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§ 441-1305. Proceeds and expenses

Oklahoma Statutes AnnotatedTitle 18. Corporations

Oklahoma Statutes Annotated
Title 18. Corporations (Refs & Annos)
Chapter 10A. Uniform Limited Cooperative Association Act (Refs & Annos)
Article 13. Action by Member
18 Okl.St.Ann. § 441-1305
§ 441-1305. Proceeds and expenses
Currentness
PROCEEDS AND EXPENSES.
(a) Except as otherwise provided in subsection (b) of this section:
(1) Any proceeds or other benefits of a derivative action to enforce a right of a limited cooperative association, whether by judgment, compromise, or settlement, belong to the association and not to the plaintiff; and
(2) If the plaintiff in the derivative action receives any proceeds, the plaintiff shall immediately remit them to the association.
(b) If a derivative action to enforce a right of a limited cooperative association is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney fees and costs, from the recovery of the association.

Credits

Laws 2009, c. 68, § 121, eff. Jan. 1, 2010.
18 Okl. St. Ann. § 441-1305, OK ST T. 18 § 441-1305
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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