§ 1071. Appointment of custodian or receiver of corporation on deadlock or for other cause
Oklahoma Statutes AnnotatedTitle 18. CorporationsEffective: November 1, 2019
Effective: November 1, 2019
18 Okl.St.Ann. § 1071
§ 1071. Appointment of custodian or receiver of corporation on deadlock or for other cause
APPOINTMENT OF CUSTODIAN OR RECEIVER OF CORPORATION ON DEADLOCK OR FOR OTHER CAUSE
2. The business of the corporation is suffering or is threatened with irreparable injury because the directors are so divided respecting the management of the affairs of the corporation that the required vote for action by the board of directors cannot be obtained and the shareholders are unable to terminate this division; or
B. A custodian appointed pursuant to the provisions of this section shall have all the powers and title of a receiver appointed by the court under applicable law, but the authority of the custodian is to continue the business of the corporation and not to liquidate its affairs and distribute its assets, except when the court shall otherwise order and except in cases arising pursuant to paragraph 3 of subsection A of this section.
Credits
Laws 1986, c. 292, § 71, eff. Nov. 1, 1986; Laws 2019, c. 88, § 12, eff. Nov. 1, 2019.
18 Okl. St. Ann. § 1071, OK ST T. 18 § 1071
Current with emergency effective legislation through Chapter 277 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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