§ 866. Immunity of directors--Scope and extent
Oklahoma Statutes AnnotatedTitle 18. Corporations
18 Okl.St.Ann. § 866
§ 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:
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.1
Credits
Laws 1986, c. 195, § 2, eff. Nov. 1, 1986; Laws 1988, c. 125, § 1, emerg. eff. April 8, 1988; Laws 2004, c. 255, § 1, eff. Nov. 1, 2004.
Footnotes
O.S.L.1986, c. 195, eff. Nov. 1, 1986.
18 Okl. St. Ann. § 866, OK ST T. 18 § 866
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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