§ 955. Limitations on ownership--Exceptions
Oklahoma Statutes AnnotatedTitle 18. Corporations
18 Okl.St.Ann. § 955
§ 955. Limitations on ownership--Exceptions
c. at least sixty-five percent (65%) of the trust's annual gross receipts shall be derived from farming or ranching, or from allowing others to extract minerals underlying lands held by the trust. If the trust cannot comply with the annual gross receipts test, the trust may furnish records of its gross receipts for each of the previous five (5) years, or for each year that it has been in existence if less than five (5) years, and the average of such annual gross receipts may be used for purposes of complying with this section;
c. at least sixty-five percent (65%) of the partnership's annual gross receipts shall be derived from farming or ranching, or from allowing others to extract minerals underlying lands held by the partnership. If the partnership cannot comply with the annual gross receipts test, the partnership may furnish records of its gross receipts for each of the previous five (5) years, or for each year that it has been in existence if less than five (5) years, and the average of such annual gross receipts may be used for purposes of complying with this section;
5. Limited liability companies formed pursuant to the Oklahoma Limited Liability Company Act;1 provided that:
c. at least sixty-five percent (65%) of the limited liability company's annual gross receipts shall be derived from farming or ranching, or from allowing others to extract minerals underlying lands held by the limited liability company. If the limited liability company cannot comply with the annual gross receipts test, the limited liability company may furnish records of its gross receipts for each of the previous five (5) years, or for each year that it has been in existence if less than five (5) years, and the average of such annual gross receipts may be used for purposes of complying with this section.
B. Any farming or ranching corporation, trust, partnership, limited partnership, limited liability company or other entity which violates any provisions of this section shall be fined an amount not to exceed Five Hundred Dollars ($500.00). Any other person or entity who knowingly violates this section shall be deemed guilty of a misdemeanor.
C. The provisions of this act2 shall not apply to interests in land acquired prior to June 1, 1978.
Credits
Laws 1978, c. 169, § 1, emerg. eff. April 10, 1978; Laws 1993, c. 366, § 1, eff. Sept. 1, 1993; Laws 1994, c. 2, § 6, emerg. eff. March 2, 1994; Laws 2001, c. 208, § 6, emerg. eff. May 14, 2001.
18 Okl. St. Ann. § 955, OK ST T. 18 § 955
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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