§ 1030. Interested directors; quorum
Oklahoma Statutes AnnotatedTitle 18. Corporations
18 Okl.St.Ann. § 1030
§ 1030. Interested directors; quorum
A. No contract or transaction between a corporation and one or more of its directors or officers, or between a corporation and any other corporation, partnership, association, or other organization in which one or more of its directors or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the board or committee thereof which authorizes the contract or transaction, or solely because his or their votes are counted for such purpose, if:
1. The material facts as to his relationship or interest and as to the contract or transaction are disclosed or are known to the board of directors or the committee, and the board or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum;
Credits
Laws 1986, c. 292, § 30, eff. Nov. 1, 1986.
18 Okl. St. Ann. § 1030, OK ST T. 18 § 1030
Current with emergency effective legislation through Chapter 125 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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