2020 Oklahoma Statutes
Title 18. Corporations
§18-441-1503. Notice and action on disposition of assets.

NOTICE AND ACTION ON DISPOSITION OF ASSETS. For a limited cooperative association to dispose of assets under Section 131 of this act:

(1) A majority of the board of directors, or a greater percentage if required by the organic rules, must approve the proposed disposition; and

(2) The board of directors must call a members meeting to consider the proposed disposition, hold the meeting not later than ninety (90) days after approval of the proposed disposition by the board, and mail or otherwise transmit or deliver in a record to each member:

  • (A)the terms of the proposed disposition;
  • (B)a recommendation that the members approve the disposition, or if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination;
  • (C)a statement of any condition of the board’s submission of the proposed disposition to the members; and
  • (D)notice of the meeting at which the proposed disposition will be considered, which must be given in the same manner as notice of a special meeting of members.

Added by Laws 2009, c. 68, § 132, eff. Jan. 1, 2010.

Disclaimer: These codes may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.