2018 Oklahoma Statutes
Title 59. Professions and Occupations
§59-15.15B. Designated manager - Succession of business.
A. Except as authorized in subsection B of this section, each office established or maintained in this state for the practice of public accounting shall be under the direct supervision of a designated manager.
1. The designated manager must be the holder of a certificate in order for the title "Certified Public Accountant" or the abbreviation "C.P.A." to be used in connection with such office; or
2. The designated manager must be the holder of a certificate or a license in order for the title "Public Accountant" or the abbreviation "P.A." to be used in connection with such office.
B. 1. For the purposes of a sale or transfer of an existing office established or maintained in this state for the practice of public accounting, the office is authorized to continue its accounting practice during the pendency of its sale or transfer to a qualified person or entity. For purposes of this subsection, the term "sale or transfer" means and includes, but is not limited to:
a.the succession of an office established or maintained in this state for the practice of public accounting by the sale or transfer to another person or entity authorized by law to practice public accounting in this state, or
b.the succession of an office established or maintained in this state for the practice of public accounting by transfer to a grantor trust upon the death of the holder of a permit to practice public accounting as an interim interest holder before being transferred to qualified individual owners as set out in paragraph F or G of Section 15.15A of this title and only upon the actual review of all client documents by a qualified certified public accountant or public accountant in this state.
2. Upon the death of a sole proprietor, single owner of a firm or a majority stockholder of a firm, notice shall be given to the executive director of the Oklahoma Accountancy Board by letter within fourteen (14) days of the death expressing any intention to sell, transfer or assume responsibility of the office, and declaring the name of the qualified person or entity who has agreed to continue the business or review the client documents during pendency of the sale or transfer.
3. Upon completion of a sale or transfer authorized by this subsection, notice shall be given to the executive director of the Oklahoma Accountancy Board by affidavit within fourteen (14) days of conclusion of the sale or transfer stating the date of completion of the sale or transfer, the name of the designated manager who reviewed client documents or continued the business through completion of the sale or transfer, and the name of the purchaser or transferee that has assumed responsibility for the office, if different from the designated manager.
4. If a sale or transfer cannot be completed within sixty (60) days, the executive director of the Oklahoma Accountancy Board shall be notified monthly until the sale or transfer has been completed.
5. Nothing in this subsection shall prohibit the executive director of the Oklahoma Accountancy Board from seeking an action for injunctive relief or disciplinary action if there is reasonable cause to believe a person is violating the law or administrative rules of the Board.
C. The Board shall promulgate such rules as are necessary to implement the provisions of this section.
Added by Laws 1965, c. 188, § 17, emerg. eff. June 8, 1965. Amended by Laws 1968, c. 271, § 13, emerg. eff. April 30, 1968; Laws 1992, c. 272, § 21, eff. Sept. 1, 1992. Renumbered from § 15.17 by Laws 1992, c. 272, § 34, eff. Sept. 1, 1992. Amended by Laws 2015, c. 218, § 2, eff. Nov. 1, 2015.
