Okla. Stat. tit. 11, § 11-38-117

Powers, duties and obligations.

A. Corporations referred to in this article as urban

redevelopment corporations shall be organized in the following

manner: The articles of agreement or association shall be prepared,

subscribed and acknowledged, and filed in the office of the

Secretary of State pursuant to the general corporation laws of the

state and shall contain: (1) The name of the proposed corporation,

which must have the words "redevelopment corporation" as a part

thereof; (2) The purposes for which it is formed, which shall be to

acquire, construct, maintain and operate a redevelopment project or

redevelopment projects in accordance with the provisions of this

article; (3) The amount of the capital stock, and if any be

preferred stock, the preference thereof; (4) The number of shares of

Oklahoma Statutes - Title 11. Cities and Towns Page 420

which the capital shall consist, all of which shall have a par

value; (5) The municipality in which its principal business office

is to be located; (6) Its duration, which shall not exceed ninety-

nine (99) years; (7) The number of directors, which shall not be

less than three (3), nor more than thirteen (13); (8) The names and

post office addresses of the directors for the first year, at least

one of whom shall be a resident of the State of Oklahoma; (9) The

names and post office addresses of the subscribers to the articles

of association or agreement; (10) A provision that in the event that

income debenture certificates are issued by a corporation, the

owners thereof shall have the same right to vote as they would have

if possessed of certificates of stock of the amount and par value of

the income debenture certificates held by them. The articles may

provide for the retirement of income debenture certificates or

preferred stock of the corporation as and when there shall be funds

available in the treasury of the corporation from the receipt of

amortization of sinking fund installments for that purpose; and (11)

A declaration that the corporation has been organized to serve a

public purpose; that all real estate acquired by it and all

structures erected by it are to be acquired for the purpose of

promoting the public health, safety, and welfare, and that such

corporation is organized for the purpose of clearing, replanning,

reconstructing or rehabilitating blighted areas, and the

construction of such industrial, commercial, residential or public

structure as may be appropriate including provisions for

recreational and other facilities incidental or appurtenant thereto.

B. No corporation now organized under the laws of this state shall

change its name to a name, and no such corporation hereafter

organized shall have a name, containing the word "redevelopment" as

a part thereof except as provided in this article. No foreign

corporation now authorized to do business in this state shall change

its name to a name, and no such corporation shall hereafter be

authorized to do business in the state with a name, containing the

word "redevelopment" as a part thereof.

C. An urban redevelopment corporation may operate under this

article on one or more redevelopment projects and, with respect to

each such project, shall have such rights, powers, duties, and

immunities and obligations, not inconsistent with the provisions of

this article, as may be granted to it by an agreement to operate and

to execute an urban renewal plan or any portion thereof. The

agreement to operate may be entered between the redevelopment

corporation and any municipality or Urban Renewal Authority. The

agreement shall provide, among other things, that the corporation is

to carry out the purposes of the urban renewal plan for the project

area, and to devote such property as it may acquire, to uses

specified in the urban renewal plan and shall contain provisions

deemed to be necessary or desirable to assist in preventing the
nt

corporation and any municipality or Urban Renewal Authority. The

agreement shall provide, among other things, that the corporation is

to carry out the purposes of the urban renewal plan for the project

area, and to devote such property as it may acquire, to uses

specified in the urban renewal plan and shall contain provisions

deemed to be necessary or desirable to assist in preventing the

Oklahoma Statutes - Title 11. Cities and Towns Page 421

development or spread of future blight or otherwise carry out the

purposes of this article. The agreement shall contain such

requirements as the municipality or Urban Renewal Authority may

determine to be in the public interest, including the obligation to

begin to execute the redevelopment plan within a reasonable time.

The agreement to operate may provide that the redevelopment

corporation is to prepare a renewal plan; however, execution of the

plan shall not proceed until such plan is adopted by the

municipality as required in this article. The agreement may require

the redevelopment corporation to furnish a performance bond for an

amount to be determined by the municipality or the Urban Renewal

Authority whichever the case may be.

D. The provisions of the general corporation law, as presently

in effect and as hereafter from time to time amended, shall apply to

urban redevelopment corporations, except where such provisions are

in conflict with the provisions of this article.

E. In the event that any action with respect to which the

holders of income debentures shall have the right to vote is

proposed to be taken, notice of any meeting at which such action is

proposed to be taken shall be given to such holders in the same

manner and to the same extent as if they were stockholders entitled

to notice of and to vote at such meeting. Any articles filed

pursuant to law in the office of the Secretary of State with respect

to any such action, and any affidavit required by law to be annexed

to such articles shall contain the same statements or recitals. The

articles shall be subscribed and acknowledged, and such affidavit

shall be made, in the same manner as if such debenture holders were

stockholders holding shares of an additional class of stock entitled

to vote on such action, or with respect to the proceedings provided

in such document.

F. An urban redevelopment corporation shall establish and

maintain depreciation, obsolescence, and other reserves, also

surplus and other accounts, including, among others, a reserve for

the payment of taxes according to recognized standard accounting

practices.

G. No urban redevelopment corporation shall pay any interest on

its income debentures or dividends on its stock during any dividend

year unless there shall exist at the time of such payment no default

under any amortization requirements with respect to its

indebtedness, or unless all accrued interest, taxes and other public

charges shall have been duly paid or reserves set up for payment

therefor, and adequate reserves provided for depreciation,

obsolescence and other proper reserves.

H. The real property, title of which is vested in an urban

redevelopment corporation, shall be subject to the payment of

general ad valorem taxes imposed by the state or any political

subdivision thereof.

Oklahoma Statutes - Title 11. Cities and Towns Page 422

I. Notwithstanding any requirement of law to the contrary, or

the absence of direct provision therefor in the instrument under

which a fiduciary is acting, any of the following persons,

partnerships, or corporations, and public bodies or public officers,

owning or holding any real property within any blighted area

proposed to be cleared or redeveloped by an urban redevelopment

corporation, may grant, sell, lease or otherwise transfer any such

real property to an urban redevelopment corporation, and receive and

hold any cash, mortgages, or other securities or obligations
ns,

partnerships, or corporations, and public bodies or public officers,

owning or holding any real property within any blighted area

proposed to be cleared or redeveloped by an urban redevelopment

corporation, may grant, sell, lease or otherwise transfer any such

real property to an urban redevelopment corporation, and receive and

hold any cash, mortgages, or other securities or obligations

exchanged therefor by such urban redevelopment corporation, and may

execute such instruments and do such acts as may be deemed necessary

or desirable by them or to and by the urban redevelopment

corporation in connection with the execution of any urban renewal

plan: (1) Every executor, administrator, trustee, guardian or any

other person holding trust funds or acting in a fiduciary capacity,

unless the instrument under which such fiduciary is acting expressly

forbids; (2) The state, its subdivisions, municipalities, all other

public bodies, and all public officers; (3) Persons, partnerships

and corporations, organized under or subject to the provisions of

the banking and trust laws (including savings banks, savings and

loan associations, trust companies, private bankers and private

banking corporations); (4) The State Bank Commissioner or the

Commissioner of Securities as conservator, liquidator, or

rehabilitator of any such person, partnership, or corporation.

J. An urban redevelopment corporation may acquire real property

or secure options in its own name or in the name of nominees, or it

may acquire real property by gift, grant, lease, purchase, lease-

purchase, or otherwise.

K. When title to real property has been vested in an urban

redevelopment corporation, the urban redevelopment corporation may

agree with the previous owners of such property, or any tenants

continuing to occupy or use it, or any other persons who may occupy

or use or seek to occupy or use such property, that such former

owner, tenant, or other persons may occupy or use such property upon

the payment periodically of an agreed sum of money. Such occupation

or use shall not be construed as a tenancy from month to month, nor

require the giving of notice by the urban redevelopment corporation

for the termination of such occupation or use of the right to such

occupation or use, but immediately upon the expiration of the term

for which payment has been made the urban redevelopment corporation

shall be entitled to possession of the real property and may

maintain an action for either unlawful detainer or ejectment for the

purpose of recovering immediate possession thereof.

L. An urban redevelopment corporation may borrow funds and

secure the repayment thereof by mortgage which shall contain

reasonable amortization provisions and shall be a lien upon no other

real property except that forming the whole or a part of a single

Oklahoma Statutes - Title 11. Cities and Towns Page 423

development area. Certificates, bonds and notes, or part interest

therein, or any part of an issue thereof, which are secured by a

first mortgage on the real property in an urban renewal area, or any

part thereof, shall be securities in which all the following

persons, partnerships, or corporations and public bodies or public

officers may legally invest the funds within their control: (1)

Every executor, administrator, trustee, guardian, committee or other

person or corporation holding trust funds or acting in a fiduciary

capacity; (2) Persons, partnerships and corporations organized under

or subject to the provisions of the banking law (including savings

banks, savings and loan associations and trust companies); (3) The

State Bank Commissioner or the Commissioner of Securities as

conservator, liquidator, or rehabilitator of any such person,

partnership or corporation; (4) Persons, partnerships, or

corporations organized under or subject to the provisions of the

insurance law; (5) Fraternal benefit societies; and (6) The State
cluding savings

banks, savings and loan associations and trust companies); (3) The

State Bank Commissioner or the Commissioner of Securities as

conservator, liquidator, or rehabilitator of any such person,

partnership or corporation; (4) Persons, partnerships, or

corporations organized under or subject to the provisions of the

insurance law; (5) Fraternal benefit societies; and (6) The State

Commissioner of Insurance as conservator, liquidator, or

rehabilitator of any such person, partnership or corporation. Any

mortgage on the real property in an urban renewal area, or any part

thereof, may create a first lien, or a second or other junior lien,

upon such real property.

M. Any urban redevelopment corporation may lease, sell, grant,

dedicate or otherwise dispose of any or all of the real property

acquired by it for the purposes of a redevelopment project. In the

event of the sale by reason of foreclosure or other disposition of

real property of any urban redevelopment corporation by voluntary

transfer or otherwise, or by reason of the foreclosure of any

mortgage or other lien, through insolvency or bankruptcy

proceedings, by order of any court of competent jurisdiction, by

voluntary transfer or otherwise, the purchaser of such real property

of such redevelopment corporation shall continue to use, operate and

maintain such real property in accordance with the provisions of the

urban renewal plan.

N. Any urban redevelopment corporation may accept grants or

loans of money from the Federal Government or any department or

agency thereof.

O. Any corporation organized under the laws of the State of

Oklahoma, or admitted to do business in the State of Oklahoma, shall

have power to purchase shares of stock of an urban redevelopment

corporation organized under the provisions of this article.