Okla. Stat. tit. 18, § 18-1051
This is the official text of Okla. Stat. tit. 18, § 18-1051, 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 directors as to dividends or stock
Official statutory text
redemption.
LIABILITY OF DIRECTORS AS TO DIVIDENDS OR STOCK REDEMPTION
A member of the board of directors, or a member of any committee
designated by the board of directors, shall be fully protected in
relying in good faith upon the records of the corporation and upon
such information, opinions, reports or statements presented to the
corporation by any of its officers or employees, or committees of
the board of directors, or by any other person as to matters the
director reasonably believes are within such officer's, employee's,
committee's or other person's competence and who have been selected
with reasonable care by or on behalf of the corporation, as to the
value and amount of the assets, liabilities and/or net profits of
the corporation, or any other facts pertinent to the existence and
amount of surplus or other funds from which dividends might properly
be declared and paid, or with which the corporation's stock might
properly be purchased or redeemed.
LIABILITY OF DIRECTORS AS TO DIVIDENDS OR STOCK REDEMPTION
A member of the board of directors, or a member of any committee
designated by the board of directors, shall be fully protected in
relying in good faith upon the records of the corporation and upon
such information, opinions, reports or statements presented to the
corporation by any of its officers or employees, or committees of
the board of directors, or by any other person as to matters the
director reasonably believes are within such officer's, employee's,
committee's or other person's competence and who have been selected
with reasonable care by or on behalf of the corporation, as to the
value and amount of the assets, liabilities and/or net profits of
the corporation, or any other facts pertinent to the existence and
amount of surplus or other funds from which dividends might properly
be declared and paid, or with which the corporation's stock might
properly be purchased or redeemed.
Status: in_force · Read it on the official government site
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