Okla. Stat. tit. 12, § 12-2023.1
This is the official text of Okla. Stat. tit. 12, § 12-2023.1, part of Oklahoma’s Stat. tit. 12, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12,." Browse the sections below, each linked to its official government source.
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Derivative actions by shareholders
Official statutory text
DERIVATIVE ACTIONS BY SHAREHOLDERS
In a derivative action brought by one or more shareholders or
members to enforce a right of a corporation or of an unincorporated
association, the corporation or association having failed to enforce
a right which may properly be asserted by it, the petition shall be
verified and shall allege that the plaintiff was a shareholder or
member at the time of the transaction of which he complains or that
his share or membership thereafter devolved on him by operation of
law. The petition shall also allege with particularity the efforts,
if any, made by the plaintiff to obtain the action he desires from
the directors or comparable authority and, if necessary, from the
shareholders or members, and the reasons for his failure to obtain
the action or for not making the effort. The derivative action may
not be maintained if it appears that the plaintiff does not fairly
and adequately represent the interests of the shareholders or
members similarly situated in enforcing the right of the corporation
or association. The action shall not be dismissed or compromised
without the approval of the court, and notice of the proposed
dismissal or compromise shall be given to shareholders or members in
such manner as the court directs.
In a derivative action brought by one or more shareholders or
members to enforce a right of a corporation or of an unincorporated
association, the corporation or association having failed to enforce
a right which may properly be asserted by it, the petition shall be
verified and shall allege that the plaintiff was a shareholder or
member at the time of the transaction of which he complains or that
his share or membership thereafter devolved on him by operation of
law. The petition shall also allege with particularity the efforts,
if any, made by the plaintiff to obtain the action he desires from
the directors or comparable authority and, if necessary, from the
shareholders or members, and the reasons for his failure to obtain
the action or for not making the effort. The derivative action may
not be maintained if it appears that the plaintiff does not fairly
and adequately represent the interests of the shareholders or
members similarly situated in enforcing the right of the corporation
or association. The action shall not be dismissed or compromised
without the approval of the court, and notice of the proposed
dismissal or compromise shall be given to shareholders or members in
such manner as the court directs.
Status: in_force · Read it on the official government site
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