1986, c. 292, § 157, eff. Nov. 1, 1986.
18 OK Stat § 18-953 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-953. Actions for divestment of interest in land held by corporation - Exemptions - Dissolution of corporation.

|A. No corporation organized for a purpose other than farming or ranching shall own, lease or hold, directly or indirectly, agricultural lands in excess of that amount reasonably necessary to carry out its business purpose. |B. Any resident of the county in which the land is situated, who is of legal age, may initiate an action for the divestment of an interest in land held by a corporation in violation of the provisions of Sections 951 through 954 of this title, in the county in which the land is situated. If such action is successful all costs of the action shall be assessed against the defendant corporation, and a reasonable attorney's fee shall be allowed the plaintiff. Should judgment be rendered for the defendant, such costs and a reasonable attorney's fee for the defendant shall be paid by the plaintiff.C. In the event an action for the divestment of an interest in land held by a corporation in violation of the provisions of Sections 951 through 954 of this title is successful against said corporation, said corporation shall be required to dispose of said land within such reasonable period of time as may be ordered by the court, subject to the corporation's right of appeal. Except as otherwise provided by Section 954 of this title, the provisions of Sections 951 through 954 of this title shall not apply to corporations engaging in food canning operations, food processing or frozen food processing insofar as such corporations engage in the raising of food products for aforesaid purposes.D. Upon the petition to a court of competent jurisdiction by shareholders holding twenty-five percent (25%) or more of the shares in a farming or ranching business corporation the court in its discretion, for good cause shown, may order the corporation dissolved and the assets of such corporation divided in kind pro rata to the shareholders or liquidated and the proceeds of such liquidation divided pro rata to the shareholders all according to the procedures specified for the dissolution and liquidation of business corporations under the Oklahoma General Corporation Act.Laws 1971, c. 310, § 3, emerg. eff. June 24, 1971; Laws 1978, c. 101, § 1, emerg. eff. March 29, 1978; Laws 1986, c. 292, § 158, eff. Nov. 1, 1986; Laws 1994, c. 61, § 1, emerg. eff. April 15, 1994.
18 OK Stat § 18-954 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-954. Exemptions.

|The provisions of Section 951 et seq. of this title shall not apply where a corporation, either domestic or foreign: |1. Engages in research and/or feeding arrangements or operations concerned with the feeding of livestock or poultry, but only to the extent of such research and/or feeding arrangements or such livestock or poultry operations;2. Engages in operations concerned with the production and raising of livestock or poultry for sale or use as breeding stock and including only directly related operations, such as breeding or feeding livestock or poultry which are not selected or sold as breeding stock;3. Engages in swine operations, including only directly related operations, such as facilities for the production of breeding stock, feed mills, processing facilities, and providing supervisory, technical and other assistance to any other persons performing such services on behalf of the corporation;4. Engages in poultry operations, including only directly related operations, such as operating hatcheries, facilities for the production of breeding stock, feed mills, processing facilities, and providing supervisory, technical and other assistance to any other persons performing such services on behalf of the corporation to the extent of such operations in this state by the corporation on the effective date of this act;5. Engages in forestry as defined by Section 1-4 of Title 2 of the Oklahoma Statutes;6. Whose corporate purpose is charitable or eleemosynary; or7. Presently engages in fluid milk processing within the State of Oklahoma or leases to a fluid milk processor so engaged; provided, this exception is limited to such dairy operations as are necessary to meet such processor's needs.Added by Laws 1971, c. 310, § 4, emerg. eff. June 24, 1971. Amended by Laws 1988, c. 323, § 32, eff. Nov. 1, 1988; Laws 1991, c. 38, § 1, emerg. eff. April 3, 1991; Laws 1994, c. 61, § 2, emerg. eff. April 15, 1994; Laws 2002, c. 94, § 1, emerg. eff. April 17, 2002.
18 OK Stat § 18-954.1 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-954.1. Application of Sections 951 through 956 - Production of nursery stock.

|The provisions of Sections 951 through 956 of Title 18 of the Oklahoma Statutes shall not apply if a corporation, partnership, limited liability company, or other legal entity, either domestic or foreign engages in the production of nursery stock, as defined in Section 3-11 of Title 2 of the Oklahoma Statutes. |Added by Laws 2000, c. 196, § 1, eff. Nov. 1, 2000.
18 OK Stat § 18-956 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-956. Action for divestment - Cost - Attorney fees.

|A. Any resident of the county in which the land is situated, who is of legal age, may initiate an action in the district court in the county wherein the land is situated for the divestment of an interest in land held in violation of Section 1 of this act. If such action is successful, all costs of the action shall be assessed against the defendant and a reasonable attorney fee shall be allowed the plaintiff, and, should judgment be rendered for the defendant, such costs and a reasonable attorney fee for the defendant shall be paid by the plaintiff. |B. In the event an action for the divestment of an interest in land held in violation of Section 1 of this act is successful, the defendant shall be required to dispose of said land within such reasonable period of time as may be ordered by the court, subject to the right of appeal of said defendant.Laws 1978, c. 169, § 2, emerg. eff. April 10, 1978.
18 OK Stat § 18-1001 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-1001. Short title.

|SHORT TITLE |Sections 1001 through 1144 of this title and Sections 18 and 25 through 27 of this act shall be known and may be cited as the "Oklahoma General Corporation Act". Section captions are part of the Oklahoma General Corporation Act.Added by Laws 1986, c. 292, § 1, eff. Nov. 1, 1986. Amended by Laws 1987, c. 31, § 1, eff. Nov. 1, 1987; Laws 1988, c. 323, § 4, eff. Nov. 1, 1988.
18 OK Stat § 18-1002 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-1002. Scope of Act.

|SCOPE OF ACT |A. The provisions of the Oklahoma General Corporation Act shall be applicable to every corporation, whether profit or not for profit, stock or nonstock, existing as of the effective date of this act or thereafter formed or qualified to transact business in this state, and to all securities thereof, except to the extent that:1. any such corporation is expressly excluded from the operation of the Oklahoma General Corporation Act or portions thereof; or2. special provisions concerning any such corporation conflict with the provisions of the Oklahoma General Corporation Act, in which case such special provisions shall govern.B. Any conflicts with the provisions of the Oklahoma General Corporation Act and any tax or unclaimed property laws of this state shall be governed by the tax or unclaimed property provisions, including those provisions relating to personal liability of corporate officers and directors.C. The provisions of the Oklahoma General Corporation Act concerning qualification of foreign corporations and providing requirements and duties relating to such corporations shall not apply to insurance companies subject to the jurisdiction of the Insurance Commissioner or to foreign transportation companies subject to the jurisdiction of the Corporation Commission, existing as of the effective date of this act or thereafter qualified to transact business in this state.Added by Laws 1986, c. 292, § 2, eff. Nov. 1, 1986.
18 OK Stat § 18-1004 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-1004. Reserved Power of State to Amend or Repeal - Oklahoma General Corporation Act Part of Corporation's Chapter or Certificate of Incorporation.

|RESERVED POWER OF STATE TO AMEND OR REPEAL; |OKLAHOMA GENERAL CORPORATION ACT PART OF CORPORATION'SCHARTER OR CERTIFICATE OF INCORPORATIONThe Oklahoma General Corporation Act may be amended or repealed at the pleasure of the Legislature, but any amendment or repeal shall not take away or impair any remedy available pursuant to the provisions of the Oklahoma General Corporation Act against any corporation or its officers for any liability which shall have been previously incurred. The Oklahoma General Corporation Act and any amendments thereto shall be a part of the charter or certificate of incorporation of every corporation except so far as the same are inapplicable and inappropriate to the objects of the corporation. The provisions of this section shall not affect or impair as to any corporation any rights protected or guaranteed by the Constitution of this state or of the United States.Added by Laws 1986, c. 292, § 4, eff. Nov. 1, 1986.
18 OK Stat § 18-1004.1 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-1004.1. Application of act to nonstock corporations.

|APPLICATION OF ACT TO NONSTOCK CORPORATIONS |A. Except as otherwise provided in subsections B and C of this section, the provisions of this chapter shall apply to nonstock corporations in the manner specified in paragraphs 1 through 4 of this subsection:1. All references to shareholders of the corporation shall be deemed to refer to members of the corporation;2. All references to the board of directors of the corporation shall be deemed to refer to the governing body of the corporation;3. All references to directors or to members of the board of directors of the corporation shall be deemed to refer to members of the governing body of the corporation; and4. All references to stock, capital stock, or shares thereof of a corporation authorized to issue capital stock shall be deemed to refer to memberships of a nonprofit nonstock corporation and to membership interests of any other nonstock corporation.B. Subsection A of this section shall not apply to:1. This subsection or to paragraph 4 of subsection A and paragraphs 1 and 2 of subsection B of Section 1006, subsection A of Section 1013, Sections 1027, 1035, 1060 and 1073, subsection B of Section 1075, and Sections 1076, 1077, 1083, 1084, 1085, 1086, 1087, 1092, 1097, 1119 and 1120 of Title 18 of the Oklahoma Statutes, which apply to nonstock corporations by their terms; and2. Sections 1032, 1033, 1034, 1036, 1037, subsection D of 1038, 1039, 1042, 1043, 1044, 1045, 1046, 1047, 1056, 1057, 1058, 1059, 1061, 1064, 1067, 1075.1, 1078, 1079, 1081, 1082, 1083.1, 1090.3, 1095, 1096, 1130 through 1138, 1142, 1159 and subsection A of 1161 of Title 18 of the Oklahoma Statutes.C. In the case of a nonprofit, nonstock corporation, subsection A of this section shall not apply to:1. The sections listed in subsection B of this section; and2. Paragraph 3 of subsection B of Section 1006, paragraph 2 of subsection A of Section 1030, Sections 1032 through 1055, 1062, subsections A and B of 1063, and 1091 of Title 18 of the Oklahoma Statutes.D. For purposes of the Oklahoma General Corporation Act:1. A "charitable nonstock corporation" is any nonprofit nonstock corporation that is exempt from taxation under Section 50l(c)(3) of the United States Internal Revenue Code [26 U.S.C. Section 50l(c)(3)], or any successor provisions;2. A "membership interest" is, unless otherwise provided in a nonstock corporation's certificate of incorporation, a member's share of the profits and losses of a nonstock corporation, or a member's right to receive distributions of the nonstock corporation's assets, or both;3. A "nonprofit nonstock corporation" is a nonstock corporation that does not have membership interests;4. A "nonstock corporation" is any corporation organized under this act that is not authorized to issue capital stock; and5. The terms "not-for-profit" and "nonprofit" are synonymous.Added by Laws 2019, c. 88, § 1, eff. Nov. 1, 2019.