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§ 905. Limitation on amount of capital stock acquired by member--Minimum capital stock

Oklahoma Statutes AnnotatedTitle 18. Corporations

Oklahoma Statutes Annotated
Title 18. Corporations (Refs & Annos)
Chapter 20. Oklahoma Business Development Corporation Act
18 Okl.St.Ann. § 905
§ 905. Limitation on amount of capital stock acquired by member--Minimum capital stock
(1) Notwithstanding any other provision of law, any person, corporation, public utility, financial institution, or labor union, may acquire, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, notes, debentures, securities, or other evidences of indebtedness, or the shares of capital stock of a corporation created hereunder; provided that the amount of capital stock which may be acquired by any member of such corporation shall not exceed ten percent (10%) of the loan limit of such member.
(2) The capital stock of any such corporation shall be not less than Two Hundred Fifty Thousand Dollars ($250,000.00) to be evidenced by two thousand five hundred (2,500) shares, having a par value of One Hundred Dollars ($100.00) each, at least ten percent (10%) of the capital stock of any such corporation shall be paid into the treasury before it is authorized to transact any business other than such as relates to its organization.

Credits

Laws 1970, c. 187, § 5, emerg. eff. April 13, 1970.
18 Okl. St. Ann. § 905, OK ST T. 18 § 905
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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