Home Table of Contents

§ 441-1205. Voluntary dissolution by the board and members

Oklahoma Statutes AnnotatedTitle 18. Corporations

Oklahoma Statutes Annotated
Title 18. Corporations (Refs & Annos)
Chapter 10A. Uniform Limited Cooperative Association Act (Refs & Annos)
Article 12. Dissolution
18 Okl.St.Ann. § 441-1205
§ 441-1205. Voluntary dissolution by the board and members
Currentness
VOLUNTARY DISSOLUTION BY THE BOARD AND MEMBERS.
(a) Except as otherwise provided in Section 105 of this act,1 for a limited cooperative association to voluntarily dissolve:
(1) A resolution to dissolve must be approved by a majority vote of the board of directors unless a greater percentage is required by the organic rules;
(2) The board of directors must call a members meeting to consider the resolution, to be held not later than ninety (90) days after adoption of the resolution; and
(3) The board of directors must mail or otherwise transmit or deliver to each member in a record that complies with Section 47 of this act:2
(A) the resolution required by paragraph (1) of this subsection;
(B) a recommendation that the members vote in favor of the resolution or, if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis of that determination; and
(C) notice of the members meeting, which must be given in the same manner as notice of a special meeting of members.
(b) Subject to subsection (c) of this section, a resolution to dissolve must be approved by:
(1) At least two-thirds (2/3) of the voting power of members present at a members meeting called under paragraph (2) of subsection (a) of this section; and
(2) If the limited cooperative association has investor members, at least a majority of the votes cast by patron members, unless the organic rules require a greater percentage.
(c) The organic rules may require that the percentage of votes under paragraph (1) of subsection (b) of this section is:
(1) A different percentage that is not less than a majority of members voting at the meeting; or
(2) Measured against the voting power of all members; or
(3) A combination of paragraphs (1) and (2) of this subsection.

Credits

Laws 2009, c. 68, § 106, eff. Jan. 1, 2010.

Footnotes

1
Title 18, § 441-1204.
2
Title 18, § 441-508.
18 Okl. St. Ann. § 441-1205, OK ST T. 18 § 441-1205
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document