OK
Oklahoma Senate Bill SB1362

Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB1362 Compare Versions

Only one version of the bill is available at this time.
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5353 STATE OF OKLAHOMA
5454
5555 2nd Session of the 58th Legislature (2022)
5656
5757 SENATE BILL 1362 By: Montgomery
5858
5959
6060
6161
6262
6363 AS INTRODUCED
6464
6565 An Act relating to corporations; amending 18 O.S.
6666 2021, Sections 803, 809, 1006, 1 012, 1014, 1014.3,
6767 1022, 1025, 1027, 1031, 1041, 1057, 1058, 1073,
6868 1075.2, 1081, and 1090.5, which relate to
6969 professional entities, formation of corporations,
7070 registered agents, directors and officers, stocks,
7171 shareholder voting rights, consent of shareholders,
7272 electronic notice, mergers , and conversions;
7373 modifying definition; prohibiting interest holding by
7474 certain entities; stating effect of amendment of
7575 certain provisions; modifying requirements for
7676 certain consent; modifying procedures for adoption of
7777 emergency bylaws; authori zing directors to take
7878 certain action in emergency conditions; modifying
7979 procedures for document signature and delivery;
8080 deleting certain exception; clarifying applicability
8181 of certain provisions; authorizing certain entities
8282 to serve as registered agent; removing requirement
8383 for certain certificate issued by the Secretary of
8484 State; establishing procedures for certain consents;
8585 authorizing indemnification of certain persons;
8686 prohibiting certain rights for certain capital stock;
8787 modifying procedures for proxy authori zation;
8888 modifying requirements for fixing date for certain
8989 determination; modifying certain delivery
9090 requirements; clarifying certain consen t
9191 requirements; modifying requirements for electronic
9292 notice; defining ter ms; prohibiting electronic notice
9393 under certain circumstances; clarifying applicability
9494 of certain provisions; modifying requirements for
9595 allowing merger without shareholder vot e; modifying
9696 requirements for certificate of conv ersion; making
9797 language gender neutral; clarifying language;
9898 updating statutory reference ; and providing an
9999 effective date.
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154154
155155 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
156156 SECTION 1. AMENDATORY 18 O.S. 2021, Section 803, is
157157 amended to read as follows:
158158 Section 803. A. As used in the Professional Ent ity Act, unless
159159 the context clearly indicates that a different meaning is intended:
160160 1. “Associated act” means the Oklahoma General Corporation Act,
161161 in the case of a corporation; the Oklahoma Revis ed Uniform Limited
162162 Partnership Act, in the case of a limite d partnership; or the
163163 Oklahoma Limited Liability Company Act, in the case of a limited
164164 liability company;
165165 2. “Interest” means a share of stock in a corporation, a
166166 partnership interest in a limited partnership or a membership
167167 interest in a limited liabilit y company;
168168 3. “Owner” means a shareholder in the case of a corporation, a
169169 general or limited partner in the case of a limited partnership or a
170170 member in the case of a limited liability company;
171171 4. “Manager” means a director or o fficer in the case of a
172172 corporation, a general partner in the case of a limited partnership
173173 or a manager in the case of a limited liability company;
174174 5. “Professional entity” means a domestic corporation, limited
175175 partnership or limited liability company fo rmed for the purpose of
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227227 rendering professional service or formed for the purpose of owning a
228228 professional entity rendering p rofessional service;
229229 6. “Professional service ” means the personal service rendered
230230 by:
231231 a. a physician, surgeon or doctor of medicin e pursuant to
232232 a license under Sections 481 through 524 o f Title 59
233233 of the Oklahoma Statutes, and any subsequent laws
234234 regulating the practice of medici ne,
235235 b. an osteopathic physician or surgeon pursuant to a
236236 license under Sections 62 0 through 645 of Title 5 9 of
237237 the Oklahoma Statutes , and any subsequent laws
238238 regulating the practice of osteopathy,
239239 c. a chiropractic physician pursuant to a license under
240240 Sections 161.1 through 161.20 of Title 59 of the
241241 Oklahoma Statutes, and any subsequen t laws regulating
242242 the practice of chiropractic ,
243243 d. a podiatric physician pursuan t to a license under
244244 Sections 135.1 through 160.2 of Title 59 of the
245245 Oklahoma Statutes, and an y subsequent laws regulating
246246 the practice of podiatric medicine,
247247 e. an optometrist pursuant to a license u nder Sections
248248 581 through 606 of Title 59 of the Oklahom a Statutes,
249249 and any subsequent laws regulating the practice of
250250 optometry,
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302302 f. a veterinarian pursuant to a license under Sections
303303 698.1 through 698.30b of Title 59 of t he Oklahoma
304304 Statutes, and any sub sequent laws regulating th e
305305 practice of veterinary medic ine,
306306 g. an architect pursuant to a license under Sections 46.1
307307 through 46.41 of Title 59 of th e Oklahoma Statutes,
308308 and any subsequent laws regulating the practice of
309309 architecture,
310310 h. an attorney pursuant to his or her authority to
311311 practice law granted by the Supr eme Court of the State
312312 of Oklahoma,
313313 i. a dentist pursuant to a license under Sections 328.1
314314 through 328.53 of Title 59 of the Oklahoma Statutes,
315315 and any subsequent laws regulating the practice of
316316 dentistry,
317317 j. a certified public accountant or a public acco untant
318318 pursuant to his or her authority to practice
319319 accounting under Sections 15.1 through 15. 38 of Title
320320 59 of the Oklahoma Statutes, and any subsequent laws
321321 regulating the practice of public account ancy,
322322 k. a psychologist pursuant to a license under Sect ions
323323 1351 through 1376 of Title 59 of the Oklahoma
324324 Statutes, and any subsequent laws regulatin g the
325325 practice of psychology,
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377377 l. a physical therapist pursuant to a license under
378378 Sections 887.1 through 8 87.18 of Title 59 of the
379379 Oklahoma Statutes, and any subs equent laws regulating
380380 the practice of physical therapy,
381381 m. a registered nurse pursuant to a l icense under
382382 Sections 567.1 through 567.19 of Title 59 of the
383383 Oklahoma Statutes, and any other subsequent laws
384384 regulating the practice of nursing,
385385 n. a professional engineer pursuant to a license under
386386 Sections 475.1 through 475.22a of Title 59 of the
387387 Oklahoma Statutes, and any subsequent laws relating to
388388 the practice of engineering,
389389 o. a land surveyor pursuan t to a license under Sections
390390 475.1 through 475.22a of T itle 59 of the Oklahoma
391391 Statutes, and any subsequent laws relating to the
392392 practice of land sur veying,
393393 p. an occupational therapist pursuant to Sections 888.1
394394 through 888.15 of Title 59 of the Oklahoma Statutes
395395 and any subsequent law regulating the practice of
396396 occupational therapy,
397397 q. a speech pathologist or speech therapist pursuant to
398398 Sections 1601 through 1622 of Title 59 of the Oklahoma
399399 Statutes, and any subse quent law regulating the
400400 practice of speech pathology,
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452452 r. an audiologist pursuant to Sections 16 01 through 1622
453453 of Title 59 of the Oklahoma Statutes, and any
454454 subsequent law regulating the pr actice of audiology,
455455 s. a registered pharmacist pursuant to Sectio ns 353
456456 through 366 of Title 59 of the Ok lahoma Statutes, and
457457 any subsequent law regulating the p ractice of
458458 pharmacy,
459459 t. a licensed perfusionist pursuant to Sections 2051
460460 through 2071 of Titl e 59 of the Oklahoma Statutes, and
461461 any subsequent laws regulating the practice of
462462 perfusionists,
463463 u. a licensed professional counselor pursuant to Sections
464464 1901 through 1920 of Title 59 of the Oklahoma
465465 Statutes, and any subsequent law regulating the
466466 practice of professional counseling,
467467 v. a licensed marital and family the rapist pursuant to
468468 Sections 1925.1 throu gh 1925.18 of Title 59 of the
469469 Oklahoma Statutes, and any subsequent law regulating
470470 the practice of marital and family therapy,
471471 w. a dietitian licensed pursuant to Sections 1721 through
472472 1739 of Title 59 of the Oklahom a Statutes and any
473473 subsequent laws regul ating the practice of dietitians,
474474 x. a social worker licensed pursuant to Sections 1250
475475 through 1273 of Title 59 of the Oklahoma Statutes, and
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527527 any subsequent laws regulating the practice of social
528528 work,
529529 y. a licensed alcohol and drug counselor pursuant to
530530 Sections 1870 through 1885 of Title 59 of the Oklahoma
531531 Statutes, and any subsequent laws regulating the
532532 practice of alcohol and drug counseling,
533533 z. a licensed behavioral practitioner pursuant to
534534 Sections 1930 through 1949.1 of Title 59 of the
535535 Oklahoma Statutes, and any subsequent laws regulating
536536 the practice of behavioral health services, or
537537 aa. a certified real estate appraiser licensed pursuant to
538538 Sections 858-700 through 858-732 of Title 59 of the
539539 Oklahoma Statutes or listed on the National Registry
540540 of Appraisers by the Appraisal Subcommittee in
541541 compliance with Title XI of the Financial Institutions
542542 Reform, Recovery, and Enforcement Act (FIRREA) of
543543 1989, and any subsequent laws regulating the practice
544544 of real estate appraisal;
545545 7. “Related professional se rvices” means those services which
546546 are combined for prof essional entity purposes as follows:
547547 a. any combination of the following professionals:
548548 (1) a physician, surgeon or doctor of medicine
549549 pursuant to a license und er Sections 481 through
550550 524 of Title 59 of the Oklahoma Statutes, and any
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602602 subsequent laws regula ting the practice of
603603 medicine,
604604 (2) an osteopathic physician or surgeon pursuant to a
605605 license under Sections 620 through 645 of Title
606606 59 of the Oklahoma Statutes , and any subsequent
607607 laws relating to the practice of osteopathy,
608608 (3) a dentist pursuant to a li cense under Sections
609609 328.1 through 328.53 of Title 59 of the Oklahoma
610610 Statutes, and any subseq uent laws regulating the
611611 practice of dentistry,
612612 (4) a chiropractic physician pursuant to a license
613613 under Sections 161.1 through 161.20 of Title 59
614614 of the Oklahoma Statutes, and any subsequent laws
615615 regulating the practice of chiropractic ,
616616 (5) a psychologist pursuant to a license under
617617 Sections 1351 through 1376 o f Title 59 of the
618618 Oklahoma Statutes, and any subs equent laws
619619 regulating the practice of psychology,
620620 (6) an optometrist pursuant to a license under
621621 Sections 581 through 606 of Title 59 of the
622622 Oklahoma Statutes, and any subsequent laws
623623 regulating the practic e of optometry,
624624 (7) a podiatric physician pursuan t to a license under
625625 Sections 135.1 through 160.2 of Tit le 59 of the
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677677 Oklahoma Statutes, and any subsequent laws
678678 regulating the practice of podiatric m edicine,
679679 (8) a dietitian licensed pursuant to Sections 17 21
680680 through 1739 of Title 59 of the Oklahoma Statu tes
681681 and subsequent laws regulating the practice of
682682 dietitians, or
683683 (9) an occupational therapist pursuant to Sections
684684 888.1 through 888.15 of Title 59 of the Oklahoma
685685 Statutes and any subsequent law regulatin g the
686686 practice of occupational therapy, or
687687 b. any combination of the following professions:
688688 (1) an architect pursuant to a license under Sections
689689 46.1 through 46.41 of Title 59 of the Oklahoma
690690 Statutes, and any subsequent laws regulating the
691691 practice of architecture,
692692 (2) a professional engineer pursuant to a license
693693 under Sections 475.1 through 475.22a of Tit le 59
694694 of the Oklahoma Statutes, and any subsequent laws
695695 relating to the practice of engineerin g, or
696696 (3) a land surveyor pursuant to a license under
697697 Sections 475.1 through 475.22a of Title 59 of the
698698 Oklahoma Statutes, and any subsequent laws
699699 relating to the practice of land surveying;
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751751 8. “Regulating board” means the board which is charged with the
752752 licensing and regulation of the practice of the professio n which the
753753 professional entity is organized to r ender;
754754 9. “Individual”, “incorporator” and “shareholder” each include
755755 the trustee of an express trust created by a person duly licensed to
756756 render a professional service who has the right to revoke the trust
757757 and who is serving as the trustee of the trust. Any certificate
758758 required by the Professional Entity Act to be issued to an
759759 individual incorporator or shareholder may be issued to the grantor
760760 on behalf of a trust. All references in the Professional Entit y Act
761761 to death and incapacity of a shareholder sh all include the death and
762762 incapacity of the grantor of a trust which own stock in a
763763 professional corporation;
764764 10. “Incapacity” of a shareholder means a determination by a
765765 court of competent jurisdiction, or otherwise by two independent
766766 licensed physicians, that the shareholder is fully incapacitated or
767767 is partially incapacitated to the extent that the shareholder is not
768768 capable of rendering the profess ional service for which the
769769 professional corporation was organized; and
770770 11. “Other personal representativ e” includes the successor
771771 trustee of an express trust ow ning stock in a professional
772772 corporation, which trust was created by a person duly licensed to
773773 render the professional service for which the profession al
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825825 corporation was organized who has the right to revoke the trust and
826826 who is the original trustee of the trust.
827827 B. The definitions of the applicable associated act shall apply
828828 to the Professional E ntity Act, unless the context clearly indicates
829829 that a different meaning is intended.
830830 SECTION 2. AMENDATORY 18 O.S. 2021, Section 809, is
831831 amended to read as follows:
832832 Section 809. Except as provided in Section 81 5 of this title,
833833 no person shall hold an interest in a profes sional entity including
834834 a professional entity that owns a professional entity rend ering
835835 professional service, who is not duly licensed in accordance with
836836 the provisions of this state ’s licensing laws for the profession or
837837 related profession to render the same professional services or
838838 related professional services as those for which the entity is
839839 organized.
840840 SECTION 3. AMENDATORY 18 O.S. 2021, Section 1006, is
841841 amended to read as follows:
842842 Section 1006.
843843 CERTIFICATE OF INCORPORATION; CONTENTS
844844 A. The certificate of incorporation shall set forth:
845845 1. The name of the c orporation which shall contain one of the
846846 words “association”, “company”, “corporation”, “club”, “foundation”,
847847 “fund”, “incorporated”, “institute”, “society”, “union”,
848848 “syndicate”, or “limited” or abbreviations thereof, with or without
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900900 punctuation, or word s or abbreviations thereof, with or withou t
901901 punctuation, of like import of foreign countr ies or jurisdictions;
902902 provided that such abbreviations are written in Roman charac ters or
903903 letters, and which shall be such as to distinguish it upon the
904904 records in the Office of the Secretary of State from:
905905 a. names of other corporations, whether domestic or
906906 foreign, then existing or which existed at any time
907907 during the preceding three (3) years,
908908 b. names of partnerships whether general or limited, or
909909 domestic or foreign, then in good standing or
910910 registered or which were in good standing or
911911 registered at any time during the preceding three (3)
912912 years,
913913 c. names of limited liability compani es, whether domestic
914914 or foreign, then in good standing or registered or
915915 which were in good standing or registered at any time
916916 during the preceding three (3) years,
917917 d. trade names or fictitious names filed with the
918918 Secretary of State, or
919919 e. corporate, limited liability company or limited
920920 partnership names reserved with the Secretary of
921921 State;
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973973 2. The address, including the street, number, city and postal
974974 code, of the corporatio n’s registered office in this state, and the
975975 name of the corporation ’s registered agent at such address;
976976 3. The nature of the business or purposes to be conducted or
977977 promoted. It shall be sufficient to state , either alone or with
978978 other businesses or purp oses, that the purpose of the corporation is
979979 to engage in any lawful act or activi ty for which corporations may
980980 be organized under the general corporation law of Oklah oma, and by
981981 such statement all lawful acts and activities shall be within the
982982 purposes of the corporation, except for express limitations, if any;
983983 4. If the corporation i s to be authorized to issue only one
984984 class of stock, the total number of shares of st ock which the
985985 corporation shall have autho rity to issue and the par value of each
986986 of such shares, or a statement that all such shares are to be
987987 without par value. If the corporation is to be authorized to issue
988988 more than one class of stock, the certificat e of incorporation shall
989989 set forth the total number of shares of all classes of stock whi ch
990990 the corporation shall have authority to issue and the number of
991991 shares of each class, and shall specify each class the shares of
992992 which are to be without par value a nd each class the shares of which
993993 are to have par value and the par value of the shares o f each such
994994 class. The provisions of this paragraph shall not apply to
995995 corporations which are not organized for profit and which are not to
996996 have authority to issue ca pital stock. In the case of such
997997
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10481048 corporations, the fact that they are not to have author ity to issue
10491049 capital stock shall be stated in the certificate of incorporation.
10501050 The provisions of this paragraph shall not apply to nonstock
10511051 corporations. In the cas e of nonstock corporations, the fact that
10521052 they are not authorized to issue capital stock shall be stated in
10531053 the certificate of incorporation. The conditions of membership , or
10541054 other criteria for identifying members, of nonstock corporations
10551055 shall likewise be stated in the certificate of incorporat ion or the
10561056 bylaws. Nonstock corporations shall have members, but the failure
10571057 to have members shall not affect otherwise valid co rporate acts or
10581058 work a forfeiture or dissolution of the corporation. Nonstock
10591059 corporations may provide for classes or groups o f members having
10601060 relative rights, powers and du ties, and may make provision for the
10611061 future creation of additional classes or grou ps of members having
10621062 such relative rights, powers and duties as may from time to time be
10631063 established, including rights, powers and duties senior to existing
10641064 classes and groups of members. Except as otherwise provided in the
10651065 Oklahoma General Corporation Ac t, nonstock corporations may also
10661066 provide that any member or class or group of member s shall have
10671067 full, limited, or no voting r ights or powers, including that any
10681068 member or class or group of members shall have the right to vote on
10691069 a specified transaction e ven if that member or class or group of
10701070 members does not have the right to vote for t he election of members
10711071 of the governing body of the corporation. Voting by members of a
10721072
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11231123 nonstock corporation may be on a per capita, number, financial
11241124 interest, class, group, or any other basis set forth. The
11251125 provisions referred to in the three preceding sentences may be set
11261126 forth in the certifi cate of incorporation or the bylaws. If neithe r
11271127 the certificate of incorporation nor the bylaws of a nonstock
11281128 corporation state the conditions of membership, or other criteria
11291129 for identifying members, the members of the corporation shall be
11301130 deemed to be those entitled to vote for the election of the m embers
11311131 of the governing body pursuant to the certificate of incorporation
11321132 or bylaws of such corporation or otherwise until thereafter
11331133 otherwise provided by the certifi cate of incorporation or the
11341134 bylaws;
11351135 5. The name and mailing address of the incorporator or
11361136 incorporators;
11371137 6. If the powers of the incorporator or incorporators are to
11381138 terminate upon the filing of the certificate of incorporation, the
11391139 names and mailing addresses of the persons who are to serve a s
11401140 directors until the first annual meeting of s hareholders or until
11411141 their successors are elected and qualify;
11421142 7. If the corporation is not for profit:
11431143 a. that the corporation does not afford pecuniary gain,
11441144 incidentally or otherwise, to its members as suc h,
11451145 b. the name and mailing address of each memb er of the
11461146 governing body,
11471147
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11981198 c. the number of members of the governing body to be
11991199 elected at the first meeting, and
12001200 d. in the event the corporation is a church, the stree t
12011201 address of the location of the church.
12021202 The restriction on affording pecuniary gain to m embers shall not
12031203 prevent a not-for-profit corporation operating as a cooperative f rom
12041204 rebating excess revenues to patrons who may also be members; and
12051205 8. If the corporation is a charitable nonstock and does n ot
12061206 otherwise provide in its certificate of inco rporation:
12071207 a. that the corporation is organized exclusively for
12081208 charitable, religious, educational, and scientific
12091209 purposes including, for such purposes, the making of
12101210 distributions to organizations that quali fy as exempt
12111211 organizations under section 501(c) (3) of the Internal
12121212 Revenue Code, or the corresponding section of any
12131213 future federal tax code,
12141214 b. that upon the dissolution of the corporation, its
12151215 assets shall be distributed for one or more exempt
12161216 purposes within the meaning of section 501(c)(3) of
12171217 the Internal Revenue Code, or the corresponding
12181218 section of any future federal tax code, for a public
12191219 purpose, and
12201220 c. that the corporation complies with the requirements in
12211221 paragraph 7 of this subsection.
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12731273 B. In addition to the matters required to be set forth i n the
12741274 certificate of incorporation pursuant to the provisions of
12751275 subsection A of this section, the certificate of incorporation may
12761276 also contain any or all of the foll owing matters:
12771277 1. Any provision for the m anagement of the business and for the
12781278 conduct of the affairs of the corporation, and any provision
12791279 creating, defining, limiting a nd regulating the powers of the
12801280 corporation, the directors, and the shareholders, or any class of
12811281 the shareholders, or the gove rning body, the members, or any class
12821282 or group of the members of a nonstock corporation, if such
12831283 provisions are not contrary to t he laws of this state. Any
12841284 provision which is required or permitted by any provision of the
12851285 Oklahoma General Corporation Act t o be stated in the bylaws may
12861286 instead be stated in the certificate of incorporation;
12871287 2. The following provisions, in substantial ly the following
12881288 form:
12891289 a. for a corporation, other than a nonstock corporation:
12901290 “Whenever a compromise or arrangement is propos ed
12911291 between this corporation and its creditors o r any
12921292 class of them and/or between this corporation and its
12931293 shareholders or any cl ass of them, any court of
12941294 equitable jurisdiction within the State of Oklahoma
12951295 this state, on the application in a summary way of
12961296 this corporation or of any creditor or shareholder
12971297
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13481348 thereof or on the application of any receiver or
13491349 receivers appointed for this corporati on under the
13501350 provisions of Section 1106 of this title or on the
13511351 application of trustees in dissolution or of any
13521352 receiver or receivers appointed for this corporation
13531353 under the provisions of Section 1100 of this title,
13541354 may order a meeting of the creditors o r class of
13551355 creditors, and/or of the shareholders or class of
13561356 shareholders of this corporation, as the case may be,
13571357 to be summoned in such manner as the court directs.
13581358 If a majority in number representing three-fourths
13591359 (3/4) in value of the creditors or cl ass of creditors,
13601360 and/or of the shareholders or class of shareholders of
13611361 this corporation, as the case may be, agree to any
13621362 compromise or arrangement and to any reorganizatio n of
13631363 this corporation as a consequence of such compromise
13641364 or arrangement, the comp romise or arrangement and the
13651365 reorganization, if sanctioned by the court t o which
13661366 the application has been made, shall be bindi ng on all
13671367 the creditors or class of creditors, and/or on all the
13681368 shareholders or class of shareholders, of this
13691369 corporation, as the case may be, and also on this
13701370 corporation”, and
13711371 b. for a nonstock corpo ration:
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14231423 “Whenever a compromise or arrangement is prop osed
14241424 between this corporation and its creditors or any
14251425 class of them and/or between this corporation and its
14261426 members or any class of them, any court of equitable
14271427 jurisdiction within the State of Oklahoma this state
14281428 may, on the application in a summary way of this
14291429 corporation or of any creditor or member thereof o r on
14301430 the application of any receiver or receivers appointed
14311431 for this corporation under the provisions of Section
14321432 1106 of this title or on the app lication of trustees
14331433 in dissolution or of any receiver or receiv ers
14341434 appointed for this corporation under the pr ovisions of
14351435 Section 1100 of this title, order a meeting of the
14361436 creditors or class of creditors, and/or of the members
14371437 or class of members of this corporation, as the case
14381438 may be, to be summoned in such manner as the court
14391439 directs. If a majority in number representing three-
14401440 fourths (3/4) in value of the creditors or class of
14411441 creditors, and/or of the members or class of members
14421442 of this corporation, as the case may be, agree to any
14431443 compromise or arrangement and t o any reorganization of
14441444 this corporation as a c onsequence of such compromise
14451445 or arrangement, the compromise or arrangement a nd the
14461446 reorganization, if sanctioned by the court to which
14471447
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14981498 the application has been made, shall be binding on all
14991499 the creditors or class of creditors, and/or on all the
15001500 members or class of members, of this corporation, as
15011501 the case may be, and also on this corporation”;
15021502 3. Such provisions as may be desired granting to the holders of
15031503 the stock of the corporation, or the holders of any c lass or series
15041504 of a class thereof, the preempti ve right to subscribe to any or all
15051505 additional issues of stock of the corpora tion of any or all classes
15061506 or series thereof, or to any securities o f the corporation
15071507 convertible into such stock. No shareholder s hall have any
15081508 preemptive right to subscribe to an additional issue of stock or to
15091509 any security convertible into such stock u nless, and except to the
15101510 extent that, such right is expressly grante d to him in the
15111511 certificate of incorporation. Preemptive rights , if granted, shall
15121512 not extend to fractional sh ares;
15131513 4. Provisions requiring, for any corporate action, the vote of
15141514 a larger portion of the stock or of any class or series thereof, or
15151515 of any other securities having voting power, or a larger number of
15161516 the directors, than is required by the provisions o f the Oklahoma
15171517 General Corporation Act;
15181518 5. A provision limiting the duration of the corporation’s
15191519 existence to a specified date; otherwise, the corporation shall have
15201520 perpetual existence;
15211521
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15721572 6. A provision impo sing personal liability for the debts of the
15731573 corporation on its shareholders to a specified extent and upon
15741574 specified conditions; otherwise, the shareholders of a corporation
15751575 shall not be personally liable for the payment of the corporation ’s
15761576 debts, except as they may be liable by reason of their own c onduct
15771577 or acts;
15781578 7. A provision eliminating or limiting the personal liabilit y
15791579 of a director to the corporation or its shareholders for monetary
15801580 damages for breach of fiduciary duty as a director, provided tha t
15811581 such provision shall not eliminate or limit t he liability of a
15821582 director:
15831583 a. for any breach of the director ’s duty of loyalty to
15841584 the corporation or its shareholders,
15851585 b. for acts or omissions not in good faith or which
15861586 involve intentional misconduct or a k nowing violation
15871587 of law,
15881588 c. under Section 1053 of this title, or
15891589 d. for any transaction from which the director derived an
15901590 improper personal benefit.
15911591 No such provision shall eliminate or limit the liability of a
15921592 director for any act or omission occurring b efore the date when such
15931593 provision becomes effe ctive. An amendment, repeal, or elimination
15941594 of such a provision shall not af fect its application with respect to
15951595 an act or omission by a directo r occurring before the amendment,
15961596
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16471647 repeal, or elimination unless the provision provides otherwise at
16481648 the time of the act or omission. All references in this paragraph
16491649 to a director shall also be deemed to refer to such other person or
16501650 persons, if any, who, pursuant to a provision of the certificate of
16511651 incorporation in accordance with subsection A of Section 1027 of
16521652 this title, exercise or perform any of the powers or duties
16531653 otherwise conferred or imposed upon the board of director s pursuant
16541654 to this title.
16551655 C. It shall not be necessary to set forth in the certificate of
16561656 incorporation any of the powers conferred on corporations by the
16571657 provisions of the Oklahoma General Corporation Act.
16581658 D. Except for provisions included under paragraphs 1, 2, 5, 6
16591659 and 7 of subsection A of this section and paragraphs 2, 5 and 7 of
16601660 subsection B of this section, and provisions included under
16611661 paragraph 4 of subsection A of this section specifying the classes,
16621662 number of shares and par value of shares a corporation other than a
16631663 nonstock corporation is authorized to issue, any provision of the
16641664 certificate of incorporation may be made dependent upon facts
16651665 ascertainable outside the instrument, provided that the manner in
16661666 which the facts shall operate upon the provision is clearly and
16671667 explicitly set forth therein. As used in this subsection, the term
16681668 “facts” includes, but is not limited to, the occurrence of any
16691669 event, including a determination or action by any person or body,
16701670 including the corporation.
16711671
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17211721
17221722 SECTION 4. AMENDATORY 18 O.S. 2021, Section 1012, is
17231723 amended to read as f ollows:
17241724 Section 1012.
17251725 ORGANIZATION MEETING OF INCORPORATORS OR DIRECTORS NAMED IN
17261726 CERTIFICATE OF INCORP ORATION
17271727 A. After the filing of the certificate of incorporat ion, an
17281728 organization meeting of the incorporator or incorpora tors, or of the
17291729 board of directors if the initial directors were named in the
17301730 certificate of incorporation, shall be held either withi n or without
17311731 this state at the call of a majority of the inco rporators or
17321732 directors, as the case may be, for the purposes of adopting bylaws,
17331733 electing directors if the meeting is of the incorporators, to serve
17341734 or hold office until the first annual meeting of shareholders or
17351735 until their successors are elected and qua lify, electing officers if
17361736 the meeting is of the directors, d oing any other or further acts to
17371737 perfect the organization of the corporation, and transacting such
17381738 other business as may come before the meeting.
17391739 B. The persons calling the meeting shall give t o each other
17401740 incorporator or director, as the case may be, at least two (2) days’
17411741 notice thereof in writing or by electronic transmission by any usual
17421742 means of communication, which notice shall s tate the time, place and
17431743 purposes of the meeting as fixed by the persons calling it. Notice
17441744 of the meeting need not be gi ven to anyone who attends the m eeting
17451745 or who signs a waiver of notice either before or after the meeting.
17461746
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17971797 C. Any Unless otherwise res tricted by the certi ficate of
17981798 incorporation, any action permitted to be taken at the org anization
17991799 meeting of the incorporators or directors, a s the case may be, may
18001800 be taken without a meeting if each incorporator or director, where
18011801 there is more than one, or the sole incorpor ator or director where
18021802 there is only one, consents thereto in writin g or by electronic
18031803 transmission. A consent may be documented, s igned, and delivered in
18041804 any manner permitted by Section 1014.3 of this title . Any person
18051805 whether or not then an incorporator or director may provide, whether
18061806 through instruction to an agent o r otherwise, that a consent to
18071807 action will be effective at a fut ure time including a time
18081808 determined upon the happening of an event, no later than sixty (60)
18091809 days after such instruction is given or such provision is made and
18101810 such consent shall be deemed to have been given for purposes of this
18111811 subsection at such effecti ve time so long as such person is then an
18121812 incorporator or director, as the case may be, and did not revoke the
18131813 consent prior to such time. Any such consent shall be revocable
18141814 prior to its becoming effective.
18151815 D. If any incorporator is not available to act , then any person
18161816 for whom or on whose behalf the incorporator was acting directly or
18171817 indirectly as employee or agent may ta ke any action that such
18181818 incorporator would have been authorized to t ake under this section
18191819 or Section 1011 of this title; provided, that any instrument signed
18201820 by such other person, or any record of the proceedings of a meeting
18211821
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18721872 in which such person particip ated, shall state that such
18731873 incorporator is not available and the re ason therefor, that such
18741874 incorporator was acting directly or ind irectly as employee or agent
18751875 for or on behalf of such person, and that such person ’s signature on
18761876 such instrument or partici pation in such meeting is otherwise
18771877 authorized and not wrongful.
18781878 SECTION 5. AMENDATORY 18 O.S. 2021 , Section 1014, is
18791879 amended to read as follows:
18801880 Section 1014.
18811881 EMERGENCY BYLAWS AND OTHER POWERS IN EMERGENCY
18821882 A. The board of direct ors of any corporation may adopt
18831883 emergency bylaws, subject to repeal or change by action of the
18841884 shareholders, which, notwithstanding any different provision in the
18851885 Oklahoma General Corpo ration Act, in the certificate of
18861886 incorporation, or bylaws, shall be o perative during any emergency
18871887 resulting from an attack on the United States or on a locality in
18881888 which the corporation conduct s its business or customarily holds
18891889 meetings of its board of directors or its shareholders, or during
18901890 any nuclear or atomic disaste r, or during the existence of any
18911891 catastrophe, including but not lim ited to an epidemic or pandemic,
18921892 and a declaration of a n ational emergency by the government of the
18931893 United States, or other similar emergency condition, as a result of
18941894 which irrespective of whether a quorum of the board of directors or
18951895 a standing committee thereof cannot can readily be convened for
18961896
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19471947 action. The emergency bylaws contemplated by this section may be
19481948 adopted by the board of d irectors or, if a quorum cannot be readily
19491949 convened for a meeting, by a majority of the director s present. The
19501950 emergency bylaws may make any provision that may be practical and
19511951 necessary for the circumstances of the emergency , including
19521952 provisions that:
19531953 1. A meeting of the board of directors or a committee thereof
19541954 may be called by an officer or director in such manner and under
19551955 such conditions as shall be prescribed in the emergency by laws;
19561956 2. The director or directors in attendance at the meeting, or
19571957 any greater number fix ed by the emergency bylaws, shall constitute a
19581958 quorum; and
19591959 3. The officers or other persons designat ed on a list approved
19601960 by the board of directors before the emerg ency, all in such order of
19611961 priority and subject to such conditions and for such period of t ime,
19621962 not longer than reasonably n ecessary after the termination of the
19631963 emergency, as may be provided in the emergency bylaws or in the
19641964 resolution approving the list, shall, to the extent required to
19651965 provide a quorum at any meeting of the board of directors , be deemed
19661966 directors for such me eting.
19671967 B. The board of directors, either before or during any such
19681968 emergency, may provide, and from time to time modify, lines of
19691969 succession in the event that during such emergency any or all
19701970
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20212021 officers or agents of the corp oration shall for any reason be
20222022 rendered incapable of discharging their duties.
20232023 C. The board of dire ctors, either before or during any such
20242024 emergency, may, effectiv e in the emergency, change the head office
20252025 or designate several alternative head offices or regional offices,
20262026 or authorize the officers to do so.
20272027 D. No officer, director or employee acting in accordance with
20282028 any emergency bylaws shall be liable except for willful misconduct.
20292029 E. To the extent not inconsistent with any emergency bylaws so
20302030 adopted, the bylaws of the corporation shall remain in effect during
20312031 any emergency and upon its termination the emergency bylaws shall
20322032 cease to be operative.
20332033 F. Unless otherwise provided in emergency bylaws, notice of any
20342034 meeting of the board of directors durin g such an emergency may be
20352035 given only to such of the directors as it may be feasible to reach
20362036 at the time and by such means as may be feasible at the time ,
20372037 including publication or radio.
20382038 G. To the extent required to constitute a quorum at any meeting
20392039 of the board of directors during suc h an emergency, the officers of
20402040 the corporation who are present shal l, unless otherwise provided in
20412041 emergency bylaws, be deemed, in order of rank and within the same
20422042 rank in order of seniority, directors for such meeting.
20432043 H. Nothing contained in this sect ion shall be deemed exclusive
20442044 of any other provisions for emergency powers consistent with other
20452045
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20962096 sections of this act which have bee n or may be adopted by
20972097 corporations created pursuant to the provisions of this act.
20982098 I. During any emergency condition of a type described in
20992099 subsection A of this section, the board of directo rs or, if a quorum
21002100 cannot be readily convened for a meeting, a m ajority of the
21012101 directors present, may:
21022102 1. Take any action that it determines to be practical an d
21032103 necessary to address the c ircumstances of the emergency condition
21042104 with respect to a meeting of shareholders of the corporation
21052105 notwithstanding anything to the contrary in this title or in the
21062106 certificate of incorporation or bylaws including, but not lim ited
21072107 to:
21082108 a. to postpone any such meeting to a later time or date
21092109 with the record date for determi ning the shareholders
21102110 entitled to notice of, and to vote at, suc h meeting
21112111 applying to the postponed meeting irrespective of
21122112 Section 1058 of this title, and
21132113 b. with respect to a corporation subject to the reporting
21142114 requirements of Section 13(a) or Section 15(d) of the
21152115 Securities Exchange Act of 1934, as amended, and the
21162116 rules and regulations promulgated thereunder, to
21172117 notify shareholders of any postponement or a change of
21182118 the place of the meeting or a change to hold the
21192119 meeting solely by means of remote comm unication solely
21202120
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21712171 by a document publicly filed by the corporation with
21722172 the Securities and Exchange Commission pursuant to
21732173 Sections 13, 14, or 15(d) of such Act and such rules
21742174 and regulations; and
21752175 2. With respect to any dividend that has been declared as to
21762176 which the record date has not occurred, change each of the recor d
21772177 date and payment date to a later date or dates if the payment date
21782178 as so changed is not more than 60 days after the recor d date as so
21792179 changed; provided that, in either case, the corporation gives notice
21802180 of the change to shareholders as promptly as practi cable thereafter
21812181 and in any event before the record date theretofore in eff ect, which
21822182 notice, in the case of a corporation subject to the reporting
21832183 requirements of Section 13(a) or Section 15(d) of the Securities
21842184 Exchange Act of 1934, as amended, and the r ules and regulations
21852185 promulgated thereunder, may be given solely by a docum ent publicly
21862186 filed with the Securities and Excha nge Commission pursuant to
21872187 Section 13, Section 14, or Section 15(d) of the Securities Exchange
21882188 Act of 1934, as amended, and the rules and regulations. No person
21892189 shall be liable, and no meeting of shareholders shall be postponed
21902190 or voided, for the failure to make a share list available pursuant
21912191 to Section 1064 of this title if it was not practicable to allow
21922192 inspection during any emergen cy condition.
21932193 SECTION 6. AMENDATORY 18 O.S. 2021, Section 1014.3, is
21942194 amended to read as follows:
21952195
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22462246 Section 1014.3.
22472247 DOCUMENT FORM, SIGNATURE AND DELIVERY
22482248 A. Except as provided in subsection B of this section, with out
22492249 limiting the manner in which any act or transaction may b e
22502250 documented, or the manner in which a docum ent may be signed or
22512251 delivered:
22522252 1. Any act or transaction contemplated or governed by this
22532253 title or the certificate of incorporation or bylaws may be provided
22542254 for in a document, and an electronic transmission sh all be deemed
22552255 the equivalent of a written do cument. “Document” means (i) any
22562256 tangible medium on which information is inscribed, and includes
22572257 handwritten, typed, printed or similar instruments, a nd copies of
22582258 such instruments and (ii) an electronic transmis sion;
22592259 2. Whenever this act Section 1001 et seq. of thi s title or the
22602260 certificate of incorporation or bylaws requires or permits a
22612261 signature, the signature may be a manual, facsimile, conformed or
22622262 electronic signature. “Electronic signature” means an electronic
22632263 symbol or process that is at tached to, or logically associated with,
22642264 a document and executed or adopted by a person with an intent to
22652265 authenticate or adopt the document . A person may execute a docume nt
22662266 with that person’s signature; and
22672267 3. Unless otherwise agreed between the sender and recipient and
22682268 in the case of proxies or c onsents given by or on behalf of a
22692269 shareholder, subject to the addit ional requirements set forth in
22702270
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23212321 paragraph 2 and 3 of subsection C of Section 1057 and paragraph 1 of
23222322 subsection C of Section 1073, respectively, of this title, an
23232323 electronic transmission s hall be deemed delivered to a person for
23242324 purposes of this title and the certificate of in corporation and
23252325 bylaws when it enters an information processi ng system that the
23262326 person has designated for the purpose of r eceiving electronic
23272327 transmissions of the type delivered, so long as the electronic
23282328 transmission is in a form capable of being processe d by that system
23292329 and such person is able to retrieve the elec tronic transmission.
23302330 Whether a person has so designated an i nformation processing system
23312331 is determined by the certificate of incorporation, the bylaws or
23322332 from the context and surrounding circums tances including the
23332333 parties’ conduct. An electronic transmi ssion is delivered under
23342334 this section even if no person is aw are of its receipt. Receipt of
23352335 an electronic acknowledgement from an information processing system
23362336 establishes that an electronic tra nsmission was received but, by
23372337 itself, does not establish tha t the content sent corresponds to the
23382338 content received.
23392339 This act Section 1001 et seq. of this title shall not prohibit
23402340 one or more persons from conducting a transaction in ac cordance with
23412341 the Uniform Electronic Transaction Act so long as the part or parts
23422342 of the transaction that are governe d by this act Section 1001 et
23432343 seq. of this title are documented, signed and delivered in
23442344 accordance with this subsection or otherwise in ac cordance with this
23452345
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23962396 act Section 1001 et seq. of this title. This subsection shall apply
23972397 solely for purposes of determining whe ther an act or transaction has
23982398 been documented, and the docum ent has been signed and delivered, in
23992399 accordance with this act Section 1001 et seq. of this title , the
24002400 certificate of incorporation and the bylaws.
24012401 B. Subsection A of this section shall not apply to:
24022402 1. A document filed with or submitted to the Secretary of State
24032403 or a court or other judicial or governmental body of this state;
24042404 2. A document compri sing part of the stock ledger;
24052405 3. A certificate representing a security;
24062406 4. Any document expressly referenc ed as a notice or waiver of
24072407 notice by this act Section 1001 et seq. of this title, the
24082408 certificate of incorporation or b ylaws;
24092409 5. A consent in lieu of a meeting given by a director,
24102410 shareholder or incorporator;
24112411 6. A ballot to vote on actions at a meeting of shareholders;
24122412 and
24132413 7. 6. An act or transaction effected pursuant to Section
24142414 1100.1 of Title 18 of the Oklahoma Stat utes.
24152415 The provisions of this subsection shall not create any
24162416 presumption about the lawful means to document a matter addressed by
24172417 this subsection, or the lawful means to sign or deliver a document
24182418 addressed by this subsection. A No provision of the certif icate of
24192419 incorporation or bylaws shall not limit the application of
24202420
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24712471 subsection A of this section unless the except for a provision that
24722472 expressly restricts one or more of the means of docu menting an act
24732473 or transaction, or of signing or delivering a documen t, permitted by
24742474 subsection A of this section or prohibits the use of an electronic
24752475 transmission or electronic signature, or any form thereof, or
24762476 expressly restricts or prohibits the delive ry of an electronic
24772477 transmission to an information processing system.
24782478 C. In the event that any provision of this act Section 1001 et
24792479 seq. of this title is deemed to modify, limit or supersede the
24802480 Electronic Signatures in Global and National Commerce Act, 15 U.S.C.
24812481 Sections 7001 et seq., the provisions of this act Section 1001 et
24822482 seq. of this title shall control to the fullest extent permitte d by
24832483 Section 7002(a)(2) of such act.
24842484 SECTION 7. AMENDATORY 18 O.S. 2021, Section 1022, is
24852485 amended to read as follows:
24862486 Section 1022.
24872487 REGISTERED AGENT IN STATE; RESIDENT AGENT
24882488 A. Every domestic corporation shall have and maintain in this
24892489 state a registered agent, which agent may be any of the following:
24902490 1. The domestic corporation itself;
24912491 2. An individual resident of this state;
24922492 3. A domestic corporation, a domestic partnership whe ther
24932493 general or limited and including a limited liability partnershi p or
24942494
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25452545 a limited liability limited partnership or a domestic limited
25462546 liability company; or
25472547 4. A foreign corporation, a foreign partnership whether general
25482548 or limited and including a limited liability partnership , foreign
25492549 limited partnership, or a foreign limited liability limited
25502550 partnership or a foreign limited liability company, if auth orized to
25512551 transact business in this state.
25522552 B. Every foreign corporation transactin g business in this sta te
25532553 shall have and maintain the Secretary of State as its registered
25542554 agent in this state. In addition, such foreign corporation may have
25552555 and maintain in this state an additional registered agent, which may
25562556 be an individual or entity s et forth in subsection A of this
25572557 section; provided, that the foreign corporation may not b e its own
25582558 registered agent. If such additional registered agent is
25592559 designated, service of process shall be on such agent and not on the
25602560 Secretary of State.
25612561 C. Each registered agent for a domestic corporation or foreign
25622562 corporation shall:
25632563 1. If an entity, maintain a business office identical with the
25642564 registered office which is open dur ing regular business hours, or if
25652565 an individual, be generally present at the regist ered office to
25662566 accept service of process and otherwise perform the functions of a
25672567 registered agent;
25682568
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26192619 2. If a foreign entity, be authorized to transact business in
26202620 this state; and
26212621 3. Accept service of process and other communications directed
26222622 to the corporations for which it se rves as registered agent and
26232623 forward same to the corporation to whic h the service or
26242624 communication is directed.
26252625 D. Every corporation formed under the laws of this state or
26262626 qualified to do business in this state shall provide to its
26272627 registered agent, and u pdate from time to time as necessary, the
26282628 name, business address and business telephone number of a natural
26292629 person who is an officer, director, employe e or designated agent of
26302630 the corporation, who is then authorized to receive communi cations
26312631 from the registered agent. Such person shall be deemed the
26322632 communications contact for the corporation. Every registered agent
26332633 shall retain, in paper or electronic form, the information required
26342634 by this subsection concerning the current communicat ions contact for
26352635 each corporation for which he, she or it serves as a registered
26362636 agent. If the corporation fails to provide the registered agent
26372637 with a current communicatio ns contact, the registered agent may
26382638 resign as the registered agent for such corpor ation pursuant to
26392639 Section 1026 of this title.
26402640 E. Whenever the term “resident agent” or “resident agent in
26412641 charge of a corporation ’s principal office or place of business in
26422642 this state”, or other term of like import which refers to a
26432643
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26942694 corporation’s agent required by statute to b e located in this state,
26952695 is or has been used in a corporation ’s certificate of incorporation,
26962696 or in any other document, or in any statute, it shall be deemed to
26972697 mean and refer to, unless the context indicates otherwise, the
26982698 corporation’s registered agent r equired by this section. It shall
26992699 not be necessary for any corporat ion to amend its certificate of
27002700 incorporation or any other document to comply with the provisions of
27012701 this section.
27022702 SECTION 8. AMENDATORY 18 O.S. 2021, Section 1025, is
27032703 amended to read as follows:
27042704 Section 1025.
27052705 RESIGNATION OF REGIS TERED AGENT COUPLED
27062706 WITH APPOINTMENT OF SUCCESSOR
27072707 The registered agent of one or more corporations may resign and
27082708 appoint a successor registered agent by filing in the name of each
27092709 affected corporation a certificate with the Secretary of State
27102710 stating the name and address of the successor agent, in accordance
27112711 with the provisions of paragraph 2 of subse ction A of Section 1006
27122712 of this title. There shall be attached to the certificate a
27132713 statement of the affected corporation ratifying and approving such
27142714 change of registered agent. The statement shall be executed a nd
27152715 acknowledged in accordance with the pro visions of Section 1007 of
27162716 this title. Upon the filing , the successor registered agent becomes
27172717 the registered agent of each corporation that has ratified and
27182718
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27692769 approved each substitution and the successor registered agent’s
27702770 address, as stated in each certif icate, becomes the address of each
27712771 such corporation’s registered office in this state. The Secretary
27722772 of State shall then issue his or her certificate that th e successor
27732773 registered agent has become the registered a gent of the corporations
27742774 so ratifying and approving the change, and setting out the names of
27752775 such corporations.
27762776 SECTION 9. AMENDATORY 18 O.S. 2021, Section 1027, is
27772777 amended to read as follows:
27782778 Section 1027.
27792779 BOARD OF DIRECTORS; POWERS; NUMBER; QUALIFICATIONS; TERMS
27802780 AND QUORUM; COMMITTEES; CLASSES OF DIRECTORS; NONSTOCK CORPORATIONS;
27812781 RELIANCE UPON BOOKS; ACTION WITHOUT MEETING; ETC.
27822782 A. The business and affairs of every corporat ion organized in
27832783 accordance with the provisions of the Oklahoma General Corporation
27842784 Act shall be managed by or under the direction of a board of
27852785 directors, except as may be otherwise provided for in the Oklahoma
27862786 General Corporation Act or in the corporatio n’s certificate of
27872787 incorporation. If any provis ion is made in the certificate of
27882788 incorporation, the powers and duties conferred or imposed upon the
27892789 board of directors by the provisions of the Oklahoma General
27902790 Corporation Act shall be exercised or performe d to the extent and by
27912791 the person or persons sta ted in the certificate of incorporation.
27922792
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28432843 B. The board of directors of a corporation shall consist of one
28442844 or more members, each of whom shall be a natural person. The number
28452845 of directors shall be fixed by or in the manner provided for in the
28462846 bylaws, unless the certificate of incorporation fixes th e number of
28472847 directors, in which case a change in the number of directors sh all
28482848 be made only by amendment of the certificate. Directors need not be
28492849 shareholders unless so required by the certificate of incorporati on
28502850 or the bylaws. The certificate of incor poration or bylaws may
28512851 prescribe other qualifications for directors. Each director shall
28522852 hold office until a successor is elected and qualified or until his
28532853 or her earlier resignation or removal. Any director ma y resign at
28542854 any time upon notice given in w riting or by electronic transmission
28552855 to the corporation. A resignation is effective when the resignation
28562856 is delivered unless the resignation specifies a later effec tive date
28572857 or an effective date determined upon t he happening of an event or
28582858 events. A resignation that is conditioned upon the director failing
28592859 to receive a specifie d vote for reelection as a director may provide
28602860 that it is irrevocable. A majority of the total number of directors
28612861 shall constitute a qu orum for the transaction of business unless the
28622862 certificate of incorporation or the bylaws require a greater number.
28632863 Unless the certificate of incorporation provides otherwise, the
28642864 bylaws may provide that a number less than a majority shall
28652865 constitute a quorum which in no case shall be less than one-third
28662866 (1/3) of the total number of directors. The vote of the majority of
28672867
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29182918 the directors present at a meeting at which a quorum is present
29192919 shall be the act of the board of directors unless the certificate of
29202920 incorporation or the bylaws shall require a v ote of a greater
29212921 number.
29222922 C. 1. The board of directors may designate one o r more
29232923 committees consisting of one or more of the directors of the
29242924 corporation. The boar d may designate one or more directors as
29252925 alternate members of any committee, who may replac e any absent or
29262926 disqualified member at any meeting of the committee. The b ylaws may
29272927 provide that in the absence or disqualification of a member of a
29282928 committee, the member or members present at a meeting and not
29292929 disqualified from voting, whether or not the member or members
29302930 constitute a quorum, may unanimously appoint another mem ber of the
29312931 board of directors to act at the meeting in the place of any absent
29322932 or disqualified member. Any committee, to the extent provi ded in
29332933 the resolution of the board of direc tors, or in the bylaws of the
29342934 corporation, shall have and may exercise all the powers and
29352935 authority of the board of directors in the management of the
29362936 business and affairs of the corporation, and may authorize the seal
29372937 of the corporation to be affixed to a ll papers which may require it;
29382938 but no committee shall have the power or au thority to:
29392939 a. approve, adopt, or recommend to the shareholders any
29402940 action or matter, othe r than the election or removal
29412941 of directors, expressly required by the Oklahoma
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29932993 General Corporation Act to be submitted to
29942994 shareholders for approval, or
29952995 b. adopt, amend, or repeal any bylaw of the corporation.
29962996 2. Unless otherwise provided in the certifica te of
29972997 incorporation, the bylaws or the resolutio n of the board of
29982998 directors designating the committee, a committee may create one or
29992999 more subcommittees, each subcommi ttee to consist of one or more
30003000 members of the committee, and delegate to a subcommittee an y or all
30013001 of the powers and authority of the comm ittee. Except for references
30023002 to committees and members of committees in subsection C of this
30033003 section, every reference in this title to a committee of the board
30043004 of directors or a member of a committee shall b e deemed to include a
30053005 reference to a subcommitte e or member of a subcommittee.
30063006 3. A majority of the directors then serving on a committee of
30073007 the board of directors o r on a subcommittee of a committee shall
30083008 constitute a quorum for the transaction of busine ss by the committee
30093009 or subcommittee, unless the certificate of incorporation, the
30103010 bylaws, a resolution of the board of directors or a resolution of a
30113011 committee that created the subcommittee requires a greater or lesser
30123012 number; provided that in no case shal l a quorum be less than one -
30133013 third (1/3) of the d irectors then serving on the committee or
30143014 subcommittee. The vote of the majority of the members of a
30153015 committee or subcommittee present at a meeting at which a quorum is
30163016 present shall be the act of the commit tee or subcommittee, unless
30173017
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30683068 the certificate of i ncorporation, the bylaws, a resolution of t he
30693069 board of directors or a resolution of a committee that created the
30703070 subcommittee requires a greater number.
30713071 D. The directors of any corporation organized under th e
30723072 Oklahoma General Corporation Act, by the certi ficate of
30733073 incorporation or by an initial by law, or by a bylaw adopted by a
30743074 vote of the shareholders, may be divided in to one, two, or three
30753075 classes; the term of office of those of the first class to expire at
30763076 the first annual meeting held after the classif ication becomes
30773077 effective; of the second cl ass one (1) year thereafter; of the third
30783078 class two (2) years thereafter; a nd at each annual election held
30793079 after the classification becomes effective, directors shal l be
30803080 chosen for a full term, as the case may be, to succeed those whose
30813081 terms expire. The certificate of incorporation or bylaw provision
30823082 dividing the directors into classes may authorize the board of
30833083 directors to assign members of the board then in offic e to such
30843084 classes when the classification become s effective. The certificate
30853085 of incorporation may confer upon holders of any class or series of
30863086 stock the right to el ect one or more directors who shall serve for
30873087 the term, and have voting powers as shall be stated in the
30883088 certificate of incorporation. Th e terms of office and voting powers
30893089 of the directors elected in the manner so provided in the
30903090 certificate of incorpora tion may be greater than or less than those
30913091 of any other director or class of directors. In addition, the
30923092
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31433143 certificate of incorporation ma y confer upon one or more directors,
31443144 whether or not elected separately by the holders of any class or
31453145 series of stock, voting powers greater than or less than those of
31463146 other directors. Any such provision con ferring greater or lesser
31473147 voting power shall app ly to voting in any committee, unless
31483148 otherwise provided in the certificate of incorporation or bylaws.
31493149 If the certificate of incorporation provides that directors elected
31503150 by the holders of a class or series of stock shall have more or less
31513151 than one vote per director on any matter, every reference in the
31523152 Oklahoma General Corporation Act to a majority or other proportion
31533153 of directors shall refer to a majority or other proportion of the
31543154 votes of the directors.
31553155 E. A member of the board of directors, or a mem ber of any
31563156 committee designated by the boar d of directors, in the performance
31573157 of the member’s duties, shall be fully p rotected in relying in good
31583158 faith upon the records of the corporation and upon information ,
31593159 opinions, reports, or statements presented to the corporation by any
31603160 of the corporation’s officers or employees, or committees of the
31613161 board of directors, or by any other person as to matters the member
31623162 reasonably believes are within the officer ’s, employee’s,
31633163 committee’s or other person’s competence and who have been selected
31643164 with reasonable care by or on behalf of the corporation.
31653165 F. Unless otherwise restricted by the certificate of
31663166 incorporation or bylaws:
31673167
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32183218 1. Any action required or permitted to be tak en at any meeting
32193219 of the board of directors, or of any committee thereof may be taken
32203220 without a meeting if all members of the board or committee, as the
32213221 case may be, consent thereto in writing or by electronic
32223222 transmission, and the writing or writings or e lectronic transmission
32233223 or transmissions are file d with the minutes of proceedings of the
32243224 board or committee; and the filing shall be in paper form if the
32253225 minutes are maintained in paper form and shall be in electronic form
32263226 if the minutes are maintained in electronic form; and any a consent
32273227 may be documented, signed, and delivered in any manner permitte d by
32283228 Section 1014.3 of this title. Any person whether or not then a
32293229 director may provide, whether through instruction to an agent or
32303230 otherwise, that a consen t to action will be effective at a future
32313231 time (including a time determined upon the happening of an event),
32323232 no later than sixty (60) days after such instruction is g iven or
32333233 such provision is made and suc h consent shall be deemed to have been
32343234 given for purposes of this subsection at such effective time so long
32353235 as such person is then a director and did not revoke the consent
32363236 prior to such time; and any such consent shal l be revocable prior to
32373237 its becoming effective. After an action is tak en, the consent or
32383238 consents relating thereto shall be filed with th e minutes of the
32393239 proceedings of the board of directors, or the committee thereof, in
32403240 the same paper or electronic form as the minutes are maintained ;
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32923292 2. The board of directors of any corporation organized in
32933293 accordance with the provisions of the Oklahoma General Corporation
32943294 Act may hold its meetings, an d have an office or offices, outside of
32953295 this state;
32963296 3. The board of directors shall have t he authority to fix the
32973297 compensation of directors; and
32983298 4. Members of the board of directors of any corporation, or any
32993299 committee designated by the board, may partic ipate in a meeting of
33003300 the board or committee by means of conference t elephone or other
33013301 communications equipment by means of which all persons participating
33023302 in the meeting can hear or otherwise communicate wi th each other.
33033303 Participation in a meeting pursua nt to the provisions of this
33043304 subsection shall constitute presence in person at the meeting.
33053305 G. 1. The certificate of incorporation or bylaws of any
33063306 nonstock corporation may provide that less than one -third (1/3) of
33073307 the members of the governing body may c onstitute a quorum thereof
33083308 and may otherwise provide that the busines s and affairs of the
33093309 corporation shall be managed in a manner different from that
33103310 provided for in this section, which differences may incl ude
33113311 additional classes of directors, longer terms of service, the use of
33123312 less than unanimous consents for board action , and permitting the
33133313 Chair of the Board of Directors to designate committees and appoint
33143314 members.
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33663366 2. Except as may be otherwise provided by the certificate of
33673367 incorporation, the provisio ns of this section shall apply to such a
33683368 corporation, and when so app lied, all references t o the board of
33693369 directors, to members thereof, and to shareholders sh all be deemed
33703370 to refer to the governing body of the corporation, the members
33713371 thereof and the memb ers of the corporation, respectively; and all
33723372 references to stock, ca pital stock, or shares shall be deemed to
33733373 refer to memberships of a nonprofit nonstock cor poration and to
33743374 membership interests of any othe r nonstock corporation.
33753375 H. 1. Any director or t he entire board of directors may be
33763376 removed, with or without cause, b y the holders of a maj ority of the
33773377 shares then entitled to vote at an election of director s, except as
33783378 follows:
33793379 a. unless the certificate of incorporation otherwise
33803380 provides, in the case of a corporation whose board is
33813381 classified as provided for in subsect ion D of this
33823382 section, shareholders may effect such removal only for
33833383 cause, or
33843384 b. in the case of a corporation having cumulative voting,
33853385 if less than the entire board is to be removed, no
33863386 director may be removed without cause if the votes
33873387 cast against the director’s removal would be
33883388 sufficient to elect the director if then cumulatively
33893389 voted at an election of the entire board of directors,
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34413441 or, if there are classes of directors, at an elect ion
34423442 of the class of directors of which the director is a
34433443 part.
34443444 2. Whenever the holders of any class or series are entitled to
34453445 elect one or more directors by t he provisions of the certificate of
34463446 incorporation, the provisions of this subsection shall apply, in
34473447 respect to the removal without cause of a director or directors s o
34483448 elected, to the vote of the holders of the outstanding shares of
34493449 that class or series an d not to the vote of the outstanding shares
34503450 as a whole.
34513451 SECTION 10. AMENDATORY 18 O.S. 2021, Section 1031, is
34523452 amended to read as fo llows:
34533453 Section 1031.
34543454 INDEMNIFICATION OF OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS;
34553455 INSURANCE
34563456 A. A corporation shall have power to indemnify any person who
34573457 was or is a party or is threate ned to be made a party to any
34583458 threatened, pending, or completed action, suit, o r proceeding,
34593459 whether civil, criminal, administrative, or investigative, other
34603460 than an action by or in the right of the corporatio n, by reason of
34613461 the fact that the person is or was a director, officer, employee, or
34623462 agent of the corporation, or is or was se rving at the request of the
34633463 corporation as a director, officer, employee, or agent of anot her
34643464 corporation, partnership, joint vent ure, trust, or other enterprise,
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35163516 against expenses, including attorney fees, judgments, fines, and
35173517 amounts paid in settlement a ctually and reasonably incurred by the
35183518 person in connection with the action, suit, or proc eeding if the
35193519 person acted in good faith and in a manner the person reasonably
35203520 believed to be in or not opposed to the best interests of the
35213521 corporation, and, with re spect to any criminal action or proceeding,
35223522 had no reasonable cause to believe the conduct was unlawful. The
35233523 termination of any a ction, suit, or proceeding by judgment, order,
35243524 settlement, conviction, or upon a plea of nolo contendere or its
35253525 equivalent, shall not, of itself, create a presumption that the
35263526 person did not act in good faith and in a manner which the person
35273527 reasonably believed to be in or not opposed to the best inter ests of
35283528 the corporation, and, with respect to any criminal action or
35293529 proceeding, had reasonable cause to believe that the conduct was
35303530 unlawful.
35313531 B. A corporation shall h ave the power to indemnify any person
35323532 who was or is a party or is threatened to be made a party to any
35333533 threatened, pending, or completed action or suit by or in the r ight
35343534 of the corporation to procure a judgment in its favor by reason of
35353535 the fact that the person is or was a director, officer, em ployee, or
35363536 agent of the corporation, or is or w as serving at the request of the
35373537 corporation as a director, officer, employee, or agent of another
35383538 corporation, partnership, joint venture, trust, or other enterprise
35393539 against expenses, including attorney fees, actually and reasonably
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35913591 incurred by the person in connection with the defense or settlement
35923592 of an action or suit if the perso n acted in good faith and in a
35933593 manner the person reasonably believed to be in or not oppos ed to the
35943594 best interests of the corporat ion and except that no indemnification
35953595 shall be made in respect of any claim, issue, or matter as to which
35963596 the person shall have been adjudged to be liable to the corporation
35973597 unless and only to the extent that the co urt in which the action or
35983598 suit was brought shall determine upon application that, desp ite the
35993599 adjudication of liability but in view of all the circumstances of
36003600 the case, the person is fairly and reasonably entitled to indemnity
36013601 for expenses which the cour t shall deem proper.
36023602 C. 1. To the extent that a present or former director or
36033603 officer of a corporation has been successful on the merits or
36043604 otherwise in defense of any action, suit, or proceeding referred to
36053605 in subsection A or B of this section, or in de fense of any claim,
36063606 issue, or matter the rein, the person shall be indemnified against
36073607 expenses, including attorney fees, actually and reasonably incurred
36083608 by the person in connection therewith.
36093609 2. The corporation may indemnify any other person who is not a
36103610 present or former dir ector or officer of the corporation against
36113611 expenses including attorney fees , actually and reasonably incurred
36123612 by such person to the extent he o r she has been successful on the
36133613 merits or otherwise in defense of any action , suit, or proceeding
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36653665 referred to in subsections A a nd B of this section, or in defense of
36663666 any claim, issue, or matter therein.
36673667 D. Any indemnification under the provisions of sub section A or
36683668 B of this section, unless ordered by a court, shall be made by the
36693669 corporation only as authorized in the specific ca se upon a
36703670 determination that indemnification of the present or former director
36713671 or officer is proper in the circumstances becaus e the person has met
36723672 the applicable standard of conduct set forth in subsection A or B of
36733673 this section. This determination shall be made, with respect to a
36743674 person who is a director or off icer of the corporation at the time
36753675 of the determination:
36763676 1. By a majority vote of the directors who are not parties to
36773677 the action, suit, or proceeding, even though less than a quorum;
36783678 2. By a committee of directors designated by a majority vote of
36793679 directors, even though less than a quorum;
36803680 3. If there are no such direc tors, or if such directors so
36813681 direct, by independent legal counsel in a written opinion; o r
36823682 4. By the shareholders.
36833683 E. Expenses including attorney fees incurred by an officer or
36843684 director in defending a civil, criminal, administrative or
36853685 investigative action, suit, or proceeding may be paid by the
36863686 corporation in advance of the final dispositio n of the action, suit,
36873687 or proceeding upon receipt of an undertaking by or on behalf of the
36883688 director or officer to repay the amount if it shall ultimately be
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37403740 determined that the person is not entitled to be indemnified by the
37413741 corporation as authorized by th e provisions of this section.
37423742 Expenses including attorney fees incurred by former directors or
37433743 officers or other employees and agents or persons serving at the
37443744 request of the corporation as directors, officers, employees or
37453745 agents of another corporation, partnership, joint venture, trust or
37463746 other enterprise may be paid upon the terms and conditions, i f any,
37473747 as the corporation deems appropriate.
37483748 F. The indemnification and advancement of expenses provided by
37493749 or granted pursuant to the other subsections of t his section shall
37503750 not be deemed exclusi ve of any other rights to which those seeking
37513751 indemnification or advancement of expenses may be entitled under any
37523752 bylaw, agreement, vote of shareholders or disinterested directors,
37533753 or otherwise, both as to action in the person’s official capacity
37543754 and as to action in another capacity while holding an office. A
37553755 right to indemnification or to advancement of expenses arising under
37563756 a provision of the certificate of incorporation or a bylaw shall not
37573757 be eliminated or impai red by an amendment to or repeal or
37583758 elimination of the certificate of incorporation or the bylaw a fter
37593759 the occurrence of the act or omission that is the subject of th e
37603760 civil, criminal, administrative or investigative action, suit or
37613761 proceeding for which in demnification or advancement of expense s is
37623762 sought, unless the provision in effect at the time of such act or
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38143814 omission explicitly authorizes such elimination or impai rment after
38153815 such action or omission has occurred.
38163816 G. A corporation shall have power to pu rchase and maintain
38173817 insurance on behalf of any person who is or was a director, officer,
38183818 employee, or agent of the corporation, or is or was serving at the
38193819 request of the corporation as a director, officer, employee, or
38203820 agent of another corporation, partne rship, joint venture, trust, or
38213821 other enterprise against any liability asserted against the person
38223822 and incurred by the person in any such capacity, or arising out of
38233823 the person’s status as such, whether or not the corporation would
38243824 have the power to indemn ify the person against liability under the
38253825 provisions of this section.
38263826 H. For purposes of this se ction, references to “the
38273827 corporation” shall include, in addition to the resulting
38283828 corporation, any constituent corporation , including any constituent
38293829 of a constituent, absorbed in a consolidation or merger which, if
38303830 its separate existence had continued, w ould have had power and
38313831 authority to indemnify its directors, office rs, and employees, or
38323832 agents, so that any person who is or was a director, officer,
38333833 employee, or agent of a constituent corporati on, or is or was
38343834 serving at the request of a constituent co rporation as a director,
38353835 officer, employee, or agent of another corp oration, partnership,
38363836 joint venture, trust, or other enterprise, shall stand in the same
38373837 position under the provisions of this se ction with respect to the
38383838
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38893889 resulting or surviving corporatio n as the person would have with
38903890 respect to the constituent corporati on if its separate existence had
38913891 continued.
38923892 I. For purposes of this section, references t o “other
38933893 enterprises” shall include, but are not limited to, employee benefit
38943894 plans; references to “fines” shall include, but are not limited to,
38953895 any excise taxes ass essed on a person with respect to an employee
38963896 benefit plan; and references to “serving at the request of the
38973897 corporation” shall include, but are not limited to, any service as a
38983898 director, officer, employee, or agent of the corporation which
38993899 imposes duties on, or involves services, by the director, officer,
39003900 employee, or agent with respect to an employee benefit plan, its
39013901 participants, or beneficiaries; and a person who acted in good faith
39023902 and in a manner the person reasonably believed to be in the interest
39033903 of the participants and beneficiaries of an employee benefit plan
39043904 shall be deemed to have a cted in a manner “not opposed to the be st
39053905 interests of the corporation ” as referred to in this sec tion.
39063906 J. The indemnification and advancement of expenses provided b y
39073907 or granted pursuant to this section, unless otherwise provided when
39083908 authorized or ratifi ed, shall continue as to a person who h as ceased
39093909 to be a director, officer, employee, or agent and shall inure to the
39103910 benefit of the heirs, executors, and administrat ors of the person.
39113911 K. The district court is vested with exclusive jurisdiction to
39123912 hear and determine all actions for advancement of expenses or
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39643964 indemnification brought under this section or under any bylaw,
39653965 agreement, vote of shareholders or disinterested directors, or
39663966 otherwise. The court may summarily determine a corporation ’s
39673967 obligation to advance expenses including attorney fees.
39683968 SECTION 11. AMENDATORY 18 O.S . 2021, Section 1041, is
39693969 amended to read as follows:
39703970 Section 1041.
39713971 CORPORATION’S POWERS RESPECTING OWNERSHIP, VOTING, ETC. OF
39723972 ITS OWN STOCK; RIGHTS OF STOCK CA LLED FOR REDEMPTION
39733973 A. Every corporation may purchase, redeem, receive, take, or
39743974 otherwise acquire, own, hold, sell, lend, exchange, transfer, or
39753975 otherwise dispose of, pledge, use and otherwise deal in and with its
39763976 own shares; provided, however, that no c orporation shall:
39773977 1. Purchase or redeem its own shares of capital stock for cash
39783978 or other property when the capital of the corporation is impaired or
39793979 when the purchase or redemption would cause any impairment of the
39803980 capital of the corporation, except that a corporation other than a
39813981 nonstock corporation may purchase or redeem out of capital any of
39823982 its own shares which are entitled upon any distribution of its
39833983 assets, whether by dividend or in liquidation, to a preference over
39843984 another class or series of its stock, or, if no shares entitle d to a
39853985 preference are outstanding, any of its own shares if such sh ares
39863986 will be retired upon their acquisition and the capital of the
39873987 corporation reduced in accordance with the provisions of Sect ions
39883988
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40394039 1078 and 1079 of this tit le. Nothing in this subsection shall
40404040 invalidate or otherwise affect a note, debenture, or other
40414041 obligation of a corporation given by it as consideration for its
40424042 acquisition by purchase, redemption, or the exchange of its shar es
40434043 of stock if at the time suc h note, debenture, or obligatio n was
40444044 delivered by the corporation its capital was not then impaire d or
40454045 did not thereby become impaired;
40464046 2. Purchase, for more than th e price at which they may then be
40474047 redeemed, any of its share s which are redeemable at the option of
40484048 the corporation; or
40494049 3. a. In the case of a corporation other than a nonstock
40504050 corporation, redeem any of its shares unless their
40514051 redemption is authorized by subsection B of Section
40524052 1032 of this title and then only in accordance with
40534053 the provisions of that section and the certif icate of
40544054 incorporation, or
40554055 b. In the case of a nonstock corporation , redeem any of
40564056 its membership interests, unless their redemption is
40574057 authorized by the certificate of incorporation and
40584058 then only in accordance with the certi ficate of
40594059 incorporation.
40604060 B. Nothing in this section shall be construed to limit or
40614061 affect a corporation’s right to resell any of its shares theretofore
40624062 purchased or redeemed out of surplus and which have not been
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41144114 retired, for consideration fixed by the bo ard of directors or by the
41154115 shareholders if the certificate of incorporation so provides.
41164116 C. Shares of its own a corporation’s capital stock belonging to
41174117 shall neither be entitled to vote nor be counted for quorum purpose s
41184118 if the shares belong to (1) the corporation, or to (2) another
41194119 corporation, if a majority of the shares entitled to vote in the
41204120 election of directors of the other corporation is held, dire ctly or
41214121 indirectly, by the corporation, shall neither be entitled to vo te
41224122 nor be counted for quorum p urposes or (3) any other entity , if a
41234123 majority of the voting power of such other entity is held, d irectly
41244124 or indirectly, by the corporation or if such other entity is
41254125 otherwise controlled, directly or indirectly, by the corpor ation.
41264126 Nothing in this sectio n shall be construed as limitin g the right of
41274127 any corporation to vote stock including, but not lim ited to, its own
41284128 stock, held by it in a fiduciary capacity.
41294129 D. Shares which have been called for redemption shall not be
41304130 deemed to be outstanding shares for the purpose of voting or
41314131 determining the total number of shares entitled to vote on any
41324132 matter on and after the date on which written notice of redemption
41334133 has been sent to holders thereof and a sum sufficient to redeem
41344134 those shares has been irrevocably dep osited or set aside to pay the
41354135 redemption price to the h olders of the shares upon surrender of the
41364136 certificates.
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41884188 SECTION 12. AMENDATORY 18 O.S. 2021, Section 1057, is
41894189 amended to read as follows:
41904190 Section 1057.
41914191 VOTING RIGHTS OF SHARE HOLDERS; PROXIES; LIMITATIONS
41924192 A. Unless otherwise provided for in the certificate of
41934193 incorporation and subject to the provisions of Section 1058 of this
41944194 title, each shareholder shall be entitled to one vote for each share
41954195 of capital stock held by the shar eholder. If the certificate of
41964196 incorporation provides for more or less than one vote for any share
41974197 on any matter, every reference in this act Section 1001 et seq. o f
41984198 this title to a majority or other p roportion of stock, voting stock
41994199 or shares shall refer to such majority or other proporti on of the
42004200 votes of such stock, voting stock or shares.
42014201 B. Each shareholder entitled to vote at a meeting of
42024202 shareholders or to exp ress consent or dissent to corporate action in
42034203 writing without a meeting may authorize another person or persons to
42044204 act for the shareholder by proxy, but no proxy shall be voted or
42054205 acted upon after three (3) years from its date, unless the proxy
42064206 provides for a longer period.
42074207 C. Without limiting the manner in which a shareholder may
42084208 authorize another person or persons to act as a proxy pursuant to
42094209 subsection B of this section, the following shall constitute a valid
42104210 means by which a shareholder may grant suc h authority:
42114211
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42624262 1. A shareholder, or such shareholder ’s authorized officer,
42634263 director, employee, or agent, may execute a writing authorizing
42644264 another person or persons to act for him or her as proxy. Execution
42654265 may be accomplished by the shareholder or the sha reholder’s
42664266 authorized officer, director, employee, or agent signing the writing
42674267 or causing his or her signatu re to be affixed to the writing by any
42684268 reasonable means including, but not limi ted to, by facsimile
42694269 signature.
42704270 2. A shareholder may authorize anot her person or persons to act
42714271 for him or her as proxy by transmitting or authorizing the
42724272 transmission of a tel egram, cablegram, or other means of electronic
42734273 transmission to the person who w ill be the holder of the proxy or to
42744274 a proxy solicitation firm, prox y support service organization, or
42754275 like agent duly authorized by the person who will be the holder of
42764276 the proxy to receive the transmission; provided, that any telegram,
42774277 cablegram, or other means of electronic transmission must either set
42784278 forth, or be submitted with information from whi ch it can be
42794279 determined, that the telegram, cablegram, or other electronic
42804280 transmission was authorized by the shareholder. If it is determined
42814281 that telegrams, cablegrams, or other electronic transmissions are
42824282 valid, the inspectors or, if there are no insp ectors, any other
42834283 person making that determination shall specify the informati on upon
42844284 which they relied.
42854285
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43364336 3. The authorization of a person to act as a proxy may be
43374337 documented, signed, and delivered in accordance with Section 1014.3
43384338 of this title, provided that the authorization sha ll set forth, or
43394339 be delivered with information enabling the corporat ion to determine,
43404340 the identity of the shareholder granting the authorization.
43414341 D. Any copy, facsimile telecommunication, or other r eliable
43424342 reproduction of the writing or transmission created pursuant to
43434343 subsection C of this secti on may be substituted or us ed in lieu of
43444344 the original writing or transmission for any and all purposes for
43454345 which the original writing or transmission could be used; provided,
43464346 that the copy, facsimile telecommunication, or other reproduction
43474347 shall be a complete reproduction of the en tire original writing or
43484348 transmission.
43494349 E. A duly executed proxy shall be irrevocable if it states that
43504350 it is irrevocable and if, a nd only as long as, it is coupled with an
43514351 interest sufficient in law to support an irrevocable pow er. A proxy
43524352 may be made irrevocable regardless of whether the interest with
43534353 which it is coupled is an interest in the stock itself or an
43544354 interest in the corp oration generally.
43554355 SECTION 13. AMENDATORY 18 O.S. 2021, Section 1058, is
43564356 amended to read as follows:
43574357 Section 1058.
43584358 FIXING DATE FOR DETE RMINATION OF SHAREHOLDERS OF RECORD
43594359
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44104410 A. In order that the corporation may determine the sharehol ders
44114411 entitled to notice of or to vote at any meeting of shareholders or
44124412 any adjournment thereof, the board of directors may f ix a record
44134413 date, which record date shall not precede the date upon which the
44144414 resolution fixing the record date is adopted by the b oard of
44154415 directors, and which record date shall not be more than sixty ( 60)
44164416 nor less than ten (10) days before the date of suc h meeting. If the
44174417 board of directors so fixes a date, such dat e shall also be the
44184418 record date for determining the shareholders ent itled to vote at
44194419 such meeting unless the board of directors determines, at the time
44204420 it fixes such record date, that a later d ate on or before the date
44214421 of the meeting shall be the date for making such determination. If
44224422 no record date is fixed by the board of directors, the record date
44234423 for determining shareholders entitled to notice of or to vote at a
44244424 meeting of shareholders shal l be at the close of business on th e day
44254425 next preceding the day on which notice is given, or, if notice is
44264426 waived, at the close of business on the day next preceding the day
44274427 on which the meeting is held . A determination of shareholders of
44284428 record entitled to notice of or to vote at a meetin g of shareholders
44294429 shall apply to any adjournment of the meeting; provided, however,
44304430 that the board of directors may fix a new record date for the
44314431 adjourned meeting and in such case shall also fix as the record date
44324432 for shareholders entitled to notice of su ch adjourned meeting the
44334433 same or an earlier date as that fixed for determination of
44344434
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44854485 shareholders entitled to vote in accordance with the foregoing
44864486 provisions of this s ection at the adjourned meeting.
44874487 B. 1. In order that the corporation may determine the
44884488 shareholders entitled to con sent to corporate action in writing
44894489 without a meeting in accordance with Section 1073 of this title , the
44904490 board of directors may fix a record date, which record date shall
44914491 not precede the date upon which the resolution fixing the record
44924492 date is adopted by the board of directors, and which date shall not
44934493 be more than ten (10 ) days after the date upon which the resolution
44944494 fixing the record date is adopted by the board of directors. If no
44954495 record date has been fixed by the board of d irectors, the record
44964496 date for determining shareholders entitled to consent to corporate
44974497 action in writing without a meeting, when no prior action by the
44984498 board of directors is required by the Oklahoma General Corpo ration
44994499 Act, shall be the first date on whic h a signed written consent
45004500 setting forth the action taken or proposed to be taken is delivered
45014501 to the corporation by delivery to its registered office in this
45024502 state, its principal place of business, or an officer or agent of
45034503 the corporation having custody of the book in which proceedings of
45044504 meetings of shareholders are recorded. Delivery made to a
45054505 corporation’s registered office shall be by hand or by certified or
45064506 registered mail, return receipt requested in accordance with
45074507 subsection D of Section 1073 of this title. If no record date has
45084508 been fixed by the board of directors and prior action by the board
45094509
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45604560 of directors is required by the Oklahoma General Corporation Act,
45614561 the record date for determining shareholders entitled to consent to
45624562 corporate action in writing without a meeting shall be at the close
45634563 of business on the day on which the board of dir ectors adopts the
45644564 resolution taking such prior action.
45654565 2. The provisions of this subsection shall be effective with
45664566 respect to corporate actions taken by writt en consent, and to such
45674567 written consent or consents, as to which the first written consent
45684568 is executed or solicited after November 1, 1988.
45694569 C. In order that the corporation may determine the shareholders
45704570 entitled to receive payment of any dividend or othe r distribution or
45714571 allotment of any rights or the shareholders entitled to exercise any
45724572 rights in respect of any change, conversion or exchange of stock, or
45734573 for the purpose of any other lawful action, the board of director s
45744574 may fix a record date, which reco rd date shall not precede the date
45754575 upon which the resolution fixing the record date is adopted, and
45764576 which record date shall be not more than sixty (60) days prior to
45774577 such action. If no record date is fixed, the record da te for
45784578 determining shareholders for any such purpose shall be at the close
45794579 of business on the day on which the board of directors a dopts the
45804580 resolution relating thereto.
45814581 SECTION 14. AMENDATORY 18 O.S. 2021, Section 1073, is
45824582 amended to read as follows:
45834583 Section 1073.
45844584
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46354635 CONSENT OF SHAREHOLDERS IN L IEU OF MEETING
46364636 A. Unless otherwise provided for in the certificate of
46374637 incorporation, any action required by the provisions of the Oklahoma
46384638 General Corporation Act to be ta ken at any annual or special meeting
46394639 of shareholders of a corporation or any action which may be taken at
46404640 any annual or special meeting of shareholders, may be taken without
46414641 a meeting, without prior notice, and without a vote, if a consent or
46424642 consents in writing, setting forth the action so taken, shall be
46434643 signed by the holders of outstan ding stock having not less than the
46444644 minimum number of votes that wou ld be necessary to authorize or take
46454645 the action at a meeting at which all shares entitled to vote thereo n
46464646 were present and voted and shall be delivered to the corporation by
46474647 delivery to its registered office in this state, its principal place
46484648 of business, or an officer or agent of the corporation having
46494649 custody of the book in which proceedings of meetings of shareholders
46504650 are recorded. Delivery made to a corporation ’s registered office
46514651 shall be by hand or by certified or registered mail, return receipt
46524652 requested in the manner required by this section .
46534653 B. Unless otherwise provided for in the certificate of
46544654 incorporation, any acti on required by the provisions of the Oklahoma
46554655 General Corporation Act to be taken at a meeting of the members of a
46564656 nonstock corporation, or any action which may be taken at any
46574657 meeting of the members of a nonstock corporation, may be taken
46584658 without a meeting, without prior notice and without a vote, if a
46594659
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47104710 consent or consents in writing, setting forth the action taken,
47114711 shall be signed by members having not less than the minimum number
47124712 of votes that would be necessary to authorize or take such action at
47134713 a meeting at which all members having a right to vote thereon were
47144714 present and voted and shall be delivered to the corporation by
47154715 delivery to its registered office in this state, its principal pla ce
47164716 of business, or an officer or agent of the corporation having
47174717 custody of the book in which proceedings of meetings of sharehold ers
47184718 are recorded. Delivery made to a corporation ’s registered office
47194719 shall be by hand or by certified or registered mail, ret urn receipt
47204720 requested in the manner required by this section .
47214721 C. 1. An electronic transmission consenting to an action to be
47224722 taken and transmitted by a shareholder, member or proxyholder, or by
47234723 a person or persons authorized to act for a shareholder, member or
47244724 proxyholder, shall be deemed to be written and signed for th e
47254725 purposes of this section; provided that any electronic transmission
47264726 sets forth or is delivered with information from which the
47274727 corporation can determine A consent permitted by this section shall
47284728 be delivered:
47294729 a. that the electronic transmission was trans mitted by
47304730 the shareholder, member or proxyholder or by a person
47314731 or persons authorized to act for the shareholder ,
47324732 member or proxyholder, and to the principal place of
47334733 business of the corporation,
47344734
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47854785 b. the date on which the shareholder, member or
47864786 proxyholder or authorized person or persons
47874787 transmitted the electronic tran smission to an officer
47884788 or agent of the corporation having custod y of the book
47894789 in which proceedings of meetings of shareholders or
47904790 members are recorded,
47914791 c. to the registered office of the corpor ation in this
47924792 state by hand or by certified or registered mail,
47934793 return receipt requested, or
47944794 d. in accordance with Section 1014.3 o f this title to an
47954795 information processing system, if any, designa ted by
47964796 the corporation for receiving such consents. Consent
47974797 delivered pursuant to this subparagraph must set forth
47984798 or be delivered with information that enables the
47994799 corporation to determine the date of delivery of such
48004800 consent and the identi ty of the person giving such
48014801 consent and, if such consent is given by a pe rson
48024802 authorized to act for a shareholder or member as
48034803 proxy, such consent must comply with the applicable
48044804 provisions of paragraphs 2 and 3 of subsection C of
48054805 Section 1075.2 of this title.
48064806 2. A consent given by electronic transmission is delivered to
48074807 the corporation upon the earlie st of:
48084808
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48594859 a. when the consent enters an in formation processing
48604860 system, if any, designated by the corporation for
48614861 receiving consents, so long as the electronic
48624862 transmission is in a form capable of being processed
48634863 by that system and the corporation is able to r etrieve
48644864 that electronic transmission,
48654865 b. when a paper reproduction of the consent is delivered
48664866 to the corporation’s principal place of business or an
48674867 officer or agent of t he corporation having custody of
48684868 the book in which proceeding s of meetings of
48694869 stockholders or members are recorded,
48704870 c. when a paper reproduction of the consent is delivered
48714871 to the corporation’s registered office in this state
48724872 by hand or by certified or reg istered mail, return
48734873 receipt requested, or
48744874 d. when delivered in such other manner, if any, provided
48754875 by resolution of the boa rd of directors or governing
48764876 body of the corporation.
48774877 Whether the corporation has so designated an information processing
48784878 system to receive consents is determined by the certificate of
48794879 incorporation, the bylaws or fro m the context and surrounding
48804880 circumstances including the conduct of the corporation. A consent
48814881 given by electronic transmission is delivered under this section
48824882 even if no person is aware of its receipt. Receipt of an electronic
48834883
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49344934 acknowledgement from an i nformation processing system establishe s
49354935 that a consent given by electronic transmission was received but , by
49364936 itself, does not establish that the content sent corresponds to the
49374937 content received.
49384938 3. Any copy, facsimile or other rel iable reproduction of a
49394939 consent in writing may be substituted o r used in lieu of the
49404940 original writing for any and all purposes fo r which the original
49414941 writing could be used; provided that the copy , facsimile or other
49424942 reliable reproduction shall be a complet e reproduction of the en tire
49434943 original writing Any copy, facsimile, or other reliable reproduction
49444944 of a consent in writing may be substituted or used in lie u of the
49454945 original writing for any and all purposes for which the origi nal
49464946 writing could be used, prov ided that such copy, facsimile, or other
49474947 reproduction shall be a complete reproduction of the entire original
49484948 writing. A consent may be documented and signed in accordance wit h
49494949 Section 1014.3 of this title, and when so documented or signed shall
49504950 be deemed to be in writing for purposes of this title; pr ovided that
49514951 if such consent is delivered pursuant to subparagraph a, b, or c of
49524952 paragraph 1 of this subsection, such consent must be reproduced and
49534953 delivered in paper form .
49544954 D. A consent must be set forth in w riting or in an electronic
49554955 transmission. No written consent shall be effective to take the
49564956 corporate action referred to therein unless written consents signed
49574957 by a sufficient number of holders or members to take action are
49584958
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50095009 delivered to the corporation in the manner required by this section
50105010 within sixty (60) days of the first date on which a written consent
50115011 is so delivered to the c orporation. Any person executing a consent
50125012 may provide, whether through instruction to an agent or otherwise,
50135013 that such a consent will be effective at a future time including a
50145014 time determined upon the happening of an event, no later than sixty
50155015 (60) days after such instruction is given or such provision is made
50165016 if evidence of such instruction or provision is provided to the
50175017 corporation. Unless otherwise provided, any such consent shall be
50185018 revocable prior to its becoming effective. All references to a
50195019 consent in this section mean a consent permitted by this section.
50205020 E. Prompt notice of the taking of the corporate action without
50215021 a meeting by less than unanimous written consent shall be given to
50225022 those shareholders or members, as th e case may be, who have no t
50235023 consented in writing and who, if the action had been taken at a
50245024 meeting, would have been entitled to notice of the meeting if the
50255025 record date for notice of the meeting had been the date th at written
50265026 consents signed by a sufficie nt number of shareholders or members to
50275027 take the action were delivered to the corporation as provided in
50285028 this section. In the event that the action for which consent is
50295029 given is an action that would have required th e filing of a
50305030 certificate under any othe r section of this title if the action had
50315031 been voted on by shareholders or by members at a meeting thereof the
50325032 certificate filed under the other section shall state, in lieu of
50335033
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50845084 any statement required by the section c oncerning any vote of
50855085 shareholders or members, that written consen t has been given in
50865086 accordance with the provisions of this section.
50875087 SECTION 15. AMENDATORY 18 O.S. 202 1, Section 1075.2, is
50885088 amended to read as follows:
50895089 Section 1075.2.
50905090 ELECTRONIC NOTICE; EFFECTIVENESS; REVOCATION OF CONSENT
50915091 A. Without limiting the mann er of which notice otherwise may be
50925092 given effectively to shareholders, any notice to shareholders given
50935093 by the corporation under any provisio n of the Oklahoma General
50945094 Corporation Act, the certificate of incorporation, or the bylaws
50955095 shall be effective if gi ven by a form of electronic transmission
50965096 consented to by the shareholder to whom the notice is giv en. The
50975097 consent shall be revocable by the shareholder by written noti ce to
50985098 the corporation. The consent shall be deemed revoked if may be
50995099 given in writing directed to the shareholder ’s mailing address or by
51005100 electronic transmission directed to the shareholder ’s electronic
51015101 mail address, as applicable, as it appears on the records of the
51025102 corporation, and shall be given:
51035103 1. The corporation is unable to deliver b y electronic
51045104 transmission two consecutive notices given by the corporation in
51055105 accordance with the consent ; and
51065106 2. The inability becomes known to the secretary or an as sistant
51075107 secretary of the corporation or to the transfer agent, or other
51085108
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51595159 person responsible for the giving of notice; provided, however, the
51605160 inadvertent failure to treat the inability as a revoc ation shall not
51615161 invalidate any meeting or other action If mailed, when the notice is
51625162 deposited in the U.S. mail, postage prepaid;
51635163 2. If delivered by courier service, the earlier of when the
51645164 notice is received or left at such shareholder’s address; or
51655165 3. If given by electronic mail, when directed to such
51665166 shareholder’s electronic mail address unless the shareholder has
51675167 notified the corporation in writing o r by electronic transmission of
51685168 an objection to receiving notice by electronic mail or such notice
51695169 is prohibited by subsection E of this section. A notice by
51705170 electronic mail must include a prominent legend that the
51715171 communication is an important notice reg arding the corporation.
51725172 B. Without limiting the manner by which notice otherwise may be
51735173 given effectively to shareholders, but subject to subsection E of
51745174 this section, any notice to shareholders given by the corpora tion
51755175 under any provision of this title, the certificate of incorporation,
51765176 or the bylaws shall be effective if given by a form of electronic
51775177 transmission consented to by the shareholder to whom the notice is
51785178 given. Any such consent shall be revocable by the shareholder by
51795179 written notice or electr onic transmission to the corporation. A
51805180 corporation may give a notice by electronic mail in accordanc e with
51815181 subsection A of this section without obtaining the conse nt required
51825182 by this subsection.
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52345234 B. C. Notice given pursuant to su bsection A of this sectio n
52355235 shall be deemed given if by:
52365236 1. Facsimile telecommunication, when directed to a number at
52375237 which the shareholder has consented to receive notice;
52385238 2. Electronic mail, when directed to an electronic mail address
52395239 at which the shareholder has consented to r eceive notice;
52405240 3. A posting on an electronic network together with separate
52415241 notice to the shareholder of the specific posting, upon the later
52425242 of:
52435243 a. the posting, and
52445244 b. the giving of the separate notice; and
52455245 4. 3. Any other form of electronic transmissio n, when directed
52465246 to the shareholder in accordance with the shareholder ’s consent.
52475247 An affidavit of the secretary or an assi stant secretary or of
52485248 the transfer agent or other agent of the corporation that the notice
52495249 has been given by a form of electronic tran smission shall, in the
52505250 absence of fraud, be prima facie evidence of the facts stated
52515251 therein.
52525252 C. D. For purposes of the Okla homa General Corporation Act ,
52535253 “electronic:
52545254 1. “Electronic transmission” means any form of communication,
52555255 not directly involving th e physical transmission of paper including
52565256 the use of, or participation in, one or more electronic net works or
52575257 databases including one or more distributed electronic networks or
52585258
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53095309 databases, that creates a record that may be retained , retrieved and
53105310 reviewed by a recipient thereof, and that may be directly reproduced
53115311 in paper form by such a recipient through an automated process ;
53125312 2. “Electronic mail” means an electronic transmission directed
53135313 to a unique electronic mail address , which electronic mail shall be
53145314 deemed to include any files attached thereto and any information
53155315 hyperlinked to a website if such elec tronic mail includes the
53165316 contact information of an officer or a gent of the corporation who is
53175317 available to assist with accessing such files and informati on; and
53185318 3. “Electronic mail address ” means a destination, commonly
53195319 expressed as a string of characters , consisting of a unique user
53205320 name or mailbox (commonly referre d to as the “local part” of the
53215321 address) and a reference to an int ernet domain (commonly r eferred to
53225322 as the “domain part” of the address), whether or not displayed, to
53235323 which electronic mail can be sent or delivered.
53245324 E. Notwithstanding the foregoing, a notice may not be given by
53255325 an electronic transmission from and after the time that:
53265326 1. The corporation is unable to deliver by electronic
53275327 transmission two consecutive notices given by the corpora tion; and
53285328 2. The inability becomes kno wn to the secretary or a n assistant
53295329 secretary of the corporation or to the transfer agent, or other
53305330 person responsible for the giving of notice; provided, however, the
53315331 inadvertent failure to discover such inability sh all not invalidate
53325332 any meeting or other action.
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53845384 F. An affidavit of the secretary or an assistant secretary or
53855385 of the transfer agent or other agent of the corporation that the
53865386 notice has been given by a form of electronic transmission shall, in
53875387 the absence of fraud, be prima facie evidence of the facts stated
53885388 therein.
53895389 D. G. This No provision of this section, except for paragraph 1
53905390 of subsection A or paragraphs 1 and 2 of subsection D of this
53915391 section, shall not apply to Sections 1045 , or 1111, 1119, or 1123 of
53925392 this title.
53935393 SECTION 16. AMENDATORY 18 O.S. 2021, Section 1081, is
53945394 amended to read as follows:
53955395 Section 1081.
53965396 MERGER OR CONSOLIDATION OF DOMESTIC CORPORATIONS
53975397 A. Any two or more domestic corporations may merge into a
53985398 single surviving corporation, which may be any one of the
53995399 constituent corporations or may consolidate into a new resulting
54005400 corporation formed by the consolidation, pursuant to an agreement of
54015401 merger or consolidation, as the case may be, complying and approved
54025402 in accordance with the provisions of this section .
54035403 B. The board of directors of each corporation which desires to
54045404 merge or consolidate shall adopt a resolution approving an agreement
54055405 of merger or consolidation and declaring its advisability. The
54065406 agreement shall state:
54075407 1. The terms and conditions of th e merger or consolidation;
54085408
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54595459 2. The mode of carrying the same into effect;
54605460 3. In the case of a merger, the amendments or changes in the
54615461 certificate of incorporation of the surviving corporation as are
54625462 desired to be effected by the merger, which amendments or changes
54635463 may amend and restate the certificate of incorporation of the
54645464 surviving corporation in its entirety, or, if no amendments or
54655465 changes are desired, a statement that the certificate of
54665466 incorporation of the surviving corporation shall be its certifi cate
54675467 of incorporation of the surviving or resulting corporation;
54685468 4. In the case of a c onsolidation, that the certificate of
54695469 incorporation of the resulting corporation shall be as is set forth
54705470 in an attachment to t he agreement;
54715471 5. The manner, if any, of c onverting the shares of each of the
54725472 constituent corporations into shares or other secur ities of the
54735473 corporation surviving or resulting from the merger or consolidation,
54745474 or of canceling some or all of the shares, an d, if any shares of any
54755475 of the constituent corporations are not to remain outstanding, to be
54765476 converted solely into shares or othe r securities of the surviving or
54775477 resulting corporation or to be canceled, the cash, property, rights,
54785478 or securities of any othe r corporation or entity which the holders
54795479 of the shares are to receive in exchange for or upon conversion of
54805480 the shares and the s urrender of any certificates evidencing them,
54815481 which cash, property, rights or securities of any other corporation
54825482
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55335533 or entity may be in addition to or in lieu of shares or other
55345534 securities of the surviving or resulting corporation; and
55355535 6. Other details or p rovisions as are deemed desirable ,
55365536 including without limiting the generality of the foregoing, a
55375537 provision for the payment of c ash in lieu of the issuance or
55385538 recognition of fractional shares, rights or other securities of the
55395539 surviving or resulting corpora tion or of any other corporation or
55405540 entity the shares, rights or other securities of which are to be
55415541 received in the merger or consolidation, or for any other
55425542 arrangement with respect thereto, consistent with the provisions of
55435543 Section 1036 of this title. The agreement so adopted shall be
55445544 executed and acknowledged in accordance with the provisions of
55455545 Section 1007 of this title. A ny of the terms of the agreement of
55465546 merger or consolidation may be made dependent upon facts
55475547 ascertainable outside of the agreeme nt; provided, that the manner in
55485548 which these facts shall operate upon the terms of the agreement is
55495549 clearly and expressly set f orth in the agreement of merger or
55505550 consolidation. The term “facts” as used in this paragraph includes,
55515551 but is not limited to, th e occurrence of any event including a
55525552 determination or action by any person or body including the
55535553 corporation.
55545554 C. The agreement required by the provisions of subsection B of
55555555 this section shall be submitted to the shareholders of each
55565556 constituent corporati on at an annual or special meeting thereof for
55575557
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56085608 the purpose of acting on the agreement. Due notice of the time,
56095609 place, and purpose of the meeting shall be mailed to each holder of
56105610 stock whether voting or nonvoting, of the corporation at the address
56115611 which appears on the records of the corporation, at least twenty
56125612 (20) days before the date of the meeting. The notice shall contain
56135613 a copy of the agreement or a brief summary thereof; provided,
56145614 however, the notice shall be effective only with respect to mergers
56155615 or consolidations for which the notice of the shareholders meeting
56165616 to vote thereon has been mailed after November 1, 1988. At the
56175617 meeting the agreement shall be conside red and a vote taken for its
56185618 adoption or rejection. If a majority of the outstanding s tock of
56195619 the corporation entitled to vote thereon shall be voted for the
56205620 adoption of the agreement, that fact shall be certified on the
56215621 agreement by the secretary or the assistant secretary of the
56225622 corporation; provided, that such certification on the agreem ent
56235623 shall not be required if a certificate of merger or consolidation is
56245624 filed in lieu of filing the agreement. If the agreeme nt shall be so
56255625 adopted and certified by ea ch constituent corporation, it shall then
56265626 be filed and shall become effective in accord ance with the
56275627 provisions of Section 1007 of this title. In lieu of filing an
56285628 agreement of merger or consolidation required by this section, the
56295629 surviving or resulting c orporation may file a certificate of merger
56305630 or consolidation executed in accordance wit h the provisions of
56315631 Section 1007 of this title and which states:
56325632
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56835683 1. The name and state of incorporation of each of the
56845684 constituent corporations;
56855685 2. That an agreement o f merger or consolidation has been
56865686 approved, adopted, executed and acknowledged by each of the
56875687 constituent corporations in accordance with the provisions of this
56885688 section;
56895689 3. The name of the surviving or resulting corporation;
56905690 4. In the case of a merger, the amendments or changes in the
56915691 certificate of incorporation of the surviving corporat ion, which may
56925692 be amended and restated, that are desired to be effected by the
56935693 merger, which amendments or changes may amend an d restate the
56945694 certificate of incorporation of the surviving corporation in its
56955695 entirety, or, if no amendments or changes are desi red, a statement
56965696 that the certificate of incorporation of the surviving corporation
56975697 shall be its certificate of incorporation;
56985698 5. In the case of a consolidation, that t he certificate of
56995699 incorporation of the resulting corporation shall be as is set forth
57005700 in an attachment to the certificate;
57015701 6. That the executed agreement of consolidation or merger is on
57025702 file at the principal plac e of business of the surviving or
57035703 resulting corporation, stating the address thereof; and
57045704 7. That a copy of the agreement of con solidation or merger will
57055705 be furnished by the surviving or resulting corporation, on request
57065706 and without cost, to any sharehold er of any constituent corporation.
57075707
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57585758 For purposes of Sections 1084 and 1086 of this title, the term
57595759 “shareholder” shall be deemed to include “member”.
57605760 D. Any agreement of merger or consolidation may contain a
57615761 provision that at any time prior to the time th at the agreement, or
57625762 a certificate filed w ith the Secretary of State in lieu thereof,
57635763 becomes effective in accordance with Sectio n 1007 of this title, the
57645764 agreement may be terminated by the board of directors of any
57655765 constituent corporation notwithstanding approval of the agreement by
57665766 the shareholders of all or any of the constituent corporations;
57675767 provided, if the agreement of merger or consolidation is terminated
57685768 after the filing of the agreement, or a certificate filed with the
57695769 Secretary of State in lieu t hereof, but before the agreement or
57705770 certificate has become effective, a certificate of termination of
57715771 merger or consolidation sha ll be filed in accordance with Section
57725772 1007 of this title. Any agreement of merger or consolidation may
57735773 contain a provision th at the boards of directors of the constitu ent
57745774 corporations may amend the agreement at any time prior to the time
57755775 that the agreement, or a certificate filed with the Secretary of
57765776 State in lieu thereof, becomes effective in accordance with Section
57775777 1007 of this title; provided, that an amendment made subsequent to
57785778 the adoption of the agreement by the shareholders of any constituent
57795779 corporation shall not:
57805780 1. Alter or change the amount or kind of shares, securities,
57815781 cash, property or rights to be received in ex change for or on
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58335833 conversion of all or any of the shares of any class or series
58345834 thereof of the constituent corporation;
58355835 2. Alter or change any term of the certificate of incorporation
58365836 of the surviving corporation to be effected by the merger or
58375837 consolidation; or
58385838 3. Alter or change any of the term s and conditions of the
58395839 agreement if an alteration or change would adversely affect the
58405840 holders of any class or series thereof of the constituent
58415841 corporation.
58425842 If the agreement of merger or consolidation is amended after the
58435843 filing of the agreement, or a ce rtificate in lieu thereof, with the
58445844 Secretary of State, but before the agreement or cer tificate has
58455845 become effective, a certificate of amendment of merger or
58465846 consolidation shall be filed in accordance with Section 1007 of this
58475847 title.
58485848 E. In the case of a m erger, the certificate of incorporation of
58495849 the surviving corporation shall automaticall y be amended to the
58505850 extent, if any, that changes in the certificate of incorporation are
58515851 set forth in the certificate of merger .
58525852 F. Notwithstanding the requirements of subsection C of this
58535853 section, unless required by its certificate of incorporation, no
58545854 vote of shareholders of a constituent corporation surviving a merger
58555855 shall be necessary to authorize a merger if:
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59075907 1. The agreement of merger does not amend in any respec t the
59085908 certificate of incorporation of the constituent corporation;
59095909 2. Each share of st ock of the constituent corporation
59105910 outstanding immediately prior to the effective date of the merger is
59115911 to be an identical outs tanding or treasury share of the surviving
59125912 corporation after the effective date of the merger; and
59135913 3. Either no shares of common stock of the surviving
59145914 corporation and no shares, securities or obligations convertible
59155915 into such stock are to be issued or de livered under the plan of
59165916 merger, or the authorized unissued shares or the treasury shares of
59175917 common stock of the surviving corpo ration to be issued or delivered
59185918 under the plan of merger plus those initially issuable upon
59195919 conversion of any other shares, se curities or obligations to be
59205920 issued or delivered under the plan do not exceed twenty percent
59215921 (20%) of the shares of common stock of the constituent corporation
59225922 outstanding immediately prior to the effective date of the merger.
59235923 No vote of shareholders of a constituent corporation shall be
59245924 necessary to authorize a merger or consolidation if no shares of the
59255925 stock of the corporation shall have been issued prior to the
59265926 adoption by the board of directors of the resolution approving the
59275927 agreement of merger or c onsolidation. If an agreement of merger i s
59285928 adopted by the constituent corporation surviving the merger, by
59295929 action of its board o f directors and without any vote of its
59305930 shareholders pursuant to the provisions of this subsection, the
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59825982 secretary or assistant secretary of that corporation shall certif y
59835983 on the agreement that the agreement has been adopted pursuant to the
59845984 provisions of this subsection and:
59855985 a. if it has been adopted pursuant to paragraph 1 of this
59865986 subsection, that the conditions specified have bee n
59875987 satisfied, or
59885988 b. if it has been adopted pursuant to paragraph 2 of this
59895989 subsection, that no shares of stock of the corporation
59905990 were issued prior to the adoption by the board of
59915991 directors of the resolution approving the agreement of
59925992 merger or consolidatio n; provided, that such
59935993 certification on the agreement shall not be required
59945994 if a certificate of merger or consolidation is filed
59955995 in lieu of filing the agreement.
59965996 The agreement so adopted and certified shall then be filed and
59975997 shall become effective in accor dance with the provisions of Section
59985998 1007 of this title. Filing shall constitute a representation by the
59995999 person who executes the certificate that the facts stated in the
60006000 certificate remain true immediately prior to filing.
60016001 G. 1. Notwithstanding the requ irements of subsection C of this
60026002 section, unless expressly required by its certificate of
60036003 incorporation, no vote of shareholders of a constituent corporation
60046004 shall be necessary to authorize a merger with or into a single
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60566056 direct or indirect wholly owned sub sidiary of the constituent
60576057 corporation if:
60586058 a. the constituent corporation and the direct or indirect
60596059 wholly owned subsidiary of t he constituent corporation
60606060 are the only constituent entities to the merger,
60616061 b. each share or fraction of a share of the capital stock
60626062 of the constituent corporation outs tanding immediately
60636063 before the effective time of the merger is converted
60646064 in the merger into a share or equal fraction of share
60656065 of capital stock of a holding company having the same
60666066 designations, rights, powers and preferences, and the
60676067 qualifications, limit ations and restrictions thereof,
60686068 as the share of stock of the constituent corporation
60696069 being converted in the merger,
60706070 c. the holding company and the constituent corporation
60716071 are domestic corporations and the direct o r indirect
60726072 wholly owned subsidiary that is the other constituent
60736073 entity to the merger is a domestic corporation or
60746074 limited liability company,
60756075 d. the certificate of incorporation and bylaws of the
60766076 holding company immediately following the effective
60776077 time of the merger contain provisions identical to the
60786078 certificate of incorporation and bylaws of the
60796079 constituent corporation immediately before the
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61316131 effective time of the merger, other than provisions,
61326132 if any, regarding the incorporator or incorporators,
61336133 the corporate name, the registered office and agent ,
61346134 the initial board of directors and the initial
61356135 subscribers of shares and provisions c ontained in any
61366136 amendment to the certificate of incorporation as were
61376137 necessary to effect a change, exchange,
61386138 reclassification, subdivision, combination or
61396139 cancellation of stock, if a change, exchange,
61406140 reclassification or cancellation has become effective,
61416141 e. as a result of the merger, the constituent corporation
61426142 or its successor corporation becomes or remains a
61436143 direct or indirect wholly owned subsidiary of the
61446144 holding company,
61456145 f. the directors of the constituent corporation become or
61466146 remain the directors o f the holding company upon the
61476147 effective time of the merger,
61486148 g. the organizational documents of the surviving entity
61496149 immediately following the effective time of the merg er
61506150 contain provisions identical to the certificate of
61516151 incorporation of the constituent corporation
61526152 immediately before the effective time of the merger,
61536153 other than provisions, if any, regarding the
61546154 incorporator or incorporators, the corporate or entity
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62066206 name, the registered office and agent, the initial
62076207 board of directors and the initial subsc ribers for
62086208 shares, references to members rather than
62096209 shareholders, references to interests, units or the
62106210 like rather than stock or shares, references to
62116211 managers, managing members or other members of the
62126212 governing body rather than directors and such
62136213 provisions contained in any amendment to the
62146214 certificate of incorporation as were necessary to
62156215 effect a change, exchange, reclassific ation,
62166216 subdivision, combination or cancell ation of stock, if
62176217 such change, exchange, reclassification, subdivision,
62186218 combination or cancellation has become effective;
62196219 provided, however, requiring that:
62206220 (1) if the organizational documents of the surviving
62216221 entity do not contain the following provisions,
62226222 they shall be amended in the merger to contain
62236223 provisions requiring that:
62246224 (a) any act or transaction by or involving the
62256225 surviving entity, other than the election or
62266226 removal of directors or managers, managing
62276227 members or other members of the governing
62286228 body of the surviving entity, that requires
62296229 if taken by the constituent corporation
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62816281 immediately before the effective time of the
62826282 merger, would require for its adoption under
62836283 the Oklahoma General Corporation Act o r its
62846284 organizational documents under the
62856285 certificate of incorporati on or bylaws of
62866286 the constituent corporation immedia tely
62876287 before the effective time of the merger the
62886288 approval of the shareholders or members of
62896289 the surviving entity of the constituent
62906290 corporation shall, by specific reference to
62916291 this subsection, require, in addition to
62926292 approval of the shareholders or members of
62936293 the surviving entity, the approval of the
62946294 shareholders of the holding company (or any
62956295 successor by merger), by the same vote as is
62966296 required by the Oklahoma General Corporation
62976297 Act and/or by the organizational documents
62986298 of the surviving entity under the
62996299 certificate of incorporation or bylaws of
63006300 the constituent corporation immediately
63016301 before the effective time of the merger;
63026302 provided, however, that for purposes of this
63036303 subdivision, any surviving entity th at is
63046304 not a corporation shall include i n such
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63566356 amendment a requirem ent that the approval of
63576357 the shareholders of the holding company be
63586358 obtained for any act or transaction by or
63596359 involving the surviving entity, other than
63606360 the election or removal of directors or
63616361 managers, managing members or other members
63626362 of the governing body of the surviving
63636363 entity, which would require the approval of
63646364 the shareholders of the surviving entity if
63656365 the surviving entity were a corporation
63666366 subject to the Oklaho ma General Corporatio n
63676367 Act,
63686368 (b) any amendment of the organiz ational
63696369 documents of a surviving entity that is not
63706370 a corporation, which amendment would, if
63716371 adopted by a corporation subject to the
63726372 Oklahoma General Corp oration Act, be
63736373 required to be included in the certificate
63746374 of incorporation of such corporation, shall ,
63756375 by specific reference to this subsection,
63766376 require, in addition, the approval of the
63776377 shareholders of the holding company, or any
63786378 successor by merger, by the same vote as is
63796379 required by the Oklaho ma General Corporatio n
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64316431 Act and/or by the organizational documents
64326432 of the surviving enti ty certificate of
64336433 incorporation or bylaws of the constituent
64346434 corporation immediately before the effective
64356435 time of the merger, and
64366436 (c) (2) the business and affairs of a surviving
64376437 entity that is not a corporation shall be managed
64386438 by or under the direction of a board of
64396439 directors, board of manager s or other governing
64406440 body consisting of individuals who are subject to
64416441 the same fiduciary duties applicable to, and who
64426442 are liable for breach of such d uties to the same
64436443 extent as, directors of a corporation subject to
64446444 the Oklahoma General Corporation Act , and
64456445 (2) the organizational documents of the surviving
64466446 entity may be amended in the merge r:
64476447 (a) to reduce the number of classes and shares
64486448 of capital stock or other equity interests
64496449 or units that the surviving entity i s
64506450 authorized to issue, and
64516451 (b) to eliminate any provision authorized by
64526452 subsection D of Section 102 7 of this title;
64536453 and
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65056505 h. the shareholders of the constituent corporation do not
65066506 recognize gain or loss for federal income tax purposes
65076507 as determined by the bo ard of directors of the
65086508 constituent corporation.
65096509 Neither division (1) of subparagraph g of paragrap h 1 of this
65106510 subsection nor any provision of a surviving entity ’s organizational
65116511 documents required by division (1) of subparagraph g of paragraph 1
65126512 of this subsection shall be deemed or construed to require approval
65136513 of the shareholders of the holding compa ny to elect or remove
65146514 directors or managers, managing members or other members of the
65156515 governing body of the surviving entity.
65166516 2. As used in this subsection, the term “holding company” means
65176517 a corporation which, from its incorporation until consummation of a
65186518 merger governed by this s ubsection, was at all times a direct or
65196519 indirect wholly owned s ubsidiary of the constituent corporation and
65206520 whose capital stock i s issued in a merger.
65216521 3. As used in this subsection, the term “organizational
65226522 documents” means, when used in reference to a co rporation, the
65236523 certificate of incorporation of the corporation and, when used in
65246524 reference to a limited liability company, the ar ticles of
65256525 organization and the operatin g agreement of the limited liability
65266526 company.
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65786578 4. From and after the effective time of a merger adopted by a
65796579 constituent corporation by action of its b oard of directors and
65806580 without any vote of shareholders pursuant to this subsection:
65816581 a. to the extent the restriction of Section 1090.3 of
65826582 this title applied to the c onstituent corporation and
65836583 its shareholders at the effective time of the merger,
65846584 restrictions shall apply to the holding company and
65856585 its shareholders immedia tely after the effective time
65866586 of the merger as though it were the constituent
65876587 corporation, and all shareholders of stock of the
65886588 holding company acquired in the merger shall for
65896589 purposes of Section 1090.3 of this title be deemed to
65906590 have been acquired at the time that the shares of
65916591 stock of the constituent corporation converted in the
65926592 merger were acquired ; provided, that any shareho lder
65936593 who immediately before the effective time of the
65946594 merger was not an interested shareholder within the
65956595 meaning of Section 1090 .3 of this title shall not
65966596 solely by reason of the merger become an interested
65976597 shareholder of the h olding company,
65986598 b. if the corporate name of the holding company
65996599 immediately following the e ffective time of the merger
66006600 is the same as the corporate name of t he constituent
66016601 corporation immediately before the effective time of
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66536653 the merger, the shares of capit al stock of the holding
66546654 company into which the shares of capital stock of the
66556655 constituent corporation are converted in the merger
66566656 shall be represented by the stock certificates that
66576657 previously represented the shares of capital stock of
66586658 the constituent corp oration, and
66596659 c. to the extent a shareholder of the constituent
66606660 corporation immediately befo re the merger had standing
66616661 to institute or maintain derivative lit igation on
66626662 behalf of the constituent co rporation, nothing in this
66636663 section shall be deemed to limit or extinguish such
66646664 standing.
66656665 5. If any agreement of merger is adopted by a constituent
66666666 corporation by action of its board of directors and without any vote
66676667 of shareholders pursuant to this subsec tion, the secretary or
66686668 assistant secretary of the constituen t corporation shall certify on
66696669 the agreement that the agreement has been adopted pursuant t o this
66706670 subsection and that the conditions specified in paragraph 1 of this
66716671 subsection have been satisfied ; provided, that such certification on
66726672 the agreement shall n ot be required if a certific ate of merger or
66736673 consolidation is filed in lieu of filing the a greement. The
66746674 agreement so adopted and certified shall then be fi led and become
66756675 effective in accordance with Section 1007 of this title. Filing
66766676 shall constitute a representation by the person who executes the
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67286728 agreement that the facts stated in the certif icate remain true
67296729 immediately before the filing.
67306730 H. Notwithstanding the requirements of subsection C of this
67316731 section, unless expressly required by its certificate o f
67326732 incorporation, no vote of shareholders of a constituent corporation
67336733 that has a class or s eries of stock that is listed on a national
67346734 securities exchange or held of record by more than two thousa nd
67356735 holders immediately prior to the execution of the agreeme nt of
67366736 merger by such constit uent corporation shall be necessary to
67376737 authorize a merger if:
67386738 1. The agreement of merger expressly (a) permits or requires
67396739 such merger to be effected under this subsec tion and (b) provides
67406740 that such merger shall be effected as soon as practicable followin g
67416741 the consummation of the offer referred to in paragraph 2 of t his
67426742 subsection if such merger is effected under this subsection;
67436743 2. A corporation consummates an offer f or all of the
67446744 outstanding stock of such constituent corporat ion on the terms
67456745 provided in such agreement of merger that, absent this subsection,
67466746 would be entitled to vote on the adoption or rejection of the
67476747 agreement of merger; provided, however, that such offer may be
67486748 conditioned on the tender of a minimum number o r percentage of
67496749 shares of the stock of such constituent corporation, or of any class
67506750 or series thereof, and such offer may exclude any excluded stock;
67516751 and provided further, that the corporation ma y consummate separate
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68036803 offers for separate classes or series of the stock of such
68046804 constituent corporation;
68056805 3. Immediately following the consummation of the offer referred
68066806 to in paragraph 2 of this subsection, the stoc k irrevocably accepted
68076807 for purchase or exchange pursuant to such offer and received by the
68086808 depository prior to expiration of su ch offer, together with the
68096809 stock otherwise owned by the consum mating corporation or its
68106810 affiliates and any rollover stock, equal s at least such percentage
68116811 of the shares of stock of such constituent corporation, and of each
68126812 class or series thereof, that, a bsent this subsection, would be
68136813 required to adopt the agreement of merger by this chapter and by the
68146814 certificate of incorporation of such constituent corporation;
68156815 4. The corporation consummating the offer referred to in
68166816 paragraph 2 of this subsection merg es with or into such constituent
68176817 corporation pursuant to such a greement;
68186818 5. Each outstanding share, other than shares of exclude d stock,
68196819 of each class or series of sto ck of the constituent corporation that
68206820 is the subject of and not irrevocably accepted fo r purchase or
68216821 exchange in the offer referred to in paragraph 2 of this subsection
68226822 is to be converted in such merger into, or into the right to
68236823 receive, the same amount and kind of cash, property, rights or
68246824 securities paid for sh ares of such class or series of stock of such
68256825 constituent corporation irrevocably accepted for purchase or
68266826 exchange in such offer; and
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68786878 6. As used in this su bsection only, the term:
68796879 a. “affiliate” means, in respect of the corporation
68806880 making the offer refer red to in paragraph 2 of thi s
68816881 subsection, any person that (1) owns, directly or
68826882 indirectly, all of the outstanding stock of such
68836883 corporation or (2) is a dire ct or indirect wholly
68846884 owned subsidiary of such corporation or of any person
68856885 referred to in proviso (1) of this subparagraph,
68866886 b. “consummates”, and with correlative meaning,
68876887 “consummation” and “consummating”, means irrevocably
68886888 accepts for purchase or exchan ge stock tendered
68896889 pursuant to an offer,
68906890 c. “depository” means an agent including a depository,
68916891 appointed to facilitate consumma tion of the offer
68926892 referred to in paragraph 2 of this subsection ,
68936893 d. “excluded stock” means (1) stock of such constituent
68946894 corporation that is owned at the commencement o f the
68956895 offer referred to in paragraph 2 of this subsection by
68966896 such constituent corporatio n, the corporation making
68976897 the offer referred to in paragraph 2 of this
68986898 subsection, any person that owns, directly or
68996899 indirectly, all of the outstanding stock of the
69006900 corporation making such offer, or any direct or
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69526952 indirect wholly owned subsidiary of any of the
69536953 foregoing and (2) rollover stock,
69546954 e. “person” means any individual, corporation,
69556955 partnership, limited liability company, unin corporated
69566956 association or other entity,
69576957 f. “received” solely for purposes of paragraph 3 of this
69586958 subsection means (1) with resp ect to certificated
69596959 shares, physical receipt of a stock certifi cate
69606960 accompanied by an executed letter of transmittal, (2)
69616961 with respect to uncertificated shares held of record
69626962 by a clearing corporation as nominee, transfer into
69636963 the depository’s account by means of an agent’s
69646964 message, and (3) with respect to uncertifica ted shares
69656965 held of record by a person other than a clearing
69666966 corporation as nominee, physical receipt of a n
69676967 executed letter of transmittal by the depository;
69686968 provided, however, that shares shall cease to be
69696969 “received” (4) with respect to certificated shares , if
69706970 the certificate representing such shares was canceled
69716971 prior to consummation of the offer referred to in
69726972 paragraph 2 of this subsection, or (5) with respect to
69736973 uncertificated shares, to the extent such
69746974 uncertificated shares have been reduced or elimina ted
69756975 due to any sale of such shares prior to consummation
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70277027 of the offer referred to in paragraph 2 of this
70287028 subsection, and
70297029 g. “rollover stock” means any shares of stoc k of such
70307030 constituent corporation that are the subject of a
70317031 written agreement requiring suc h shares to be
70327032 transferred, contributed or delivered to the
70337033 consummating corporation or any of its affili ates in
70347034 exchange for stock or other equity interests in such
70357035 consummating corporation or an affiliate thereof;
70367036 provided, however, that such shares of s tock shall
70377037 cease to be rollover stock for purposes of paragraph 3
70387038 of this subsection if, immediately prio r to the time
70397039 the merger becomes effective under this chapte r, such
70407040 shares have not been transferred, contributed or
70417041 delivered to the consummating corp oration or any of
70427042 its affiliates pursuant to such written agreemen t.
70437043 If an agreement of merger is adopted without the vote of
70447044 shareholders of a corporation pursuant to this subsection, the
70457045 secretary or assistant secretary of the surviving corporation shall
70467046 certify on the agreement that the agreement has been adopted
70477047 pursuant to this subsection and that the co nditions specified in
70487048 this subsection, other than the condit ion listed in paragraph 4 of
70497049 this subsection, have been satisfied; provided, that such
70507050 certification on the agreement shall not be required if a
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71027102 certificate of merger is filed in lieu of filing th e agreement. The
71037103 agreement so adopted and certified shall t hen be filed and shall
71047104 become effective, in accordance with Section 1007 of this title.
71057105 Such filing shall constitute a representation by the person who
71067106 executes the agreement that the facts state d in the certificate
71077107 remain true immediately prior to such f iling.
71087108 SECTION 17. AMENDATORY 18 O.S. 2021, Section 1090.5, is
71097109 amended to read as follows:
71107110 Section 1090.5.
71117111 CONVERSION OF DOMESTIC CO RPORATION TO AN ENTITY
71127112 A. A domestic corporation may, upon the aut horization of such
71137113 conversion in accordance with this sectio n, convert to an entity.
71147114 As used in this section, the term “entity” means a domestic or
71157115 foreign partnership, whether general or limited, and including a
71167116 limited liability partnership and a limite d liability limited
71177117 partnership, a foreign corporation inclu ding a public benefit
71187118 corporation, a domestic or foreign limite d liability company
71197119 including a public benefit limited liability c ompany, and any
71207120 unincorporated nonprofit or for -profit association, trust or
71217121 enterprise having members or having outstanding sh ares of stock or
71227122 other evidences of finan cial, beneficial or me mbership interest
71237123 therein, whether formed by agreement or under st atutory authority or
71247124 otherwise and whether formed or organized unde r the laws of this
71257125 state or the laws of any other jurisdicti on.
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71777177 B. The board of directors of the cor poration which desires to
71787178 convert under this section shall adopt a resolution approving such
71797179 conversion, specifying the type of entity into which the corpo ration
71807180 shall be converted and recommending the approval of t he conversion
71817181 by the shareholders of the corporation. The reso lution shall be
71827182 submitted to the shareholders of the corporation a t an annual or
71837183 special meeting. Due notice of the time, and purpos e of the meeting
71847184 shall be mailed to each holder of shares, w hether voting or
71857185 nonvoting, of the corpor ation at the address o f the shareholder as
71867186 it appears on the records of the corporation, at least twenty (20)
71877187 days prior to the date of the meeting. At th e meeting, the
71887188 resolution shall be considered and a vote tak en for its adoption or
71897189 rejection. The corporation adopts the c onversion if all outstanding
71907190 shares of stock of the corporation, w hether voting or nonvoting, are
71917191 voted for the resolution.
71927192 C. If the governing act of the domestic entity to which the
71937193 corporation is converting does not provide for th e filing of a
71947194 conversion notice with the Secretary of State or the corporation is
71957195 converting to a foreign entity, the corporation shall file with the
71967196 Secretary of State a certificate of conversion executed in
71977197 accordance with Section 1007 of this title whic h certifies:
71987198 1. The name of the corporation and, if it has been changed, the
71997199 name under which it was originally incorporated;
72007200
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72517251 2. The date of filing of it s original certificate of
72527252 incorporation with the Secretary o f State;
72537253 3. The name of the entity to wh ich the corporation sh all be
72547254 converted, its jurisdiction of formation if a foreign entit y, and
72557255 the type of entity;
72567256 4. That the conversion has been approve d in accordance with the
72577257 provisions of this section;
72587258 5. The future effective date or time of the con version to an
72597259 entity, which shall be a date or time certain not later than ninety
72607260 (90) days after the filing, if it is not to be effective upon the
72617261 filing of the certificate of conversion;
72627262 6. The agreement of the f oreign entity that it may be served
72637263 with process in this state in any action, suit or proceeding for
72647264 enforcement of any obligatio n of the foreign entity arising while it
72657265 was a domestic corporation and that it irrevocably appoints the
72667266 Secretary of State as its agent to accept service of process in any
72677267 such action, suit or proceeding;
72687268 7. The address to which a copy of the process ref erred to in
72697269 this subsection shall be mailed by the Secretary of Sta te. In the
72707270 event of such service upon the Secretary of Stat e in accordance with
72717271 the provisions of Se ction 2004 of Title 12 of the Oklahoma Statutes,
72727272 the Secretary of State shall immediatel y notify such corporation
72737273 that has converted out of the State of Ok lahoma by letter, certified
72747274 mail, return receipt requested, directed to the corporation at the
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73267326 address specified unless the corporation shall have designated in
73277327 writing to the Secretary of State a different address for this
73287328 purpose, in which case it shall be mailed to the last address so
73297329 designated. The notice sha ll include a copy of the process and any
73307330 other papers served on the Secretary of State pursuant to the
73317331 provisions of this subsect ion. It shall be the duty of the
73327332 plaintiff in the event of such se rvice to serve process and any
73337333 other papers in duplicate, to notify the Secretary of State that
73347334 service is being effected p ursuant to the provisions of this
73357335 subsection, and to pay the Secre tary of State the fee provided for
73367336 in paragraph 7 of Section 1142 o f this title, which fee shall be
73377337 taxed as part of the costs in the proceeding. The Secretary of
73387338 State shall maintain an al phabetical record of any such service
73397339 setting forth the name of th e plaintiff and the defendant, the
73407340 title, docket number, and nature of the proceeding in which process
73417341 has been served upon the Secretary of State, the fact that servic e
73427342 has been effected pu rsuant to the provisions of this subsection, the
73437343 return date thereof, and the date service was made. The Secretary
73447344 of State shall not be required to retain such information longer
73457345 than five (5) years from receipt of the service of pr ocess by the
73467346 Secretary of State; and
73477347 8. If the entity to which the corporation is conve rting was
73487348 required to make a filing with the Secretary of State as a condition
73497349 of its formation, the type and date of such fili ng.
73507350
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74017401 D. Upon the filing of a conversion n otice with the Secreta ry of
74027402 State, whether under subsection C of this section or under t he
74037403 governing act of the domestic entity to which the corporation is
74047404 converting, the filing of any formation document required b y the
74057405 governing act of the domestic entit y to which the corpora tion is
74067406 converting, and payment to the Secretary of State of all p rescribed
74077407 fees, the Secretary of State shall certify that the corpo ration has
74087408 filed all documents and paid all required fees, a nd thereupon the
74097409 corporation shall cease to exist as a domestic corporation at the
74107410 time the certificate of conversion becomes eff ective in accordance
74117411 with Section 1007 of this title. The A copy of the certificate of
74127412 conversion issued by the Secretary of State shall be prima facie
74137413 evidence of the conversion by the cor poration.
74147414 E. The conversion of a corporation under this section a nd the
74157415 resulting cessation of its existence as a domestic corporation shall
74167416 not be deemed to affect an y obligations or liabilities of the
74177417 corporation incurred before such conversion or the p ersonal
74187418 liability of any person incurred before the conversion, no r shall it
74197419 be deemed to affect the choice of law applicable to the cor poration
74207420 with respect to matters arising before the conversion.
74217421 F. Unless otherwise provided in a resolution of convers ion
74227422 adopted in accordance with this section, the converting corpor ation
74237423 shall not be required to wind up its affairs or pay its liabilit ies
74247424
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74757475 and distribute its assets, a nd the conversion shall not constitute a
74767476 dissolution of such corporation.
74777477 G. In a conversion of a domestic corporation to an entity under
74787478 this section, shares of stock of the converting domestic corporation
74797479 may be exchanged for or converted into cash, pro perty, rights or
74807480 securities of, or memberships or membership, economic or ownership
74817481 interests in, the entity to which the domestic corporation is being
74827482 converted or, in addition to or in lieu thereof, may be exchanged
74837483 for or converted into cash, property, shares of stock, rights or
74847484 securities of, or interests in, another corporation or entity or may
74857485 be canceled.
74867486 H. When a corporation has converted to an en tity under this
74877487 section, the entity shall be deemed to be the same ent ity as the
74887488 corporation. All of the rights, privileges and powers of the
74897489 corporation that has converted, and all propert y, real, personal and
74907490 mixed, and all debts due to the corporation, as well as all other
74917491 things and causes of action belonging to the cor poration, shall
74927492 remain vested in the entity to which the corporation has converted
74937493 and shall be the property of the enti ty, and the title to any real
74947494 property vested by deed or otherwise in the corporation shall not
74957495 revert or be in any way impaired by reas on of the conversion; but
74967496 all rights of creditors and all liens upon any property of the
74977497 corporation shall be preserved unimpaired, and all debts,
74987498 liabilities and duties of the corporati on that has converted shall
74997499
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75507550 remain attached to the entity to which the corporation has
75517551 converted, and may be enforced against it to the same extent as if
75527552 the debts, liabilities and duties ha d originally been incurred or
75537553 contracted by it in its capacity as the entity. The rights,
75547554 privileges, powers and interest in property o f the corporation that
75557555 has converted, as well as the debts, liabilities and duties of the
75567556 corporation, shall not be deem ed, as a consequence of the
75577557 conversion, to have been transferred t o the entity to which the
75587558 corporation has converted for any purpose of the laws of this state.
75597559 I. No vote of shareholders of a corporation shall be necessary
75607560 to authorize a conversion if no shares of the stock of the
75617561 corporation shall have been issued bef ore the adoption by the board
75627562 of directors of the resolution approving the conversion.
75637563 J. Nothing in this section shall be deemed to authorize the
75647564 conversion of a charitable nonstock corpor ation into another entity,
75657565 if the charitable status of such charit able nonstock corporation
75667566 would thereby be lost or impaired.
75677567 SECTION 18. This act shall become effectiv e November 1, 2022.
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