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§ 1126. Shareholder’s derivative action--Allegation of stock ownership--Award of costs and atto...

Oklahoma Statutes AnnotatedTitle 18. Corporations

Oklahoma Statutes Annotated
Title 18. Corporations (Refs & Annos)
Chapter 22. Oklahoma General Corporation Act (Refs & Annos)
Suits Against Corporations, Directors, Officers or Shareholders
18 Okl.St.Ann. § 1126
§ 1126. Shareholder’s derivative action--Allegation of stock ownership--Award of costs and attorney fees
SHAREHOLDER'S DERIVATIVE ACTION; ALLEGATION OF STOCK OWNERSHIP
A. In any derivative suit instituted by a shareholder of a corporation, it shall be averred in the petition that the plaintiff was a shareholder of the corporation at the time of the transaction of which the plaintiff complains or that the plaintiff's stock thereafter devolved upon him or her by operation of law.
B. If a derivative action confers a substantial benefit upon the corporation as a result of a compromise or settlement of an action or claim, the court may award the plaintiff reasonable costs, including reasonable attorney fees, and shall direct the plaintiff to remit to the corporation the remainder of all proceeds received.
C. In any derivative action instituted by a shareholder of a domestic or foreign corporation, the court having jurisdiction, upon final judgment, shall require the nonprevailing party or parties to pay the prevailing party or parties the reasonable expenses, including attorney fees, taxable as costs, incurred as a result of such action.

Credits

Laws 1986, c. 292, § 126, eff. Nov. 1, 1986; Laws 2014, c. 330, § 1, eff. Nov. 1, 2014.
18 Okl. St. Ann. § 1126, OK ST T. 18 § 1126
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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