Opinion ID: 2516450
Heading Depth: 1
Heading Rank: 4

Heading: Oklahoma law permits a corporation, in its certificate of incorporation, to increase the shareholder voting requirements for approval of corporate actions up to any desired amount including unanimity.

Text: ¶ 16 In addition to the matters required to be set forth in a certificate of incorporation, [21] 18 O.S.1991, § 1006(B) allows a corporation to set forth other matters in the certificate. Among those other matters, a corporation may provide for a super-majority provision. Subparagraph (B)(4) of § 1006 reads: 4. Provisions requiring for, any corporate action, the vote of a larger portion of the stock or of any class or series thereof, or of any other securities having voting power, or a larger number of the directors, than is required by the provisions of the Oklahoma General Corporation Act; (Emphasis added.) This subparagraph allows a corporation, by way of a super-majority provision, to increase the voting requirements for approval of corporate actions by shareholders up to any desired amount, including unanimity. ¶ 17 Under the statute, a corporation may adopt a super-majority provision that increases the voting requirements for any corporate action that is subject to voting requirements under the OGCA. The super-majority provision may relate to ordinary or routine corporate actions or those corporate actions that affect the fundamental nature of the corporation such as merger or consolidation, sale of all or substantially all of the assets, and dissolution. Under the OGCA, fundamental changes require the affirmative vote of a majority of the shares entitled to vote [22] rather than a majority of the shares constituting a quorum at a shareholders meeting. [23]