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§ 903. Organization--Purpose

Oklahoma Statutes AnnotatedTitle 18. Corporations

Oklahoma Statutes Annotated
Title 18. Corporations (Refs & Annos)
Chapter 20. Oklahoma Business Development Corporation Act
18 Okl.St.Ann. § 903
§ 903. Organization--Purpose
A business development corporation may be incorporated in this state pursuant to the provisions of this act1 and all the provisions of the Oklahoma General Corporation Act2 not in conflict with or inconsistent with the provisions of this act shall apply to such corporation except as hereinafter otherwise provided.
Ten or more persons, a majority of whom shall be residents of this state, who desire to create a business development corporation under the provisions of this act, shall by certificate of incorporation filed with the Secretary of State, under their hands and seal, set forth:
(1) The name of the corporation, which shall include the words “Oklahoma Business Development Corporation”.
(2) The location of the principal office of the corporation, but such corporation may have offices in such other places within the state as may be fixed by the board of directors.
(3) The purpose for which the corporation is founded, which shall include the following:
The purposes of the corporation shall be to promote, stimulate, develop and advance to business prosperity and economic welfare of the State of Oklahoma and its citizens; to encourage and assist through loans, investments or other business transactions in the location of new business and industry in this state and to improve and assist existing business and industry, and so to stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of this state and provide maximum opportunities for employment; to cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of industrial, commercial, agricultural and recreational developments in this state; and to provide financing for the promotion, development, and conduct of all kinds of business activity in this state.

Credits

Laws 1970, c. 187, § 3, emerg. eff. April 13, 1970; Laws 1986, c. 292, § 154, eff. Nov. 1, 1986.

Footnotes

Title 18, § 901 et seq.
Title 18, § 1001 et seq.
18 Okl. St. Ann. § 903, OK ST T. 18 § 903
Current with legislation of the First Regular Session of the 59th Legislature (2023) and the First Extraordinary Session of the 59th Legislature (2023). Some sections may be more current, see credits for details.
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