Okla. Stat. tit. 18, § 18-1117
This is the official text of Okla. Stat. tit. 18, § 18-1117, 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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Compromise or arrangement between corporation and
Official statutory text
creditors or shareholders.
COMPROMISE OR ARRANGEMENT BETWEEN CORPORATION AND CREDITORS
OR SHAREHOLDERS
A. Whenever the provision provided for in paragraph 2 of
subsection B of Section 1006 of this title is included in the
original certificate of incorporation of any corporation, all
persons who become creditors or shareholders thereof shall be deemed
to have become such creditors or shareholders subject in all
respects to that provision and the same shall be absolutely binding
upon them. Whenever that provision is inserted in the certificate of
incorporation of any such corporation by an amendment of its
certificate all persons who become creditors or shareholders of such
corporation after such amendment shall be deemed to have become such
creditors or shareholders subject in all respects to that provision
and the same shall be absolutely binding upon them.
B. The district court may administer and enforce any compromise
or arrangement made pursuant to the provision provided for in
paragraph 2 of subsection B of Section 1006 of this title and may
restrain, pendente lite, all actions and proceedings against any
corporation with respect to which the district court shall have
begun the administration and enforcement of that provision and may
appoint a temporary receiver for such corporation and may grant the
receiver such powers as it deems proper, and may make and enforce
such rules as it deems necessary for the exercise of such
jurisdiction.
COMPROMISE OR ARRANGEMENT BETWEEN CORPORATION AND CREDITORS
OR SHAREHOLDERS
A. Whenever the provision provided for in paragraph 2 of
subsection B of Section 1006 of this title is included in the
original certificate of incorporation of any corporation, all
persons who become creditors or shareholders thereof shall be deemed
to have become such creditors or shareholders subject in all
respects to that provision and the same shall be absolutely binding
upon them. Whenever that provision is inserted in the certificate of
incorporation of any such corporation by an amendment of its
certificate all persons who become creditors or shareholders of such
corporation after such amendment shall be deemed to have become such
creditors or shareholders subject in all respects to that provision
and the same shall be absolutely binding upon them.
B. The district court may administer and enforce any compromise
or arrangement made pursuant to the provision provided for in
paragraph 2 of subsection B of Section 1006 of this title and may
restrain, pendente lite, all actions and proceedings against any
corporation with respect to which the district court shall have
begun the administration and enforcement of that provision and may
appoint a temporary receiver for such corporation and may grant the
receiver such powers as it deems proper, and may make and enforce
such rules as it deems necessary for the exercise of such
jurisdiction.
Status: in_force · Read it on the official government site
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