reglab/housing_qa huggingface dataset:
18 OK Stat § 18-801 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-801. Short title.

|This act is known and may be cited as the "Professional Entity Act". |Added by Laws 1961, p. 204, § 1, emerg. eff. July 26, 1961. Amended by Laws 1995, c. 339, § 1, eff. Nov. 1, 1995.
18 OK Stat § 18-802 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-802. Statutory policy.

|This act shall be so construed as to effectuate its general purpose of making available to professional persons the benefits of the corporate form for the business aspects of their practices while preserving the established professional aspects of the personal relationship between the professional person and those he serves. |Laws 1961, p. 204, § 2.
18 OK Stat § 18-804 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-804. Formation of professional entity.

|A professional entity may be formed by filing the appropriate instrument required by the associated act with the Secretary of State. The individual or individuals forming the professional entity shall be duly licensed in accordance with the provisions of this state's licensing laws for the profession and in good standing within the profession to be practiced through the professional entity. Such instrument shall meet the requirements of the applicable associated act and shall also contain the following: |1. The profession or related professions to be practiced through the professional entity; and2. A certificate by the regulating board of the profession or related professions involved that each of the persons who are to become owners or managers of the professional entity and who are to engage in the practice of the profession or related profession is duly licensed in accordance with the provisions of this state's licensing laws for the profession or related profession to practice such profession.Added by Laws 1961, p. 205, § 4, emerg. eff. July 26, 1961. Amended by Laws 1981, c. 312, § 2, eff. Oct. 1, 1981; Laws 1986, c. 292, § 148, eff. Nov. 1, 1986; Laws 1995, c. 339, § 3, eff. Nov. 1, 1995.
18 OK Stat § 18-805 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-805. Applicability of associated acts.

|The respective associated act shall be applicable to each professional entity, and each professional entity shall enjoy the powers and privileges and be subject to the duties, restrictions, and liabilities of other similarly situated business entities, except where inconsistent with this act. This act shall take precedence in the event of any conflict with provisions of the applicable associated act or other laws. |Added by Laws 1961, p. 205, § 5, emerg. eff. July 26, 1961. Amended by Laws 1986, c. 292, § 149, eff. Nov. 1, 1986; Laws 1995, c. 339, § 4, eff. Nov. 1, 1995.
18 OK Stat § 18-806 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-806. Purpose of formation of professional entity.

|A professional entity may be formed for the purpose of rendering one specific type of professional service or related professional services and services ancillary thereto and shall not engage in any business other than rendering the professional service or services which it was organized to render and services ancillary thereto; provided, however, that a professional entity may own real and personal property necessary or appropriate for rendering the type of professional services it was organized to render and may invest its funds in real estate, mortgages, stocks, bonds and any other type of investments. |Added by Laws 1961, p. 205, § 6, emerg. eff. July 26, 1961. Amended by Laws 1981, c. 312, § 3, eff. Oct. 1, 1981; Laws 1995, c. 339, § 5, eff. Nov. 1, 1995.
18 OK Stat § 18-807 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-807. Name of professional entity.

|The name of every professional entity shall end with one or more of the words or abbreviations permitted in the applicable associated acts; provided, that such words or abbreviations shall be modified by the word "professional" or some abbreviation of the combination, with or without punctuation, including, without limitation: "P.C.", "P.L.P." or "P.L.L.C.". Provided further, each of the regulating boards may by rule adopt further requirements as to the names of professional entities organized to render professional services within the jurisdiction of such regulating board. |Added by Laws 1961, p. 205, § 7, emerg. eff. July 26, 1961. Amended by Laws 1981, c. 312, § 4, eff. Oct. 1, 1981; Laws 1995, c. 339, § 6, eff. Nov. 1, 1995; Laws 1996, c. 69, § 2, eff. Nov. 1, 1996; Laws 2001, c. 406, § 8, emerg. eff. June 4, 2001.
18 OK Stat § 18-808 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-808. Office.

|The principal office of the professional business entity shall be designated by street address in the formation instrument and shall not be changed without amendment of the formation instrument. |Added by Laws 1961, p. 205, § 8, emerg. eff. July 26, 1961. Amended by Laws 1970, c. 95, § 2, emerg. eff. March 30, 1970; Laws 1986, c. 292, § 150, eff. Nov. 1, 1986; Laws 2001, c. 406, § 9, emerg. eff. June 4, 2001.
18 OK Stat § 18-809 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-809. License requirement.

|Except as provided in Section 815 of this title, no person shall hold an interest in a professional entity who is not duly licensed in accordance with the provisions of this state's licensing laws for the profession or related profession to render the same professional services or related professional services as those for which the entity is organized. |Added by Laws 1961, p. 206, § 9, emerg. eff. July 26, 1961. Amended by Laws 1981, c. 312, § 5, eff. Oct. 1, 1981; Laws 1993, c. 345, § 2, eff. Sept. 1, 1993; Laws 1995, c. 339, § 7, eff. Nov. 1, 1995.
18 OK Stat § 18-810 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-810. Managers and stockholders.

|No person may be a manager of a professional entity who is not a person duly licensed in accordance with the provisions of this state's licensing laws for the profession or related profession to render the same professional services or related professional services as those for which the entity is formed. No person may be a shareholder of a professional corporation who is not an individual duly licensed to render the same professional services or related professional services as those for which the corporation is organized. |Added by Laws 1961, p. 206, § 10, emerg. eff. July 26, 1961. Amended by Laws 1963, c. 281, § 1; Laws 1971, c. 30, § 1, emerg. eff. March 22, 1971; Laws 1979, c. 6, § 1; Laws 1981, c. 312, § 6, eff. Oct. 1, 1981; Laws 1993, c. 345, § 3, eff. Sept. 1, 1993; Laws 1995, c. 339, § 8, eff. Nov. 1, 1995.
18 OK Stat § 18-811 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-811. Professional services through owners, managers, employees and agents.

|A professional entity may render professional services only through its owners, managers, employees and agents who are duly licensed in accordance with the provisions of this state's licensing laws to render professional services; provided, however, this provision shall not be interpreted to include in the term "employee", as used herein, clerks, secretaries, bookkeepers, technicians and other assistants who are not usually and ordinarily considered by custom and practice to be rendering professional services to the public for which a license is required. |Added by Laws 1961, p. 206, § 11, emerg. eff. July 26, 1961. Amended by Laws 1981, c. 312, § 7, eff. Oct. 1, 1981; Laws 1995, c. 339, § 9, eff. Nov. 1, 1995.
18 OK Stat § 18-812 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-812. Professional relationship preserved.

|This act does not alter any law applicable to the relationship between a person rendering professional services and a person receiving such services, including liability arising out of such professional services. |Laws 1961, p. 206, § 12.
18 OK Stat § 18-813 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-813. Professional regulation.

|Subject to the provisions of Section 819 of this title, nothing in this act shall restrict or limit in any manner the authority and duty of the regulating boards for the licensing of individual persons rendering professional services or the practice of the profession which is within the jurisdiction of such regulating board, notwithstanding that such person is an owner, manager or employee of a professional entity and rendering such professional services or engaging in the practice of such profession through such professional entity. |Added by Laws 1961, p. 206, § 13, emerg. eff. July 26, 1961. Amended by Laws 1995, c. 339, § 10, eff. Nov. 1, 1995.
18 OK Stat § 18-814 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-814. Prohibited acts.

|No professional entity may do any act which is prohibited to be done by individual persons licensed to practice a profession which the professional entity is organized to render. |Added by Laws 1961, p. 206, § 14, emerg. eff. July 26, 1961. Amended by Laws 1981, c. 312, § 8, eff. Oct. 1, 1981; Laws 1995, c. 339, § 11, eff. Nov. 1, 1995.
18 OK Stat § 18-815 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-815. Death or disqualification of shareholders - Sole shareholder - Withdrawal.

|A. 1. If the professional entity is a corporation, the certificate of incorporation, bylaws or other agreement may provide for the purchase or redemption of the shares of any shareholder upon the death, incapacity, disqualification or ending of employment of such shareholder. In the absence of a provision in the certificate of incorporation, or the bylaws, or other agreement, the professional corporation shall purchase the shares of a deceased shareholder, a shareholder who is incapacitated or who is no longer qualified to own shares in such corporation or a shareholder whose employment has ended, within ninety (90) days after such shareholder's death, incapacity or disqualification or ending of employment, as the case may be. |2. The price for such shares shall be the book value as of the end of the month immediately preceding such shareholder's death, incapacity, disqualification or ending of employment of the shareholder. Book value shall be determined from the books and records of the professional corporation in accordance with the regular method of accounting used by the corporation. If the corporation shall fail to purchase the shares by the end of the ninety day period, then the executor or administrator or other personal representative of the deceased, incapacitated or disqualified shareholder may bring an action in the district court of the county in which the principal office or place of practice of the professional corporation is located for the enforcement of this provision. If the plaintiff is successful in such action, he shall be entitled to recover the book value of the shares involved, a reasonable attorney's fee and costs. The professional corporation shall repurchase such shares without regard to restrictions upon the repurchase of shares provided for in the Oklahoma General Corporation Act.3. If there is only one shareholder of a professional corporation, and the shareholder dies or becomes incapacitated, the executor or administrator or other personal representative of the shareholder shall have the authority to sell the shares of capital stock owned by the shareholder to a qualified purchaser, or to cause a dissolution of the professional corporation as provided by law. The vesting of ownership of shares of stock in a professional corporation in the executor or administrator or other personal representative shall be solely for the purposes set forth above and shall not be deemed to contravene any other provisions of this act.B. If the professional entity is a limited partnership or a limited liability company, an owner's disqualification shall be deemed a withdrawal, and the professional entity shall respond to the disqualification as it would any other withdrawal.Added by Laws 1961, p. 206, § 15, emerg. eff. July 26, 1961. Amended by Laws 1974, c. 52, § 1; Laws 1986, c. 292, § 151, eff. Nov. 1, 1986; Laws 1993, c. 345, § 4, eff. Sept. 1, 1993; Laws 1995, c. 339, § 12, eff. Nov. 1, 1995.
18 OK Stat § 18-817 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-817. Prior corporation.

|This act shall not apply to any persons within this state who prior to the passage of this act were permitted to organize a corporation and perform professional services by the means of such corporation, and this act shall not apply to any corporation organized by such persons prior to the passage of this act; provided, however, any such persons or any such corporation may bring themselves and such corporation within the provisions of this act by amending the certificate of incorporation in such a manner so as to be consistent with all of the provisions of this act and by affirmatively stating in the amended certificate of incorporation that the shareholders have elected to bring the corporation within the provisions of this act. |Amended by Laws 1986, c. 292, § 152, eff. Nov. 1, 1986.
18 OK Stat § 18-818 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-818. Certificates.

|The regulating boards of the respective professions described in Section 803 of this title are hereby authorized and directed to issue the certificates required by Section 804 of this title upon receipt of an affidavit or other instrument reciting the names and addresses of the prospective owners and managers. The regulating boards may charge and collect a reasonable fee for such issuance. The fee shall be deposited and expended as provided by law for other fees collected by each respective regulating board. |Added by Laws 1961, p. 207, § 18, emerg. eff. July 26, 1961. Amended by Laws 1988, c. 323, § 3, eff. Nov. 1, 1988; Laws 1995, c. 339, § 13, eff. Nov. 1, 1995.
18 OK Stat § 18-819 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-819. Inapplicability of conflicting laws and rules.

|All laws and rules and parts of laws and rules in conflict with any of the provisions of the Professional Entity Act or otherwise restricting the forms of organization available to persons providing professional services shall be inapplicable to professional entities formed under the Professional Entity Act; provided, however, that nothing in the Professional Entity Act shall be construed to supersede the provisions of 59 O.S. 1951, Sections 581 through 592, both inclusive, Sections 601 through 606, both inclusive, Sections 858-700 through 858-732, both inclusive, or Sections 941 through 947, of Title 59 of the Oklahoma Statutes, both inclusive, as amended. In the event of the conflict of any of the provisions of the Professional Entity Act with any of the above cited sections, then cited sections shall take precedence over the Professional Entity Act and the Professional Entity Act shall be construed accordingly. |Added by Laws 1961, p. 207, § 20, emerg. eff. July 26, 1961. Amended by Laws 1995, c. 339, § 14, eff. Nov. 1, 1995; Laws 2019, c. 222, § 2, eff. Nov. 1, 2019.
18 OK Stat § 18-863 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-863. Nonprofit corporations for creating rural water and sewer districts - Exemption from taxation and assessments.

|A corporation organized not for profit pursuant to the provisions of the Oklahoma General Corporation Act for the purpose of developing and providing rural water supply and sewage disposal facilities to serve rural residents shall be exempt from all excise taxes of whatsoever nature, and shall be exempt from payment of assessments in any general or special taxing district levied upon the property of said corporation, whether real, personal or mixed; such exemption shall include, but not be limited to, franchise taxes, assessments or fees levied by any county or municipality for inspections of the facilities of the corporation which were not requested by the corporation. Said corporations shall have the right of eminent domain in the same manner and according to the procedures provided for in Sections 51 through 65 of Title 66 of the Oklahoma Statutes, provided, that the use of said eminent domain provisions shall be restricted to the purpose of developing and providing rural gas distribution, water supply and sewage disposal facilities. Provided, however, no personal or real property, easement or right-of-way of any utility may be acquired by eminent domain. |Added by Laws 1970, c. 328, § 1, emerg. eff. April 28, 1970. Amended by Laws 1986, c. 53, § 1, eff. Nov. 1, 1986; Laws 1986, c. 292, § 153, eff. Nov. 1, 1986; Laws 1987, c. 124, § 1; Laws 1998, c. 283, § 1, emerg. eff. May 27, 1998.
18 OK Stat § 18-865 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-865. Liability of directors - Findings of Legislature.

|The Legislature finds that nonprofit corporations serve important functions in providing services and assistance to persons in the state and that in order for these nonprofit corporations to function effectively, persons serving on the board of directors should not be subject to vicarious liability for the negligence of corporate employees or other directors. The Legislature finds that potential exposure to vicarious liability has a detrimental effect on the participation of persons as directors of nonprofit corporations and that providing immunity to directors of such corporations for certain types of liability will promote the general health, safety and welfare of citizens in the state. |Added by Laws 1986, c. 195, § 1, eff. Nov. 1, 1986.
18 OK Stat § 18-866 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-866. Immunity of directors - Scope and extent.

|A. Except as otherwise provided by this section, no member of the board of directors of a nonprofit corporation that holds a valid exemption from federal income taxation issued pursuant to Section 501(a) of the Internal Revenue Code (26 U.S.C. Section 501(a)) or Section 528 of the Internal Revenue Code (26 U.S.C. Section 528) and is listed as an exempt organization in Section 501(c) of the Internal Revenue Code (26 U.S.C. Section 501(c)) or files as such pursuant to Section 528 of the Internal Revenue Code shall be held personally liable for damages resulting from: |1. any negligent act or omission of an employee of the nonprofit corporation; or2. any negligent act or omission of another director.B. The immunity provided by subsection A of this section shall not extend to intentional torts or grossly negligent acts or omissions personal to any director of the nonprofit corporation.C. If a nonprofit corporation transfers assets to a member of the board of directors of such corporation or to another nonprofit corporation in order to avoid claims against corporate assets resulting from a judgment rendered as a result of a suit to recover damages for the negligence of the corporation, a corporate employee or a director, the director to whom the asset is transferred or any director of the corporation from which assets are transferred to avoid such claims may be held personally liable for any such judgment rendered and the immunity provided by this section shall be of no force or effect.D. The provisions of this section shall only apply to suits for recovery of damages based upon causes of action that accrue on or after the effective date of this act.Added by Laws 1986, c. 195, § 2, eff. Nov. 1, 1986. Amended by Laws 1988, c. 125, § 1, emerg. eff. April 8, 1988; Laws 2004, c. 255, § 1, eff. Nov. 1, 2004.
18 OK Stat § 18-867 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-867. Director - Breach of fiduciary duty - Liability.

|In addition to the immunity provisions of Section 866 of Title 18 of the Oklahoma Statutes, no member of the board of directors of a nonprofit corporation shall be personally liable to the corporation, or members thereof, for monetary damages for breach of fiduciary duty as a director, provided that such immunity from liability shall not extend to: |1. any breach of the director's duty of loyalty to the corporation; or2. any acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law; or3. any transaction from which the director derived an improper personal benefit.Added by Laws 1987, c. 166, § 1, eff. Nov. 1, 1987.
18 OK Stat § 18-868 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-868. Nonprofit corporations for benefit of towns, cities and counties - Issuance of indebtedness - Exemption from taxation.

|A. A corporation organized not for profit pursuant to the provisions of the Oklahoma General Corporation Act and that holds a valid exemption from federal income taxation issued pursuant to Section 501(a) of the Internal Revenue Code (26 U.S.C. Section 501(a)) and is listed as an exempt organization in Section 501(c) of the Internal Revenue Code (26 U.S.C. Section 501(c)) is hereby authorized to issue indebtedness for the purpose of providing funds for the benefit of and on behalf of Oklahoma educational institutions, towns, cities and counties and their citizens throughout the state and to issue such indebtedness on a tax-exempt or taxable basis, as applicable under the Internal Revenue Code (26 U.S.C. Section 1, et seq.) as amended. Such not for profit corporations shall not be subject to the provisions of Sections 695.7, 695.8 and 695.9 of Title 62 of the Oklahoma Statutes, or similar laws thereto. |B. The interest on any indebtedness or obligations issued by any public trust or other entity authorized to issue obligations on which the interest thereon is exempt from federal income taxation and whose purpose includes providing safe, decent and affordable single family or multifamily housing, shall not be subject to taxation by the State of Oklahoma or by any county, municipality, or political subdivision therein when such indebtedness or obligation is issued to provide decent and affordable single family or multifamily housing.Added by Laws 1998, c. 283, § 2, emerg. eff. May 27, 1998. Amended by Laws 1998, c. 400, § 6, emerg. eff. June 10, 1998; Laws 2000, c. 351, § 13, eff. July 1, 2001.
18 OK Stat § 18-901 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-901. Short title.

|This act shall be known and may be cited as the "Oklahoma Business Development Corporation Act". |Laws 1970, c. 187, § 1, emerg. eff. April 13, 1970.
18 OK Stat § 18-902 (2021)
2021 Oklahoma Statutes|Title 18. Corporations|§18-902. Definitions.

|As used in this act, unless a different meaning is required by the context, the following words and phrases shall have the following meanings: |(1) "Corporation" means the Oklahoma Business Development Corporation created under the provisions of this act.(2) "Financial institution" means any bank, trust company, savings and loan association, insurance company, or other institution engaged in lending or investing funds.(3) "Member" means any financial institution which shall undertake to lend money to a corporation created under the provisions of this act.(4) "Board of directors" means the board of directors of a corporation created under this act.(5) "Loan limit" for any member means the maximum amount permitted to be outstanding at one time on loans made by such member to a corporation as determined under the provisions of this act.(6) "Shareholder" means the holder of record of shares in the corporation.Laws 1970, c. 187, § 2, emerg. eff. April 13, 1970.