Okla. Stat. tit. 18, § 18-1043
This is the official text of Okla. Stat. tit. 18, § 18-1043, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Liability of Shareholder or Subscriber for Stock not Paid
Official statutory text
in Full.
LIABILITY OF SHAREHOLDER OR SUBSCRIBER
FOR STOCK NOT PAID IN FULL
A. When the whole of the consideration payable for shares of a
corporation has not been paid in, and the assets shall be
insufficient to satisfy the claims of its creditors, each holder of
or subscriber for such shares shall be bound to pay on each share
held or subscribed for by him the sum necessary to complete the
Oklahoma Statutes - Title 18. Corporations Page 358
amount of the unpaid balance of the consideration for which such
shares were issued or to be issued by the corporation.
B. The amounts which shall be payable as provided in subsection
A of this section may be recovered as provided for in Section 124 of
this act, after a writ of execution against the corporation has been
returned unsatisfied as provided for in that section.
C. Any person becoming an assignee or transferee of shares or
of a subscription for shares in good faith and without knowledge or
notice that the full consideration therefor has not been paid shall
not be personally liable for any unpaid portion of such
consideration, but the transferor shall remain liable therefor.
D. No person holding shares in any corporation as collateral
security shall be personally liable as a shareholder but the person
pledging such shares shall be considered the holder thereof and
shall be so liable. No executor, administrator, guardian, trustee
or other fiduciary shall be personally liable as a shareholder, but
the estate or funds held by such executor, administrator, guardian,
trustee or other fiduciary in such fiduciary capacity shall be
liable.
E. No liability under the provisions of this section or under
the provisions of Section 124 of this act shall be asserted more
than six (6) years after the issuance of the stock or the date of
the subscription upon which the assessment is sought.
F. In any action by a receiver or trustee of an insolvent
corporation or by a judgment creditor to obtain an assessment under
the provisions of this section, any shareholder or subscriber for
stock of the insolvent corporation may appear and contest the claim
or claims of such receiver or trustee.
LIABILITY OF SHAREHOLDER OR SUBSCRIBER
FOR STOCK NOT PAID IN FULL
A. When the whole of the consideration payable for shares of a
corporation has not been paid in, and the assets shall be
insufficient to satisfy the claims of its creditors, each holder of
or subscriber for such shares shall be bound to pay on each share
held or subscribed for by him the sum necessary to complete the
Oklahoma Statutes - Title 18. Corporations Page 358
amount of the unpaid balance of the consideration for which such
shares were issued or to be issued by the corporation.
B. The amounts which shall be payable as provided in subsection
A of this section may be recovered as provided for in Section 124 of
this act, after a writ of execution against the corporation has been
returned unsatisfied as provided for in that section.
C. Any person becoming an assignee or transferee of shares or
of a subscription for shares in good faith and without knowledge or
notice that the full consideration therefor has not been paid shall
not be personally liable for any unpaid portion of such
consideration, but the transferor shall remain liable therefor.
D. No person holding shares in any corporation as collateral
security shall be personally liable as a shareholder but the person
pledging such shares shall be considered the holder thereof and
shall be so liable. No executor, administrator, guardian, trustee
or other fiduciary shall be personally liable as a shareholder, but
the estate or funds held by such executor, administrator, guardian,
trustee or other fiduciary in such fiduciary capacity shall be
liable.
E. No liability under the provisions of this section or under
the provisions of Section 124 of this act shall be asserted more
than six (6) years after the issuance of the stock or the date of
the subscription upon which the assessment is sought.
F. In any action by a receiver or trustee of an insolvent
corporation or by a judgment creditor to obtain an assessment under
the provisions of this section, any shareholder or subscriber for
stock of the insolvent corporation may appear and contest the claim
or claims of such receiver or trustee.
Status: in_force · Read it on the official government site
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